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July 2016 Archives

What You Should Know About The Growing Tax Gap

In many respects the IRS is no different than any other type of business in that it wishes to bring in as much revenue as possible. Tax collection problems can be experienced by almost anyone today as the IRS attempts to close the tax gap. However, taxpayers should always strive to maintain their rights when confronted by an IRS audit or demand for payment. The aggregate tax liability is the amount of money that the IRS calculates it anticipates it will collect in taxes in a given year.

What Is A Tax Audit?

The very word audit can send shivers down the backs of even the most steadfast individuals. That said, it may be worth understanding in detail exactly what a tax audit is how it may affect a taxpayer. In short, an audit is simply an investigation that decides whether or not the information provided to the IRS on a tax return is indeed correct. It essentially determines whether or not an adequate amount of taxes have been paid by the taxpayer. When mistakes or errors are found an audit can proceed and become more complicated.

Back Taxes - What You Need To Know

While consulting with an Atlanta IRS tax attorney is always the best option when it comes to dealing with back taxes, there are a few things worth considering in the meantime. Obviously, the easiest solution for dealing with back taxes is to simply file on time. When that is not possible there are some important things to consider. For example, it is always a good idea to ask for a copy of your tax transcripts from the IRS. This will help to identify W-2 reported income and will also indicate any back taxes that are owed.

The Taxpayer's Right To A Fair And Just Tax System

There is something known as the taxpayer Bill of Rights. It outlines and defines the fundamental rights of each taxpayer when dealing with the Internal Revenue Service. The right to a fair and just tax system can be broken down into several key aspects. For example, if the taxpayer cannot pay taxes due in full they may be able to enter into a payment plan where a set amount is paid over time. These payments are made generally on a monthly basis.

America's Offshore Tax Cheats Article by David Voreacos

Individuals that disclosed their offshore bank or asset accounts under the IRS Streamlined program may come under closer scrutiny, based on a recent article by David Voreacos, reporter at Bloomberg News. To learn more, please see follow the link : http://www.bloomberg.com/news/articles/2016-07-01/america-s-offshore-tax-cheats-are-feeling-the-heat-once-again 

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