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February 2016 Archives

Tax filing for U.S. expatriates

United States citizens from Georgia and all other states still have to file a U.S. federal tax return even if they are living in another country. Some new rules are in place for 2015 tax returns, and new technology agreements could help the IRS catch delinquent taxpayers living overseas.

IRS reports another online breach to taxpayer data

In early February, the Internal Revenue Service announced that cyber criminals attacked the agency's digital systems to steal the PINs of thousands of Social Security numbers. It is the latest in a series of online attacks that have endangered the personal data of taxpayers in Georgia and nationwide.

CPAs advocate beneficiary rule changes

Georgia residents who have been named as an executor under a will may be able to count on more understandable tax reporting rules if the American Institute of Certified Public Accountants gets its way. In late January, the AICPA mailed individual letters to both the U.S. Treasury Department and the IRS petitioning for increased consistency in basis reporting rules for beneficiaries receiving assets from decedents' estates.

Beneficiary designations important in estate planning

Georgia residents who are working on their estate plans should pay careful attention to their beneficiary designations on retirement accounts, life insurance policies and other assets. Often, beneficiary designations are overlooked even when people are otherwise careful with their will and trust planning.

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