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October 2019 Archives

IRS criticized for not fully implementing new audit system

In 2016, the IRS announced that it would change the way it conducts corporate audits. Instead of examining a company's entire tax return, it would simply examine any transactions it deemed to be risky in nature. The hope was that this would help to complete these audits in a timely manner. However, an agency watchdog said that the government has not fully implemented the new system.

Look for an IRS tax question regarding cryptocurrency

In Georgia and across the United States, taxpayers may want to pay attention to two new Internal Revenue Service (IRS) tax guidelines. Watch for a new checkbox located on Form 1040. This checkbox will inquire whether the taxpayer received, sold, sent, exchanged or acquired virtual currency during 2019. The checkbox is the first item located at the top of Schedule 1. A similar question will appear on Schedule B, Part III. This question, located next to Foreign Accounts and Trusts, asks the taxpayer whether they had any holdings in a financial institution located in another country in 2019.

Factors that may determine the timeline for an audit

Generally speaking, the IRS can audit tax returns sent in by Georgia residents and others for three years. However, there are scenarios in which the government could have twice as much time to inquire about a return. If someone commits an especially egregious violation of the tax code, there may be no statute of limitations imposed on the IRS. The federal government typically has six years to audit a return if a person fails to disclose more than 25% of his or her income.

Don't risk rendering an estate plan ineffective

Some Georgia residents may feel as if they have no need to review or update their will or trust. However, a person's needs and wishes can change dramatically from the time that they first write a will or create a trust. For instance, an individual could welcome a child or grandchild into the family, and that new family member may need to be included in estate plan documents.

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