Cancellation of Debt
Cancellation of debt refers to a debt being cancelled, forgiven or discharged for less than the full amount of the debt. The portion of the debt that you no longer have to pay is considered cancellation of debt income (COD). Cancellation of debt frequently occurs in conjunction with foreclosure or repossession of property, such as […]
Divorce Tax Questions to Ask
Divorce is hard enough without having to worry about taxes too. But taxes are inevitable. And a divorce adds a new layer of complication to tax preparation and tax planning. No one wants to overpay their taxes as the result of a divorce. Filing Taxes After Divorce We have identified a list of common tax […]
Resolve Your Tax Debt To Save Your Passport
Can You Get a Passport If You Owe Back Taxes to the IRS? If you owe significant tax debt, you may be in for a surprise. The State Department will revoke your passport, or not issue you a new passport, if you owe a significant tax debt to the IRS. Therefore, taxpayers with tax debts and […]
Sales Tax Audits and Sales Tax Audit Defense
Sales tax audits are on the rise in most states. This is due to budget shortfalls of states across the country. In fact, state auditors are much more aggressive than the auditors at the IRS. The state has the power to do massive damage to a business as a result of a sales tax audit, […]
IRS Negotiation: Resolving a Tax Debt
Negotiation with the IRS to Settle a Tax Debt IRS negotiation of tax debts is a fundamental part of our tax practice. Typically, tax debt negotiation is required when the taxpayer owes taxes, penalties and interest to the IRS that they cannot afford to pay. A tax debt can be for one year or for […]
What is a CPA? Certified Public Accountant
As the accounting industry continues to evolve, the demand for CPAs is growing, making now the ideal time to embark on this exciting journey. In this blog post, we will provide a comprehensive guide to understanding “what is a CPA” – the designation, licensure, specializations, and the benefits of becoming a CPA, as well as […]
Trust Fund Recovery Penalty
The Trust Fund Recovery Penalty is a very severe set of rules that are meant to encourage voluntary compliance with our payroll tax laws. Payroll taxes includes the income tax and Federal Insurance Contributions Act (“FICA”) taxes that are withheld from every employee’s paycheck. It also includes the employer portion of FICA. The business pays […]
Immigration and Taxes
The Connection Between Immigration and Taxes Immigration and taxes have a lot to do with each other. In fact, taxation and immigration go hand in hand throughout the USCIS immigration process. With over 11 million undocumented immigrants in the US (according to a recent study of the Migration Policy Institute), immigration tax services are in […]
Divorce, Taxes and Conflict of Interest: Working with a CPA
Conflict of interest can get in the way of independent representation in a divorce or business dispute. Divorce often results in a conflict of interest. In the context of divorces, a conflict of interest occurs when the advice of the CPA may provide a benefit to one spouse at the expense of the other spouse. […]
Georgia Sales Tax
How The Georgia Sales Tax Affects Your Business Sales tax is an important part of doing business in Georgia. Sales tax impacts retailers in the state, as well as businesses selling online or remotely from out of state to customers in Georgia. Does Georgia Have a Sales Tax? Georgia sales taxes represents a significant tax […]