Guiding You Through The Legal Process
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...
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...
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...
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...
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...
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...
Georgia residents who sell their primary residence will generally not be required to pay capital gains tax on the first $250,000 of profit generated by the sale. Spouses filing a joint return may exclude the first $500,000 gained from the sale of their home. The...
Georgia residents may be interested to learn that the U.S. Supreme Court has ruled a Maryland tax unconstitutional because it essentially results in the double taxation of income that its residents earn in other states. The 5-4 decision, which came down on May 18,...
Georgia residents may have heard about the proposed regulations issued by the Internal Revenue Service regarding the income of master limited partnerships whose activities pertain to natural resources and minerals. The proposed regulations were issued on May 5 and...
Due to IRS budget cuts, it may seem logical for Georgia residents to believe that audit rates are lower. In 2011, those who made more than $1 million had a one in eight chance of being audited. Today, someone who makes more than $1 million has a one in 13 chance of...
