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.”
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.
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.
Thinking Taxes – Click here to read the fourth quarter newsletter.
On September 19, 2017, the Internal Revenue Service extended disaster relief for taxpayers affected by Hurricane Irma to all 159 counties in the state of Georgia. The announcement was issued shortly after the President declared a state of emergency in Georgia and authorized federal relief efforts.
Congress recently enacted significant changes to partnerships’ income tax audits. These new protocols will dramatically change the Internal Revenue Service (“IRS”) partnership audit process and, quite possibly, both the amount of tax liability paid on audit adjustments and the partners who will bear the economic consequence of that tax liability.
The Federal Research and Development (“R&D”) Tax Credit allows companies engaged in qualified R&D activity to claim a tax credit for their efforts. This is a lucrative credit as it is a dollar-for-dollar offset of a company’s tax liability.
Thinking Taxes – Click here to read the third quarter newsletter.
In a recent article published in Accounting Today, Bennett Thrasher partner Peter Stathopoulos provides insight on Bloomberg BNA’s 2017 Survey of State Tax Departments