Thinking Taxes – Click here to read the fourth quarter newsletter.
Nationwide, 4.1 million Americans pay more than $10,000 each in property taxes alone, according to ATTOM Data Solutions. The itemized deductions of many taxpayers stand to be severely limited with the new $10,000 cap on state and local taxes enacted as part of tax reform in December of 2017, especially if multiple personal real properties are owned.
Included in the Tax Cuts and Jobs Act, signed into law in December 2017, is a new tax planning technique for deferring gains from sales. By investing in Qualified Opportunity Funds, taxpayers can defer (and potentially partially avoid) gain recognition on the sale of any property.
There is a letter for you. The return address looks ominous – as the first line reads: Internal Revenue Service. You opened it. Your worst fears were confirmed. It is the dreaded notice that your individual income tax return is under audit or, to put it in the language used by the IRS, “your return has been selected for examination.”
In a recent article published in Accounting Today, Bennett Thrasher partner Jeff Call provides insight regarding how the Tax Cuts and Jobs Act has impacted the accounting industry. Call says, “We’re spending 85 percent of our time with clients exploring what they should be doing to take advantage of the new provisions that might be beneficial, or working around them to mitigate any negative aspects of the law.”
You checked your mail. Among the mail was an envelope with a return address that started with three words: Internal Revenue Service. Don’t panic. Receiving mail from the IRS is something millions of people experience every year
Bennett Thrasher and others have received reports of a new scam that involves fraudulent tax refunds being deposited by scammers into taxpayers’ bank accounts.
Georgia has just enacted major income tax changes in response to the federal Tax Cuts and Job Act of 2017 (“TCJA”). Governor Nathan Deal signed the legislation into law on March 2, 2018.
In a recent article published in Accounting Today, Bennett Thrasher was mentioned for welcoming James Pickett as the firm’s Director of its new Tax Controversy Practice.
Bennett Thrasher LLP, one of the top 100, full-service public accounting and consulting firms in the country, has named James Pickett, a 29-year veteran of the Internal Revenue Service (IRS), as Director of its new Tax Controversy Practice.
With some of the most dramatic changes in US taxation in over 30 years forthcoming, individuals
and businesses should take time to reassess their tax planning for 2017 and future years to
determine how they will be affected.
Most taxpayers are aware of the income tax deduction for donations to qualified charitable organizations, and many take advantage of this opportunity to benefit a good cause while reducing their tax bill.