It may sound like something out of a dream, but wouldn't it be great to not have to file taxes? It would be one less stressor anyone would have to think about. But, of course, we need to file out taxes by the April deadline, which for this past April was on the 18th. That is when our 2015 tax filings were due.
As much as we would prefer not to think about it, the reality is that life can change in the blink of an eye. Indeed, a serious accident, a sudden illness, a significant family emergency or any other scenario beyond our control can understandably cause us to focus solely on meeting the challenges ahead, and, in the process, lose sight of other pressing issues.
A delinquent tax bill can be financially crippling, but it can also lead to embarrassment, especially if you are a public figure. Though few people enjoy paying income taxes, when the public learns that someone is accused of owing back taxes, some people take delight in judging that person.
Back in February, Forbes reported that nearly 3,500 American expatriates gave up their U.S. citizenship during 2014. The total has been climbing steadily for the last few years, and many have cited the income tax burden as the primary motivating factor -- or just the last straw. The State Department even tried to make it expensive to renounce citizenship by increasing the fee -- from $450 to $2,350 -- but 2014 still broke the record set in 2013 by 14 percent.
In the past couple of months, the IRS has made some progress in clarifying how the agency will determine penalties for foreign bank account reporting violations. The good news for taxpayers is that the FBAR analysis process is a little more forgiving of taxpayers who run afoul of the reporting requirements.
Tax day comes just once a year, but for many people across Atlanta, tax issues plague them all year long. If you missed the deadline to pay your taxes this year or any previous years, you could still be living in fear of the potential repercussions that may be coming.
One of the reasons the customer service issues at the IRS are so frustrating is that you need to have federal tax questions answered before you can finish your state taxes. You may be able to get through to Georgia's Department of Revenue by phone or even by standing in line, but reaching a person at the IRS is from all accounts nigh on to impossible.
In our last post, we were talking about the upcoming deadline for filing 2011 returns -- if you have a refund coming, it will be gone forever if you do not file by April 15. As we said, the IRS has a deadline, and then it has a deadline: They'd prefer that you file for year X by April 15 of year X+1. If you owe the government and do not file, the IRS will find you and you will pay a penalty and plenty of interest on what you owe.
Taxpayers from coast to coast breathed a sigh of relief in December when Congress renewed a bundle of credits and deductions for 2014. Here in Georgia, though, that sigh was followed by an uncomfortable silence.
In an ongoing effort to implement the Foreign Account Tax Compliance Act, or FATCA, the Department of Justice and the IRS have been working hard to convince foreign governments and banking systems to expose the names of their U.S. account holders. This could mean major pain for American taxpayers who have money socked away in foreign accounts they haven't disclosed.