Although bitcoin and other cryptocurrencies are gaining popularity throughout the world, some Georgia residents who deal in crypto could be confused about how to file their taxes. Also, CPAs may not be as knowledgeable on the latest IRS rules concerning them,...
As a general rule, the IRS has three years to audit a Georgia resident's tax return. However, the IRS has six years to audit a tax return if an individual failed to report at least 25% of his or her income. The government also has six years to audit a return if a...
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...
The IRS is intensifying its hunt for people who don't pay taxes on their cryptocurrency gains. Although people are becoming more aware that cryptocurrency gains and losses are taxed as capital gains and losses, the IRS fears that many millions of transactions may be...
Did you know the IRS has three kinds of audits? The most common is the correspondence audit, where the agency challenges your return in a letter. The next most common is the office audit, where you are invited to come to the nearest IRS office to defend your taxes....
In April, the nonprofit investigative news service ProPublica revealed that the IRS spends at least as much time auditing the working poor as it does the wealthiest 1% of Americans. On the surface, that seems fair enough. We shouldn't avoid auditing the poor just...
A “correspondence audit” is conducted via mail, rather than by requiring someone to meet with an IRS officer. The IRS sends a letter, usually a CP2000 Notice, saying the information it has on file does not match the information reported on someone’s...
Few people enjoy filing their taxes. Even fewer look forward to the possibility of an audit. But unfortunately, anyone can find themselves randomly chosen to have their financial records pored over by the IRS or the Georgia Department of Revenue.Here are three ways...
The conventional guidance on income tax returns is to file every year, and hold onto your tax records for at least three years after you file. However, there are certain situations under which those guidelines change—and additional factors that redefine those...
The federal government permits a wide range of deductions and tax credits to lessen your income tax burden each year. However, the IRS also has a good idea--based on your income and other factors--which tax breaks you'll likely qualify for. Therefore, it's important...
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