Some courts have recently made decisions that challenge the IRS's authority when classifying a syndicated conservation easement as an abusive tax avoidance scheme in Georgia. The IRS has snapped back with propositions for regulations and making sure appropriate time...
To beat the IRS, you need a legal team that understands the IRS.
Year: 2022
Businesses prepare for audits
Business owners and their Georgia enterprises may be selected for an Internal Revenue Service audit. There could be several reasons for the audit, including questions about reported income or deductions. Regardless of why the IRS intends to examine one or more tax...
Understanding and preparing for cryptocurrency audits
Cryptocurrency continues to grow in popularity as an investment opportunity. While the audience for crypto was once limited to those with technological expertise, consumers can now buy and sell bitcoin at banks and ATMs. As more Georgia residents get involved with...
Crypto gains accounting methods
Cryptocurrency might be a relatively new asset, but the way people earn profits from crypto follows a long-established strategy: buy low and sell high. Georgia residents who sell cryptocurrency at a profit might soon discover they owe capital gains taxes. Using an...
What is the Tax-Exempt Sector?
As a Georgia taxpayer, do you know what a tax-exempt sector is? This term has two meanings that either refer to investment instruments that are not taxable by the Internal Revenue Service or non-profit organizations that do not have to pay taxes. What are tax-exempt...
How are staking rewards taxed?
The way PoW blockchain mining is taxed has been officially addressed by the IRS, but the tax treatment of staking rewards has still been left unclear. This leaves plenty of room for stakers in Georgia to interpret the tax law but not necessarily any wider of a margin...
Cold wallets and crypto tax audits
Cryptocurrency stands as a new investment vehicle for many Georgia traders. Some may attempt to protect their assets in cold wallets, although they may worry about potential audits. Cold wallets and cryptocurrency investing Like other assets with trading and...
Everything you need to know about offers in compromise
When it comes to tax law in Georgia, there are a lot of things that many people don't understand. One of the most confusing concepts is offers in compromise. What are offers in compromise? This is an agreement in tax law that's usually between a taxpayer and the IRS...
How do IRS audits work in Georgia?
Most Georgia residents might never have to face an audit from the Internal Revenue Service (IRS). The mention of the word audit can send anyone into a slight panic, but it’s almost completely unnecessary. An audit doesn’t necessarily mean you’re in trouble. Sometimes...
How to lose a nonprofit’s tax-exempt status in Georgia
Maintaining a nonprofit's tax-exempt status in Georgia is critical to its success. There are specific types of activities that can jeopardize this status, so it is important to be aware of them. Private benefit/inurement If your nonprofit organization holds an IRS tax...