FAQs about Tax Compliance
One of the most important things to understand is what exactly tax compliance is. At the Law Office of Max Benkel, we pride ourselves on being the best Georgia tax attorneys you’ll find. We will guide you through the process of becoming tax compliant. This means that you observe and adhere to all tax laws on a federal, state, and even international level. The most common way to be tax compliant is to file yours on or before the deadline every year. This applies equally to individuals and businesses.
However, there is a lot more involved in the process. Tax attorneys in Atlanta can answer some of the most commonly asked compliance questions.
Frequently Asked Questions For Atlanta Tax Attorneys
Q: I owe x-years worth of back taxes. Do I face possible arrest or a lawsuit?
A: Many people fail to file their taxes because they know they owe money, but they don’t have it. To be tax complaint, it is necessary to file your returns anyway. In most cases, you will find the IRS is willing to let you pay back taxes in monthly installments. As long as you do this, you won’t be arrested or sued.
Q: How do I keep my business tax compliant?
A: There are a few things you need to do in order to keep your business tax compliant. It is important not to overlook anytihng that you’ll need. This includes monitoring your sales tax, creating a calendar, preserving your records, keeping up with your employees, and understanding labor laws.
When it comes to monitoring your sales tax, any tax attorney in Atlanta will advise you to track every sale your business makes. A professional Georgia tax attorney can .look over your sales and determine if you are charging taxes on all the items or services you should be.
By using a calendar to keep track of when business taxes are due, you are more likely to file and pay your taxes on time. This is an important part of being tax compliant.
Accounting and billing tools should be used to help preserve your business records. Any claims you make on your tax return have to be backed up in order for you to be compliant. This means you need to keep invoices and bills organized so that filing your business taxes is an easier process.
Another important step in keeping your business tax compliant is keep track of any travel your employees engage in for business purposes. If they leave the state to complete a job somewhere else, this can affect your taxes when it comes time to file them. All out of state travel and work should be documented for each employee.
Last but not least, you must have a thorough understanding of labor laws. It is as important to be compliant with labor laws as it is to be tax compliant.
Q: I sold a property that I inherited. Do I have to pay taxes on the money I made from the sale?
A: Whether or not you have to pay taxes on the money, depends on a few factors. One of them is the property’s fair market value at the time the person you inherited it from passed away. Another is the fair market value when an alternate valuation is used. A Georgia tax attorney can further advise you on your obligations in this type of situation.
Atlanta tax attorneys understand that there is a lot of confusion surrounding compliance and what exactly it entails. Feel free to contact the Law Office of Max Benkel if you have any further questions on the subject of Atlanta tax law.