As a Georgia resident, you must generally file a tax return by April 15 each year. In some cases, the IRS may decide to audit your return if it detects errors or evidence that you have attempted to mislead the government. Let's take a look at some of the most common...
Month: March 2020
Yes, you have to pay taxes on your international bank accounts
When it comes to the obligation to pay federal income tax to the Internal Revenue Service (IRS), offshore bank accounts are a common source of confusion among those who must pay federal taxes in the United States. Quite a few people still think of offshore accounts as...
Does a parent corporation or its subsidiary own the tax refund?
The U.S. Supreme Court has just overturned a long-term precedent in a case involving two companies in bankruptcy. One was a parent corporation and the other was a subsidiary. They had no agreement to allocate the taxes in any particular way. Who owns the $4 million...
Tax deadline pushed back 90 days
Georgia residents who owe less than $1 million in income taxes will have until July 15 to file their most recent tax returns. Corporations that owe less than $10 million will also get an extra 90 days to file a return and pay their income taxes. However, those who are...
The IRS wants to stop cryptocurrency tax evasion
Those who make a profit from cryptocurrency transactions generally need to pay taxes on their gains. However, the government has historically had trouble keeping track of how much a taxpayer may have earned trading or mining digital currencies in a given year....
With the IRS, the burden is on you to prove you acted reasonably
Made a mistake on your taxes? That's only to be expected, right? After all, federal taxes are complex and hard to understand. It's easy to make mistakes.If you didn't intend to cheat the IRS, you might thing you're free and clear. You just correct any mistakes they...
Deducting mixed business expenses under the Tax Cuts and Jobs Act
The IRS has proposed new regulations on how to deduct business expenses under the Tax Cuts and Jobs Act (TCJA), which added some restrictions and limitations. Previously, taxpayers could deduct 50% of all entertainment, amusement, or recreation expenses as long as...
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