At Tax11 Income Tax Solution, our Tax Specialist understands your concerns and is equipped with the training and expertise to address your Tax needs.
Preparing your own income taxes adequately can be a complicated and confusing process for most Taxpayers. That is why it requires the training and experience of a Tax Professional to minimize your tax liability and fully maximize your refund amounts.
Recently, joint research from the Internal Revenue Service and the Urban-Brookings Institute highlighted the results of many IRS enforcement activities, including the impact of past years’ changes to IRS Collection policy. It is no secret that the IRS has been kinder and gentler to tax debtors during the past five years.
The 2012 Fresh Start Initiative and the relaxing of lien filings and levies during the past five years has relieved burden on taxpayers and the resource-constrained IRS. However, this more relaxed policy hasn’t resulted in maximizing collection for the U.S. Treasury. The IRS continues to tweak its collection policies and procedures to collect the most tax dollars.
During the past five years, new laws and IRS administrative changes to collection policy have been frequent, and can be hard for taxpayers and tax professionals to keep up with. This year has been no exception; in fact, 2017 has seen these six important changes to IRS collection policy.
Many consumers in the state of Georgia are dealing with unpaid credit card bills, medical bills, and other unpaid loans. When debts go unpaid for a long period of time, creditors may decide to institute a lawsuit against the consumer so that the creditor can obtain a judgment. A judgment provides the ability to collect money involuntarily through wage garnishments or seizures of bank accounts or other property.
A debtor being sued by a creditor should be informed of the statute of limitations for a breach of contract action. That's because most lawsuits for the collection of debts are considered breach of contract cases. In Georgia, written contracts have a statute of limitations period of 6 years from the time in which the debt becomes due and payable and the period runs from the date of last payment (OCGA 9-3-24). On the contrary an open account, implied promise or undertaking has a statute of limitation of only 4 years (OCGA 9-3-25). Prior to entering into an agreement to pay off a debt, a consumer should ensure the debt is actually still due and payable.
NOTE: Payment, unaccompanied by a writing acknowledging the debt, does not toll the statute; the statutory period runs from the date of default, not the date of last payment.