Georgia residents may have heard that the new Form 1040 is going to be shorter than previous versions. This was one of the benefits touted by those who supported the Tax Cuts and Jobs Act (TCJA). However, taxpayers should be aware that there are six schedules that...
Month: December 2018
Facing an IRS audit
Most people living in Georgia take care to submit accurate tax returns. However, some tax documents end up being flagged by the IRS's algorithms, subjecting filers to an audit. Interestingly, there is some evidence that it is not the wealthy who are the most likely to...
Distributions may be required by the IRS
At some point, Georgia retirees must start taking distributions from their retirement savings accounts. The IRS mandates that individuals must start taking these distributions starting in April of the year after turning age 70 1/2. Furthermore, they must calculate and...
Is your business facing an IRS audit?
For small business owners, finally getting their taxes filed may be the beginning rather than the end. The Internal Revenue Service can review your taxes and decide it wants a closer look. Thus, you may learn your business faces an audit. You can get audited even if...
What Michael Cohen teaches us about tax law
Those watching television or reading the news in Georgia have probably heard about Michael Cohen. They may also know that he pleaded guilty to tax evasion and was sentenced to prison time. Those who would like to avoid a similar fate can take some steps to do so. For...
IRS compromises on Gilti tax rules
If a company based in Georgia or anywhere else has a foreign tax bill of less than 13.125 percent, it will owe a 10.5 global intangible low-tax income tax. This tax is otherwise known as Gilti, and businesses had lobbied the IRS to make changes to how it is assessed....