The state of Georgia does not impose an estate tax on its residents, but there are 15 states that do. That's why residents of states such as New York, Illinois and Washington often move elsewhere during their golden years. According to a National Bureau of Economic...
Year: 2015
Why tax planning is important for estates
Many people in Georgia believe that federal estate taxes are not something they need to be concerned about because they only affect the very rich. There are some instances in which a person may still be exposed to estate taxes, however. The issue more commonly occurs...
Estate tax rates and exemptions in 2015
Georgia residents are likely aware that the federal estate tax has been a contentious issue in recent years. Supporters of the measure say that estate taxes help to offset income inequality, but opponents claim that these taxes are just a way for the government to...
Claiming the unused exclusion from a deceased spouse
Georgia residents may not be familiar with a law passed in 2007 that allows a spouse to elect and claim the unused part of their deceased spouse's exclusion with respect to federal estate tax. The exclusion, called a DSUE, is the allowed exemption amount from estate...
Billionaire’s estate settles with IRS for $388 million
The IRS reached a settlement with the estate of Bill Davidson, who died in 2009 as one of the country's wealthiest people. Georgia sports fans may have known Davidson as the owner of professional sports franchises in the NBA, WNBA and NHL. In 2013, Davidson's estate...
Georgia residents advised to look to the future
Many Georgia residents may be able to significantly reduce their tax obligations by placing their money in retirement structures. In particular, traditional IRA plans are notable for their ability to provide their owners with financial leeway in addition to serving as...
IRS wins decision in 1982 payroll tax case
Georgia taxpayers may know that the law generally gives the IRS three years to make an assessment or audit a tax return. There are exceptions to this rule, and the agency often shows relentless determination in their collection efforts even when the taxes in question...
New property tax assessments mailed out
Georgia residents who own property in Douglas County were sent their property appraisal notices on June 1. The notices informed 53,000 Douglas County property owners about the 2015 value of their property that was calculated for county taxation reasons. Property...
IRS puts cap on penalties for FBAR violations
Georgia residents who have kept a foreign bank account without reporting it to the Internal Revenue Service may be charged with an FBAR violation. However, the potential penalties for failing to file an foreign bank account report just got reduced. In May, the IRS...
Man receives more than $100,000 after IRS audit
Georgia entrepreneurs may be interested to learn that one business owner came out of an audit with more than $100,000 from the IRS. An audit does not necessarily mean that the IRS will find something in the government's favor. In this particular case, the man had...