Capital Gains In Your Retirement Accounts

Information about capital gains can be kept in
various ways accurately and efficiently.
When in doubt, ask your tax advisor!

It’s likely that you’ve had some capital gains. 

Most of the information about capital gains comes from brokerage firms where you keep your investments; but, your capital gains in your retirement accounts are generally not reported unless you've started receiving distributions from them. Other information comes directly from you, the taxpayer.

Keep in mind the following facts:

• The tax rates on capital gains are less than the tax rate on ordinary income. Most commonly, they range from a maximum of 15% to zero. There are special types of capital gains that are taxed at 25% or 28%.

• You can take a net capital loss on your tax return, but that loss can only reduce ordinary income, like your wages, by $3,000, and losses in excess of that amount are carried forward to the following year. Married taxpayers filing separately are limited to $1,500 per year.

• Net capital losses that exceed the annual limit are carried forward to the following year and treated as if incurred in that year.

There are other technical details that might only interest your tax advisor, but here’s what the IRS expects:

1. Anything you own, whether it’s for business, for pleasure, or for investment purposes, is subject to capital gains tax. Everything.

2. You must report all capital gains.

3. You cannot deduct and therefore do not report capital losses on property held for personal use.

As the summer heats up and you decide to get rid of the collectibles piling up in your garage or in some rented storage place, as long as you don't make a profit from selling your stuff, there's little chance that the IRS will audit your failure to report your yard-sale operation; but, just remember that the IRS can.

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Atlanta Georgia Income Tax Preparation,
With GBC Services income tax preparation services, you can rest assured that your taxes will be done right and on time every time.
READ MORE

READ MORE about his experience and skill set:

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Call GBC Income Tax Services today at 678-366-9232 for all your tax and IRS needs!
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• GBC Tax Offers Atlanta Experienced IRS Representation
• Essential Financial Services
• Tax Requirements By State
• Visit the Internal Revenue Service's Website
• GBC Audit Services

Things to Consider When Outsourcing Payroll and HRMS

A small business owner won't have the in depth
knowledge of tax codes as it relates to payroll,
governmental regulations or IRS standards.

Being your own purchasing agent  has very little if any drawbacks--but improper filing of tax documentations, or bad record keeping, could land you in hot water with the IRS.

While this is understandable, and can be done in many areas, one place where this can prove disastrous is in the realm of accounting. 

The issue is compounded when smaller ventures lack the manpower to effectively  structure a human resources department.  Without  an established  HRMS in place, office routines can become unorganized and dysfunctional.

The solution? Outsourcing.

Human Resource Management Services

Human Resource Management  is an extremely important aspect of running any business,  and is critically linked to quality accounting and  the upkeep of financial records.  Most small business can ill afford to ignore HRM  responsibility yet they  often think they can take on this aspect alone. The danger here of course is mismanagement, which could potentially lead to trouble further down the road.

Outsourcing to a firm that can expertly handle the day to day functions of Human Resource Management is the surest way to go. Reputable companies offer a variety of ways in which a small to midsized company can integrate their services and will happily consult with clients to address their goals and concerns.

Many small to moderate sized business owners attempt to wear  far too many hats in order to maximize their profits.  

When investigating options in this area, small business should take into consideration the longevity of the firm as well as its accreditation. Honestly,  would you trust your kids to someone  you just met or to an individual with a bad reputation? Your business is your baby--make sure you place it in the right hands.

Payroll Services

All too often, small to moderate sized businesses  attempt  to take care of their own payroll needs or hire one individual to take on the task of  payroll distribution and record keeping. The error here is somewhat obvious.  A small business owner won't have the  in depth knowledge  of tax codes as it relates to payroll, governmental regulations or IRS standards. Likewise,  relying on only one person or a small  department to address critical aspects of bookkeeping can put you on the pathway towards an exhaustive IRS audit.

Outsourcing is a great option here as it would be enable a company of any size to utilize the expertise of individuals whose primary concentration is tax, payroll and human resource management. Just be sure the company you choose employs certified  public accountants and has a  great reputation in this arena.  GBC Taxes of Atlanta can confidently make such claims and offers decades of collective accounting experience.  Contact or call us today to learn what we can do to help your small to moderate sized company run more efficiently, and avoid  common pitfalls that lead to an IRS audit.

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READ MORE

• About GBC Services
• GBC Audit Services Website
• Visit the Internal Revenue Service's Website
• GBC Tax Income Atlanta Office
• Chartered Global Management Accountant (CGMA)
  American Institute of Certified Public Accountants (AICPA)
  GBC Services LLC, Tax Accounting Services for Atlanta GA
  GBC Press Release : MORE

Estimate Your Tax Liability With Jackson Hewitt's Tax Calculator

Income Tax Calculator

Estimate your income tax return free of charge. These free online income tax calculators help you to estimate your federal tax liability ahead of time.

Take measures to ensure there is no unexpected surprises. 

Estimating your tax liability ahead of time can dramatically reduce your anxiety and stress during the tax season. It allows you to quit worrying about what your tax bill will be and focus on meeting your financial obligation. You can then prepare your tax return without that stress hanging over your head.

READ MORE : Jackson Hewitt Tax Calculator

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GBC Tax Services Website
For All Your Accounting Needs Call GBC 678-366-9232
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READ MORE

• About GBC Services
• GBC Audit Services Website
• Visit the Internal Revenue Service's Website
• GBC Tax Income Atlanta Office
• Chartered Global Management Accountant (CGMA)
  American Institute of Certified Public Accountants (AICPA)
  GBC Services LLC, Tax Accounting Services for Atlanta GA
  GBC Press Release : MORE

Successful Outcome in Tax Court Proceedings

AVOID Tax Court Drama

There is no surer way to get your assets seized than when the IRS comes knocking on your door. So how can we make sure our businesses are safe, that our taxes are done right, and most importantly, that we will be alright if the IRS decides to show its ugly head at the steps of our business?

Good news for you. If you ever find yourself in a situation where you disagree with the IRS actions proposed upon your business, it is your right (and perhaps duty) to go to Tax Court. At Tax Court you can have a judge review all the information the IRS has gathered and they can rule to see if the actions of the IRS were warranted in the first place.

For people looking for a favorable result in a tax court proceedings, it is noted that often using a Tax Court judge is more effective than looking for solutions down other IRS mediums or modalities. With that said, what kind of thing can LAND you in the Tax Court drama? Watch out for these:

• Denial of an Offer in Compromise
• Refund Claims
• Denial of Innocent Spouse
• The IRS Decision to seize assets (also known as levying)
• Assessment of Tax Liability

If you are going into tax court, do not go alone. Call GBC Income Tax Services today at 678-366-9232 for all your tax and IRS needs!

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READ MORE

• Visit the Internal Revenue Service's Website
• Tax Requirements By State
• GBC Tax Offer Atlanta Experienced IRS Representation
• GBC Support and Consultation

Experienced Representation = Success in Tax Court

Don't be intimidated
by the IRS

It can be very intimidating to have to go to court with the Internal Revenue Service regardless of who initiates the proceedings. You know that losing this sort of case can have disastrous financial effects on you for many years to come. Failure to prove your innocence can result in things like seizure of assets, liens, and various other collection actions. You will want every advantage you can get in the courtroom to make sure that doesn't happen.

To prevent these actions, you will need to convince a judge that the collection attempts are unjustified. You may be able to get much better results by pursuing your day in court with the proper representation rather than by trying to go it alone. What may cause you to want to go to tax court? Here are a few potential reasons for contesting taxes:

• The IRS attempts asset seizure
• An attempt to claim an unreceived refund
• An offer of compromise is denied
• Claim to be an innocent spouse is denied
• A desire to reassess the taxes you are liable for

In any of these various cases, a great number of tax laws apply. Trying to navigate such case on your own can be difficult if not virtually impossible. Why try to do something that is so important without the proper support in your corner?

The right Atlanta tax representation may be able to help you clear up your tax issue for good and avoid penalties and other undesirable outcomes, so get the help that you need. It will be well worth it.

Very often when an issue arises, you have a limited amount of time to try and resolve the issue. This would include filing for any necessary court proceedings. Even if you feel too much time has passed, an experienced professional may be able to help you get matters taken care of, so don't give up hope. Get a consult on your situation with no obligation, and start working on getting your peace of mind back today. You can have a successful day in tax court.
Get the right representation from an experienced individual.
Look for someone with the right reputation.
Make sure they know your situation well and have experience with the particular circumstances you are dealing with. This will ensure that you have the best chance of getting the desired result in court.

Call GBC Income Tax Services today at 678-366-9232 for all your tax and IRS needs!
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READ MORE

• GBC Tax Offer Atlanta Experienced IRS Representation
• Essential Financial Services
• Tax Requirements By State
• Visit the Internal Revenue Service's Website

Who Gets Audited by the IRS?

Get an External Audit!

Believe it or not, it’s the big fish that get audited more often.

If a Schedule C shows more than $1 million in sales, the odds of being audited rise to 12.1%. If you are in this situation, I would suggest discussing incorporating your business with your attorney and tax professional. This move doesn’t just minimize your audit risk but it also allows you to take advantage of potentially lower tax rates and limits liability.

Here is some IRS data that show the frequency of audits performed in 2012 by return type:

First of all, in 2012 there were more than 143 million individual income tax returns filed, and 1% of these returns were audited that year.

• When it comes to business returns however, the odds of being audited increase. Many of those 2012 individual returns contained a Schedule C, Income and Expenses for sole proprietors.  Audit risk also rises depending on how much income your business generates. For example, if your Schedule C lists gross receipts under $25,000, your odds of being audited are 1.2%, just a little bit higher than those for individual returns without business income. The odds double to 2.4% when gross receipts exceed $25,000 up to $100,000. Once small business owners bring in more than $100,000 and up to $1 million in gross revenue, their odds of landing in the hot seat increase by 3.6%.
  
• When it comes to corporate returns, during 2012, 17.8% of large corporations with more than $10 million in assets were audited. And once assets exceed $20 billion, you can pretty much be guaranteed that you will be audited. In 2012, 415 out of the 446 corporations in this category were audited--that’s 93%.
  
• SELF-PREPARED RETURNS ARE TARGETED. There are more than 75,000 pages of tax code. Even tax professionals specialize in certain fields and refuse to take on tax returns or certain types of transactions because of the complexity involved. Once you become self-employed, the ante goes up; there is so much more to know about the tax code, more than can be dealt with through a Q & A session with tax preparation software designed for the individual filer. The IRS knows that there will likely be a lot of mistakes on self-prepared income tax returns that include a Schedule C. Therefore, many of those are pulled for examination.

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READ MORE>> SmallBusiness.FoxBusiness.com: Will Your Business Return be Audited

Call GBC Income Tax Services today at 678-366-9232 for all your tax and IRS needs!
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• GBC Tax Offers Atlanta Experienced IRS Representation
• Essential Financial Services
• Tax Requirements By State
• Visit the Internal Revenue Service's Website
• GBC Audit Services

8 Areas to Focus on to Avoid a Tax Audit

Stay Alert, Stay Aware!

FACE IT; 

you don't have much time on your hands as a small business owner to deal with combing through every aspect of your financial records to avoid an audit.

With the help of a professional CPA, you can easily prepare and avoid pitfalls by being aware of the most common triggers of an audit.

The IRS uses a computer program called the Discriminate Function System (DIF) that analyzes returns and flags them if they are outside statistical norms. When a return receives a high DIF score, an agent reviews it to determine if it should undergo an audit.

Therefore, here are the appropriate areas to ensure are squeaky clean:

1. IF YOU HAVE A HIGH INCOME: 0.9 percent of people who make less than $200,000 were audited last year, compared to 10.9 percent of those who made $1 million or more.
2. OUT OF PROPORTION DEDUCTIONS: The IRS uses tables to determine how much is too much for different income brackets when it comes to deductions, although the tables are not made public. For example, an IRS agent will want to know more if you claim charitable deductions that are not in line with your income.
3. ROUNDING AND AVERAGING YOUR NUMBERS: Most folks appreciate rounding, but when it comes to IRS Agents, they  tend to believe that if you’re sloppy in this area, the rest of your return may not be entirely accurate.
4. HOME OFFICE DEDUCTIONS ARE TRICKY: The requirements necessary to take this deduction are not relaxed. Many don't know that a portion of a room does not qualify, even if that large corner of your bedroom is taking up space where you don't do anything personal. Click here for the Simplified Option for Home Office Deduction that the IRS came up with last year. And follow the rules!!
5. IF YOU CLAIM BUSINESSES LOSSES YEAR AFTER YEAR: The IRS may assume you are taking deductions you’re not entitled to in order to avoid paying taxes. They know, for example, that many claim hobby expenses (follow link to read more) as business losses, which is illegal under the tax code.
6. FILING SCHEDULE C DOES INVITE MORE SCRUTINY: But don't let fear of an audit keep you from claiming legal deductions. Just do it accurately and keep clean records. Or, if you think it may be time to set up your business as a separate entity instead, read more here.
7. EXCESSIVE BUSINESS ENTERTAINMENT DEDUCTIONS: If you’re going to deduct these types of expenses, you must keep records for each write-off that includes when and where it occurred, who was in attendance, the purpose as it relates to your business, and a record of what was talked about. You’ll also need to keep receipts for expenses greater than $75 when you’re traveling for business.
8. CLAIM YOUR VEHICLE FOR 100% BUSINESS USE? This will raise a flag. Also, when deducting for business use of a car, you’ll have to choose between the IRS standard mileage rate and actual expenses. Deducting both of these on your tax return will bring the IRS knocking.

So be smart and make sure you consider these issues in your tax records carefully, but then relax, for there is good news: 

The new IRS Commissioner John Koskinen said that last year less than 1 percent of all returns underwent an audit, and only 0.6 percent of business returns (meaning 0.006)!

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READ MORE>> QuickBooks.Intuit.com: The 8 Most Common Tax Audit Triggers

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READ MORE

•     About GBC Services
•     GBC Audit Services Website
•     Visit the Internal Revenue Service's Website

7 Red Flags to Trigger an Audit: 3 of 7

Check in next month to learn
about the next red flag to avoid!

When it comes to audits of your small business taxes by the IRS, we are basically all...

GUILTY UNTIL PROVEN INNOCENT!
*Call GBC Services at 678-366-9232 for immediate assistance*

If you've been chosen for an audit, the burden is unfortunately on you to answer the IRS' questions and to prove anything you claimed. They will be sniffing around aggressively for any unreported or under-reported income, along with over-stated deductions, as that is their job. Excuses of losing paperwork or being unaware will not work. Make sure you're on the ball!

*This is a series of 7 red flags to avoid, to help you not invite an audit. Hopefully you can escape this stress... Here is #3:

*UNREASONABLY HIGH SALARIES PAID TO SHAREHOLDERS WHO ARE ALSO EMPLOYEES:

*Determine reasonable salaries for your type of business based on industry, skill level and geographic location.

To avoid an audit: Beware of warnings, follow procedure, keep good records, hire a CPA, and don't ever ignore tax notices. If you do get audited, be very cooperative and maintain a good attitude with them, and your CPA should be able to handle any IRS Representation for you.

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READ MORE>> www.AmericanExpress.com (from Small Business "OPENForum"): 7 Red Flags That Could Get Your Small Business Audited

Call GBC Income Tax Services today at 678-366-9232 for all your tax and IRS needs!
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READ MORE

• GBC Tax Offers Atlanta Experienced IRS Representation
• Visit the Internal Revenue Service's Website
• GBC Audit Services

7 Red Flags to Trigger an Audit: 2 of 7

Check in next month to learn
about the next red flag to avoid!

When it comes to audits of your small business taxes by the IRS, we are basically all...

GUILTY UNTIL PROVEN INNOCENT!
*Call GBC Services at 678-366-9232 for immediate assistance*

If you've been chosen for an audit, the burden is unfortunately on you to answer the IRS' questions and to prove anything you claimed. They will be sniffing around aggressively for any unreported or under-reported income, along with over-stated deductions, as that is their job. Excuses of losing paperwork or being unaware will not work. Make sure you're on the ball!

*This is a series of 7 red flags to avoid, to help you not invite an audit. Hopefully you can escape this stress... Here is #2:

*CONSISTENT LATE FILING OF TAX RETURNS AND PAYMENT OF TAXES: 

*Failing to follow filing requirements and meet deadlines triggers penalties, interest and unwanted attention. Always ask for an extension if you won’t be able to meet a deadline.

To avoid an audit: Beware of warnings, follow procedure, keep good records, hire a CPA, and don't ever ignore tax notices. If you do get audited, be very cooperative and maintain a good attitude with them, and your CPA should be able to handle any IRS Representation for you.

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READ MORE>> www.AmericanExpress.com (from Small Business "OPENForum"): 7 Red Flags That Could Get Your Small Business Audited

Call GBC Income Tax Services today at 678-366-9232 for all your tax and IRS needs!
--------------------------------------------------

READ MORE

• GBC Tax Offers Atlanta Experienced IRS Representation
• Visit the Internal Revenue Service's Website
• GBC Audit Services

7 Red Flags to Trigger an Audit: 1 of 7

Check in next month to learn
about the next red flag to avoid!

When it comes to audits of your small business taxes by the IRS, we are basically all...

GUILTY UNTIL PROVEN INNOCENT!
*Call GBC Services at 678-366-9232 for immediate assistance*

If you've been chosen for an audit, the burden is unfortunately on you to answer the IRS' questions and to prove anything you claimed. They will be sniffing around aggressively for any unreported or under-reported income, along with over-stated deductions, as that is their job. Excuses of losing paperwork or being unaware will not work. Make sure you're on the ball!

*This is a series of 7 red flags to avoid, to help you not invite an audit. Hopefully you can escape this stress... Here is #1:

*REPORTING A NET LOSS IN YOUR BUSINESS FOR MORE THAN 2 OUT OF 5 YEARS:

*You will be well-advised to follow the IRS Publication 535 guide for business expenses, because if a business cannot satisfy three years of profits in a five-year period, it will likely get audited.

To avoid an audit: Beware of warnings, follow procedure, keep good records, hire a CPA, and don't ever ignore tax notices. If you do get audited, be very cooperative and maintain a good attitude with them, and your CPA should be able to handle any IRS Representation for you.

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READ MORE>> www.AmericanExpress.com (from Small Business "OPENForum"): 7 Red Flags That Could Get Your Small Business Audited

Call GBC Income Tax Services today at 678-366-9232 for all your tax and IRS needs!
--------------------------------------------------

READ MORE

• GBC Tax Offers Atlanta Experienced IRS Representation
• Visit the Internal Revenue Service's Website
• GBC Audit Services

Why Should I Get an External Audit?

Quality external auditors will take
the time you don't have to go
through your records with a fine-
tooth comb. Protect your company.

Question: What IS an external audit?

External audits are independent, unbiased reviews of your business’s financial records. You usually can contract an accounting or auditing firm to conduct this review. It can be an expensive exercise, but it has its benefits. While you may consider your organization’s controls and records to be flawless, an external third-party review can assure you if that is actually the case.

Three main advantages are outlined as follows:

1. Identification of Errors: As a business owner, even if you have the expertise to conduct your own audits, the responsibilities of running a business may prevent you from dedicating the time required to seek out errors and omissions in your financial records. An external audit will identify these mistakes and rectify them over the historical data. This, in turn, will provide you with clearer business records and data.
   
2. Internal Control Effectiveness: External auditors perform walk-throughs of each of your business processes and verify that approvals and authority checks are in place and working before a transaction lands in your financial records. They also determine that your computer systems perform correctly. This doesn't cover IT functions, but entails a check for controls in your systems to ensure that only authorized personnel perform certain tasks. The external auditor will advise you on how to address any issues they uncover.
   
3. Acceptance of Audited Statements: You may require a loan for your small business or a letter of credit to obtain merchandise. Banks and lending companies typically will require that you provide audited and reliable financial statements. Your company's net assets adjusted for goodwill can help you anticipate its current value, which can help you set a price for it, if you are willing to sell it. Similarly, tax authorities may be more willing to place reliance on your calculations for income or sales taxes if you present audited financial statements.

Audited financial statements indicate that you are a responsible business owner who practices transparency in your activities.

These acts of transparency contribute to the goodwill of your business. This can all be used easily to settle accounts, diffuse disputes among partners, and to prevent employees from committing fraud. 

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READ MORE>> yourbusiness.azcentral.com: "What Are the Advantages of An External Audit?

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•     About GBC Services
•     GBC Audit Services Website
•     Visit the Internal Revenue Service's Website

The IRS Offers Options for Getting Right with Uncle Sam

A good CPA can help you find
solutions to your tax problems.

Do you owe the IRS right now? The first thing to do is open all mail from the agency so you're on top of the matter. Next, stay calm. Well, it's understandable if you panic a little, because the IRS wields power that can make your life miserable. Depending on your situation, the agency can take your paycheck and your bank and retirement accounts, and more. They'll seize land, business assets, cars — anything they can auction and turn into cash quickly.

But all is not lost if you act now.  

Consider the following strategies to get back in good graces with Uncle Sam:

1. Ask for more time. Depending on your circumstances, you may be granted a short extension period to pay your tax in full. You can request this by filling out an application for an online payment agreement or by calling 800-829-1040.

2. Try for an installment plan. If you owe $50,000 or less in combined taxes, penalties and interest, you can fill out the application for an online payment agreement. Fees for setting up payment plans can range from $43 to $105.

3. Make an offer. That is, file for what's known formally as an "offer in compromise." You basically tell the IRS that you're prepared to pay a certain amount to settle your debt. Getting agreement will depend on whether the agency believes that this is the maximum you can manage. You must meet certain standards to be considered. If you're going through a bankruptcy, for example, you're not eligible. And if you haven't filed all of your tax returns, don't apply.

READ MORE >> AARP: Can't Pay Your Taxes?

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•     About GBC Services
•     GBC Audit Services Website
•     Visit the Internal Revenue Service's Website

Essential Guide to Avoiding Tax Audits

Avoid problems at tax time.

A few simple tips to help you avoid a tax audit:

A tax return with lots of round numbers.
$1,200 in travel expenses or $1,500 in charitable contributions — suggests that you're just estimating those claims, and the IRS loves to go after people who don't keep good records. You don't need to include cents, but use the closest accurate dollar amounts, such as $1,260 or $1,525.

If you use a software program, do not use its e-filing feature.
If there's anything that might leave an IRS officer wondering. Print out your return and attach an explanation statement and mail it in. A new feature this year is that you will able to include PDF attachments with certain forms. Ask if your software supports this.

Sloppy arithmetic on a paper return can flag an audit.
People list correct numbers but on the wrong line. So make sure sums are not only correct but in the correct place.

READ MORE >> AARP.ORG: 9 Tips To Avoid Tax Audit

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READ MORE GBC Tax Services Website
For All Your Accounting Needs Call GBC 678-366-9232

Don't Fall Behind in Paying Your Small Business Taxes

Small and large businesses are
required to make scheduled
reports to the IRS.

Payroll taxes are all taxes that are collected, by federal, state, and local governments, based on salaries and wages paid to employees. These taxes must be withheld from wages by all businesses that have employees. 

These taxes are remitted on a monthly or semi-weekly basis, depending on the quantity owed. 

Businesses are also required to make regularly scheduled reports to the Internal Revenue Service (IRS) and to state and local taxing agencies about the amount of taxes owed and paid. Self-employed persons are responsible for paying their own payroll or income taxes directly to the appropriate taxing entity.

• Call GBC Services today for all your IRS needs at 678-366-9232.

Many small businesses fall behind in paying these taxes or filing the associated reports at some time during their existence. Such an error is, however, very costly because significant interest and penalties apply for late payment or nonpayment of payroll taxes.

READ MORE from Inc.com
Inc.com
Business Taxes 
Tax Withholding 
Electronic Tax Filing
Tax Preparation Software

Professional IRS Representation for Your Small Business Needs

GBC can help your company
with payroll tax problems.

There is a few things you should know about payroll taxes though, crucial knowledge that could help you avoid legitimate problems with the IRS as long as these rules of thumbs are followed and guidelines applied.

First things you need to know before getting Atlanta IRS representation is what to hold back from every employee's paycheck:

• Federal (and if applicable state) income taxes
• FICA contributions (for such programs as Social Security and Medicare) 
• READ MORE ABOUT FICA  

Other important notes for an employer to know to help them with their Atlanta payroll tax problems: 

• How much income tax to withhold depends on the numbers of exemptions claimed by the employee.
• FICA contributions from a percentage of gross earnings earned by the actual employee in which you must either match to a certain percentage, or fully.
• Use a federal tax deposit form with your payment (makes things way easier)

If you do not send these to the IRS, then you may indeed find yourself needing Atlanta IRS representation.  The Atlanta IRS requires this information by federal law, so it is best to make sure you send it over:

• Form 941 Employer's Quarterly Federal Tax Return. Form is filed every 3 months whilst your business maintains employees. This report shows the employees' federal income tax and FICA withheld for the previous quarter.
  Download Form 941
• Form 940 Employer's Annual Federal Unemployment Tax Return or FUTA. Filed once a year, and is used to calculate federal unemployment tax. It is important to note that the FUTA tax is paid by the actual business and is not withed from the employee's check.
  Download Form 940

If you find yourself failing in this area of Atlanta IRS representation for your business, do not fret. The Atlanta IRS has reported that the vast majority of businesses are often late, or mess up, their taxes. While the Atlanta IRS considers payroll taxes the most serious of all the tax debts, often they will be willing to work with you as long as you pick the correct Atlanta IRS representation.  

Be careful with payroll taxes, as Atlanta IRS collectors can be extremely tenacious if you owe any payroll taxes whatsoever. 

Call GBC Income Tax Services today at 678-366-9232 for all your tax and IRS needs!

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READ MORE

• Payroll Taxes and Your Business
• Helpful Payroll Related Articles
• Visit the Internal Revenue Service's Website
• Contact GBC Income Tax Services Today!

Atlanta IRS Solutions...GBC Services Can Help You With IRS Problems

Always fill out tax
forms at the earliest!

IRS problems are extremely unsettling. 

While you are likely to feel panicked and overwhelmed, following the steps below will assist in solving your tax issues in a timely fashion.

Do not let a notice from the IRS sit around without taking action. 

The notice will contain a payoff date for any liability noted. A timely resolution to your problems is crucial to minimize the effect of penalties and interest on this and any money you owe.

• Read the IRS notice several times. The notice will be difficult to fully understand if you read it only once. 
• Make notes on what the IRS is asking for, including the tax year the notice...

Call GBC Income Tax Services today at 678-366-9232 for all your tax and IRS needs!

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• About GBC Services
• Commonly Used Tax Forms
• Visit the Internal Revenue Service's Website
• Contact GBC Income Tax Services Today! 

Press Release: Ghassan R. Ghraizi of GBC Services, LLC Authorized as Certifying Acceptance Agent for the IRS

FOR IMMEDIATE RELEASE

Ghassan R. Ghraizi  of GBC Services, LLC Authorized as Certifying Acceptance Agent for the IRS

GBC Services, LLC., has long been a leader in Atlanta's financial sector, providing stellar services in the realm of tax preparation, human resource management, business consulting  and payroll services.

This is perhaps why GBC Service's own Ghassan R. Ghraizi was able to secure a brand new classification as  a Certifying Acceptance Agent for the IRS. As a Certifying Acceptance Agent, Ghassan R. Ghraizi is able to assist foreign nationals and aliens who do not qualify for a Social Security Number (SSN) by providing them with an Individual Taxpayer Identification Number.

An Individual Taxpayer Identification number, or ITIN, is required for foreign persons for federal and state individual income tax reporting. An ITIN does not authorize individuals to work in the US however, nor does it provide eligibility for Earned Income Tax Credit or Social Security.  ITIN's are also issued regardless of an individual's immigration or alien residency status. 

Individuals who are most in need of an ITIN are: Non-residents who desire to file tax returns but are not SSN eligible, a U.S. resident alien (this classification is often based on the number of days one has been in the U.S.), dependent or spouse of a US citizen or resident immigrant who is not SSN eligible and for those who are dependents and spouses of a non-resident via holder.  Unless there is a special exception, all above individuals should have an ITIN.

As a Certifying Acceptance Agent with years of applied experience in the tax preparation field, Ghassan can help assist foreign nationals and immigrants who have to apply for an Individual Taxpayer Identification Number. 

Providing crucial financial services is what GBC Services, LLC., does best.  Now, as a newly appointed Certifying Acceptance Agent,  Ghassan R. Ghraizi can  also give foreign clients  support when it comes to putting down roots in a new land.– wc 306

Contact:

Ghassan R. Ghraizi
GBC Services, LLC
Certified Public Accountants
1950 North Park Place SE
Suite 150
Atlanta, GA 30339-2097

678-366-9232

Part 1 of 2 - What to Do During an IRS Audit – The Do’s and Don’ts

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678-366-9232

An IRS audit can be stressful. Consider this article a bit of IRS assistance, a bit of wisdom to help you out if your business is experiencing an audit. There is a lot of complexity when it comes to laws and polices relating to an IRS audit, and most business owners frankly are just too busy to go out and understand them all while still running a business trying to make an honest buck. If you find yourself in that camp, you may want to just skip this article and go hire some IRS representation right now. It will save you a lot of time and headache, a good place to call is GBC Atlanta Income Services if you are finding yourself in the midst of an IRS audit and you just do not have the time to take care of it all by yourself. With that said, let us get into what you SHOULD do and what you SHOULD NOT do when you are running into some possible IRS trouble!

• All employees should be instructed not to talk to the IRS agent if the audit takes place at your place of business.
• 10 Days prior to the interview with the agent send him or her a formal letter stating you will be recording an audio of the interview. A special note to avid camera people, videos are not allowed.
• If the IRS audit brings up things you do not have the knowledge of, immediately seek out a CPA (certified public accountant) or attorney.
• Only give files to an IRS agent that is actually related to the IRS inquiry. By volunteering files or records, you may open up a whole new can of worms you would rather not have to deal with.
• Get a thorough understanding of your tax returns and then organize the files that support the items questioned by the IRS audit.
• Before the examination, come up with various settlements that you are comfortable accepting so you have backup plans to work with incase of any lingering IRS trouble.
• Do not be afraid to seek out good IRS representation, as this can save you a lot of time and money.

Use these tips to fit your own business accordingly. It should be noted that there are a few penalties that can be transpired against your business depending on the outcome of the IRS audit. Some of these are pretty brutal. Because of these penalties, it is imperative you either understand what you are doing thoroughly or hire good IRS representation that does understand what they are doing.

Next month we will cover some of the penalties you will face due to an IRS audit.

Call GBC Income Tax Services today at 678-366-9232 for all your tax and IRS needs!
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• GBC Tax Offer Atlanta Experienced IRS Representation
• Essential Financial Services
• Tax Requirements By State
• Visit the Internal Revenue Service's Website
• Why Hire a CPA Listed with the BBB

Part 2 of 2 - Why Having Proper Tax Records Now Will Save You Big on an IRS Audit Later

FILE EVERYTHING -
RIGHT AWAY!

Remember: Keep your tax records straight! Make sure everything is filed away right! For people who are reading this and are the proud owners of messy offices and come equipped with office paper with a little bit of desk underneath, this simple task may seem overwhelming large for you right now. The keyword of course is- right now.

How to avoid any IRS trouble: Maintain at least three years worth of tax returns and records

• Make sure all taxable investments or property have their cost basis tracked.
• Put all your bills in organized folders (which are in turn organized so you can easily find them, i.e. not laying on your desk gathering dust for months being swallowed up by other paper work)
• Categorize all of your receipts from purchases throughout the year.
• Maintain a ledger for all checkbook stubs
• Use a journal to keep track of all deductible items that you attain as you attain them. (Beats trying to remember what you had that was deductible at the end of the year!)

All of these will become your battalion of defense in an IRS audit. This IRS assistance is some of the most powerful and easiest things you can do right now to avoid any IRS trouble. With all of that being said, hiring good IRS representation is still a great idea even if you are already doing this. Dealing with an IRS audit has a lot of complexity, which most of that complexity is wrapped up in various law and bureaucratic policies that can get you in IRS trouble if you overlook it. No worries though, there are fantastic IRS representation services out there that you can use right now to take your mind off the whole situation.

One of the best IRS representation services out there to help you wade through an IRS audit is GBC Atlanta Tax Income Services, give them a call right now and prevent anymore grey hairs from forming on your head.

Call GBC Income Tax Services today at 678-366-9232 for all your tax and IRS needs!
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• Atlanta Income Tax Preparation Services
• Tax Requirements By State
• Commonly Used Tax Forms
• GBC Support and Consultation