A taxpayer might file a return and receive a refund, no longer expecting the Internal Revenue Service to make any inquiries about items on the return. However, a Georgia taxpayer might become involved in an audit on that same return several months or years after...
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IRS Audits
The IRS and syndicated conservation easements in Georgia
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...
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...
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...
IRS audits and the statute of limitations
Although someone might submit a timely and accurate tax return, the Internal Revenue Service may launch an audit. An audit letter may arrive asking the taxpayer to support deductions or address another issue of the IRS's concern. That said, Georgia taxpayers may not...
Warning signs in syndicated conservation easement tax deductions
Owning or investing in a business in Georgia can be fraught with peril. In most cases, you or your adviser can spot the red flags in time to avoid them. But in some areas, even experienced investors can find themselves in an unpleasant situation. This is especially...
Preparing for an IRS audit in Georgia
No one ever wants to get audited by the IRS, but it is a reality that many business owners face. If you are one of those business owners, it is important to be prepared for the audit. IRS audits can be tricky, and if you are not prepared they can lead to big fines and...
How to prepare for a business audit in Georgia
Are you prepared for an audit of your business? An audit can be a scary prospect, but if you are prepared, it can be a lot less daunting. Understand the type of audit your business might undergo The most common types of audits are financial, compliance and...