In the weeks and months following the April deadline to file a federal tax return, the IRS verifies the data it receives and issues notices if needed. Georgia residents and others who receive a notice from the IRS should read it carefully and respond in a timely...
Month: May 2018
Tax issues to avoid from the IRS “Dirty Dozen” list
Tax scams seem to be everywhere, and they are most in evidence during income tax season. The Internal Revenue Service compiles an annual list of “Dirty Dozen” tax scams. Here are five schemes from the 2018 list that taxpayers at various levels might...
Deducting expenses related to hobbies
Georgia residents who have a side activity in which they earn money may want to deduct related losses on their individual federal tax returns. If the Internal Revenue Service classifies the activity as a hobby, however, losses from the activity cannot be claimed as a...
Letters from the IRS aren’t all bad
For most people in Georgia and throughout the country, tax day is the only day in which they give much thought to their state and federal returns. However, those who receive a notice from the government may have to think about them for a little longer. The good news...
Cryptocurrency taxation environment changing
Georgia residents who are involved in the cryptocurrency market may find their tax filings more complex as the IRS has made efforts to tax crypto income. In Novemeber 2017, the IRS was victorious in a case against Coinbase, a cryptocurrency exchange. As a result of...
IRS publishes tax guidance on tips for volunteers
Employers in Georgia have a responsibility to pay payroll taxes for their employees. Tip boxes set up for volunteers, however, have created confusion about employee classification and employer tax obligations. The Internal Revenue Service has addressed this issue in...