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Individual Tax

IRS Audit Rates at Historic Lows

May 18, 2017

Worrying about a personal tax audit? It’s less likely than ever before… If you are worried about being audited by the IRS, you may be able to sleep easier. The IRS audit rate for individuals is down to a historic... Read More

Georgia Tax Process Enhanced to Battle Unprecedented Levels of Tax ID Fraud

May 4, 2017

To assist in combatting the growing problem of tax identity theft, the Georgia Department of Revenue (DOR) has announced new enhanced security measures for individual income tax filers, including a way that taxpayers can register to be notified if someone... Read More

Appeals Court Allows Huge Shift of Funds to Roth IRAs

May 4, 2017

Roth IRAs, those special individual retirement accounts funded with nondeductible contributions, have a yearly contribution limit of $5500. Unlike other tax-qualified retirement plans, all earnings from a Roth can be tax-free if taxpayers wait until age 59 ½ to withdraw... Read More

Unconventional Retirement Investing Popular, But Comes With Risks

March 23, 2017

Investing your retirement money in unconventional assets—such as real estate, precious metals, or virtual currency—may place your savings at risk. This assessment comes from the General Accountability Office (GAO) in a recent report calling on the IRS to step in and... Read More

IRS Rules for 2010 Estates May be Extended under Trump Tax Reform Plan

February 17, 2017

2010 was a very interesting year from the perspective of estate taxes: it was the only year in which the estate tax was completely repealed. The IRS has just gotten around to finalizing regulations on how to value the estates of... Read More

Tax Tables for 2017 Inch Up, Estate Exclusion Almost $5.5 Million

November 22, 2016

The IRS has released its annual inflation adjustments to the tax tables and to many other important tax items. Congress mandates inflation adjustments to some tax items, including the gift and estate tax exclusions, the alternative minimum tax exemption, and... Read More

Newest Tax Scam Seeks Tax Payments Under Affordable Care Act

October 31, 2016

The confusion around taxpayers’ reporting requirements under the Affordable Care Act is being exploited by IRS impersonators. Fake emails purporting to contain an IRS tax bill for “underreporting” related to the Affordable Care Act have been sent out to victims... Read More

Final Regulations on Same-Sex Marriage

September 22, 2016

IT’S OFFICIAL: TAX REGULATIONS MODIFIED TO RECOGNIZE TO SAME-SEX COUPLES The IRS has issued final regulations that broaden definitions to include couples as married couples for all federal tax purposes if a couple is legally-married under any state’s laws. It took... Read More

IRS Told to Focus Audits on Higher Incomes

March 9, 2016

FORGET THE $200,000 CROWD. AUDIT THE $600,000+ TAXPAYERS, IRS TOLD The IRS’s most productive audits occur for taxpayers in the $600,000+ income range. That is where the agency should focus its efforts, according to a report from the Treasury Inspector General... Read More

Individual Tax Payers: Implications of the New PATH Legislation

January 15, 2016

On December 18th, facing a frustrated 2016 electorate, Congress enacted a tax extender bill that for the first time in years brings some permanency to key tax provisions. This new law is an omnibus bill that contains hundreds of tax... Read More

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