IRS Shutdown Information

As you may have heard, the Federal Government partially shut down on December 22, 2018 due to a budget impasse between the current administration and Congress.  This shutdown includes the Internal Revenue Service (IRS).

Georgia Rural Hospital Tax Credit Program

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.

Qualified Opportunity Zone Investments

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.

What to Expect During an IRS Audit

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.” 

Jeff Call Discusses Tax Season in Accounting Today

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.”

Handling IRS Notices and Letters

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

Fraudulent Tax Refund Scam

Bennett Thrasher and others have received reports of a new scam that involves fraudulent tax refunds being deposited by scammers into taxpayers’ bank accounts.

Page 1 of 6