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July 2016 Archives

Life insurance proceeds and avoiding estate taxes

While many Georgia residents are aware that life insurance proceeds are not subject to income taxes, they may not know that there are other types of taxes to which the proceeds may be subject. By setting up irrevocable life insurance trusts for life insurance proceeds, people can help to ensure that the proceeds are not includedin the insured's gross estate for federal estate tax purposes.

IRS business audits coming: 5 ways to get prepared

According to reports, companies in Georgia and elsewhere could be audited by the Internal Revenue Service in the years ahead. Because of the lack of government funding, the agency has been restructuring itself and strategizing new ways to return to tough audits. Instead of continuous tax audits it used to perform in the past, the IRS is planning audit campaigns that will focus more on specific tax issues instead of specific taxpayers. Th`ere are several ways taxpayers can be prepared if they are audited.

Tocuments that should be kept by taxpayers

Most Georgia residents know that they need to keep copies of certain tax records, but they may not know which ones they need to hold on to or for how long they should retain them. Generally, people should keep copies of all of the documents that they used to arrive at the numbers they put on their tax returns. This may include their W2s, 1098s, 1099s and certificates of creditable coverage under the Affordable Care Act, along with other relevant documents.

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