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January 2018 Archives

Reporting bitcoin income on taxes

Georgians who have invested in bitcoin should be aware that they must report any income that they made from selling or trading cryptocurrency on their income tax returns. Some people have the mistaken idea that digital currency is beyond the reach of the Internal Revenue Service, but it is not.

IRS clarifies 2018 deadline for Roth IRA conversion do-overs

The tax overhaul passed by Congress in December of 2017 changed little relating to long-term retirement matters. However, one change could have a major impact on Georgia residents hoping to retire soon. Specifically, the tax overhaul eliminates so-called do-overs for Roth IRA conversions. Under the prior law, an individual could convert a traditional IRA to a Roth IRA and then avoid a large tax bill by converting it back to a traditional IRA by October of the following year.

Uncertainty about payroll withholding emerges with new tax law

The changes to federal income taxes passed late in 2017 have left some people in Georgia wondering what to withhold from their paychecks. The Internal Revenue Service has issued new withholding tables, but the agency has not yet had a chance to provide employers with new W-4 forms. Although employers may apply information from their workers' existing W-4 forms, these forms do not match the new tax system. People might end up with miscalculated deductions from their paychecks.

Filing federal returns electronically

Georgia taxpayers have to file their federal income tax returns on time or incur possible penalties, according to the Internal Revenue Code Section 6651. For returns that are mailed, this means making sure that they are mailed on time. The timely filing rule also applies to electronically filed returns. However, there are reasons that an e-return may be sent back.

Abuse victims may seek relief from the IRS

Georgia residents who are the victims of financial abuse at the hands of their partners may be given relief by the IRS. For instance, an individual might apply for innocent spouse relief. If granted, that person will not be held liable for taxes owed on a joint return. This may be true if there was a balance because the other spouse deliberately withheld income.

Tax season brings cybersecurity threats to personal information

Individuals and business owners in Georgia naturally take communications from the Internal Revenue Service seriously, but the agency warns that cyber criminals often take advantage of people's willingness to comply with tax requests. Criminals will attempt to access personal and financial information or load malicious software onto computers.

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