In 2016, the IRS announced that it would change the way it conducts corporate audits. Instead of examining a company's entire tax return, it would simply examine any transactions it deemed to be risky in nature. The hope was that this would help to complete these...
Month: October 2019
Look for an IRS tax question regarding cryptocurrency
In Georgia and across the United States, taxpayers may want to pay attention to two new Internal Revenue Service (IRS) tax guidelines. Watch for a new checkbox located on Form 1040. This checkbox will inquire whether the taxpayer received, sold, sent, exchanged or...
Probate, taxes and your job as executor for the decedent
Let us say that your favorite aunt named you as the executor of her estate. Aunt Lucy passed away suddenly, and her estate must now go through the probate process. Your responsibility in administering your aunt’s estate includes paying outstanding debts and filing...
Factors that may determine the timeline for an audit
Generally speaking, the IRS can audit tax returns sent in by Georgia residents and others for three years. However, there are scenarios in which the government could have twice as much time to inquire about a return. If someone commits an especially egregious...
It is easier for the IRS to target poor people
Georgia residents may be interested to learn that the IRS has been targeting lower income taxpayers with audits. Part of the reason why the IRS uses this strategy is because they say it is easier and something that they can accomplish using less skilled employees....
Don’t risk rendering an estate plan ineffective
Some Georgia residents may feel as if they have no need to review or update their will or trust. However, a person's needs and wishes can change dramatically from the time that they first write a will or create a trust. For instance, an individual could welcome a...