Guiding You Through The Legal Process
Recently, the IRS changed its rules about the distribution of closing letters. Instead of automatically sending such letters to indicate the end of an estate filing and the completed payment of related federal taxes, the agency will only send notices when they're...
Many Georgia residents have a very negative view about estate taxes, often calling them "death taxes." Very few Americans will actually have to think about paying estate taxes, however, as there is a federal estate tax exemption that removes a large amount from the...
Georgia residents may be displeased to learn that many foreign holders of U.S. assets fail to pay estate taxes they should owe on those assets. Under U.S. tax law, foreign estates are required to pay estate taxes on such holdings when the owner passes away, but very...
Georgia residents with high-asset estates often use the gift-splitting election in order to remove assets from their estates' values. The IRS allows spouses to split their annual gifts which helps them to double the exclusion they would have otherwise enjoyed. A...
Georgia residents may be aware that exemption to the federal estate and gift tax was established at $5 million in 2011 and has increased each year since according to the annual rate of inflation. The IRS announced the latest increase in October 2015 to $5.45 million...
Georgia entertainment fans may be interested to learn that Abby Lee Miller, who stars on the TV show "Dance Moms," has been charged with bankruptcy fraud and other offenses. The federal grand jury indictment, which was issued in Pennsylvania, claims Miller concealed...
Many Georgia homeowners understand the burden of steep property taxes. However, there may be ways to get those taxes lowered without attending the local town hall meetings and protesting the tax rate. One approach that could result in a property tax reduction is to...
People in Georgia planning to leave a substantial inheritance to their heirs may want to learn more about strategies used for reducing estate taxes. The highest federal estate tax rate is currently 40 percent. However, the federal estate tax for 2015 only applies to...
People in Atlanta with sizable estates should be aware of the estate and gift tax exemption limit. Since it was initially raised to $5 million in 2011 and indexed for inflation, it has risen slightly higher each year. For 2015, the estate and gift tax exemption limit...
The Foreign Account Tax Compliance Act may affect people in Georgia who have deposits in foreign financial institutions. Part of the HIRE Act of 2010, FATCA imposes penalties on FFIs if they fail to report information to the IRS about assets they are holding for U.S....
