Taxpayers in Georgia should be on the lookout for an email scam that may hold a person's computer data for ransom. The ransomware scheme sends a message to taxpayers using the logos of both the FBI and the IRS, and it asks recipients to download a questionnaire from...
Month: August 2017
Vacation homes and potential tax considerations
Many Georgians own vacation homes and might wonder if they might face tax consequences if they choose to rent them out when they are not using them. It can be smart to recoup some of the expenses that people incur with the maintenance costs, mortgages and property...
Tax lien and levy not only IRS enforcement tools
Most Georgia taxpayers realize the IRS has numerous ways of recovering unpaid taxes. Common horror stories that keep citizens honest during tax season involve prison time for serious offenders, wage garnishments and possible imposition of a tax lien on real estate. It...
Income tax considerations when selling a home
The gains generated by the sale of a primary residence can be significant, but this income is not subject to federal income tax in many situations. Georgia residents may qualify for this exclusion by establishing ownership and use. This is done by establishing that...
Have you filed an FBAR disclosing your offshore accounts?
Every United States person, whether citizen, permanent resident or resident alien, must file an FBAR with the U.S. Treasury Department under certain circumstances. FBAR is the Foreign Bank Account Report, or FINCEN form 114. If you are an owner, nominee or signer on...
Avoiding common tax errors to reduce audit chances
There are several common mistakes that some Georgia residents make with their tax returns that could lead them to be targeted for audits. By avoiding these errors, taxpayers may reduce their chances of being selected for audits. If they are facing audits, they may...