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June 2014 Archives

IRS settles NOM controversy

The IRS agreed to pay the National Organization for Marriage $50,000 after it leaked information from a 2008 tax return that was later published in 2012 on the website of the Human Rights Campaign. The chairman of the NOM said that he was thankful that the IRS admitted to wrongdoing after a long and arduous process. There was no comment from the IRS about the ruling, and it cited privacy reasons for not commenting on the case.

Estate tax consequences too easily overlooked

The consequences that can come about due to estate or inheritance tax are often overlooked due to too many individuals simply assuming the tax will not apply to them. We need to keep in mind that real estate prices are on the rise the possibility of such a tax is a real possibility. And if a taxpayer fails to pay what is considered owed they could then be penalized. It's important to note that the inheritance tax threshold has not risen at the same rate as have real estate costs.

Steps to take when preparing for an IRS audit

Georgia taxpayers may wish to think twice before attending an IRS audit alone. A problem with audits is that the taxpayer may be asked to answer questions that they would rather choose to ignore. And every word spoken at an audit may ultimately be used to determine whether back taxes are owed or underreporting of income has occurred.

IRS rules concerning non-profit groups to be rewritten

As the controversy concerning IRS proposed rules concerning 501(c)(4) organizations has not gone away, the Internal Revenue Service is now planning on revising these rule changes. The proposed rules ignited a storm almost from the very beginning. When the proposed rules were originally made available for publication, there were more than 140,000 public comments submitted. This is the most comments ever for any draft federal regulation.

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