The 2023-2024 Georgia legislative session ended with notable bills that included tax rate changes, state credit program modifications and the potential for a new Georgia Tax Court that has been signed by the Governor. Read More
The Department of Treasury and IRS are releasing Notice 2024-08926 in the Federal Register. Much of this guidance clarifies the previously proposed rules regarding the transfer of clean energy credits. Read More
The IRS's new Business Aircraft Campaign will focus on airplane usage by large corporations, large partnerships and high-income taxpayers, emphasizing the amount of business versus personal use, income reporting and fringe benefit inclusion. Read More
On January 24, two Tennessee House Republicans introduced House Bill (HB) 1893. As introduced, HB 1893 deletes the provision requiring that the measure of the franchise tax must not be less than the actual value of the real or tangible property owned or used by a taxpayer in Tennessee. Read More
The IRS has reminded taxpayers that they must check a box on their 2022 Form 1040 indicating whether they received digital assets or if they disposed of any digital asset held as a capital asset through a sale, exchange or transfer during the year. Read More
IRA owners who are age 70½ or over can transfer up to $100,000 per year to charity to reduce their taxable income. These transfers, known as qualified charitable distributions or QCDs, offer end-of-the year tax savings and can count toward required minimum distributions (RMDs) that taxpayers who are age 72 must make each year. Think of it as a tax-free charitable rollover of IRA funds. Read More
Taxpayers earning income from selling goods or providing services may receive a Form 1099-K, Payment Card and Third-Party Network Transactions, for the first time in early 2023, when the 2022 forms are due. The requirement to file Forms 1099 have... Read More
Moving your retirement money around is now easier than ever. In a conciliatory move for taxpayers, the IRS has issued new rules that allow you to minimize your tax liability when you move 401(k) funds into a Roth IRA or... Read More
Tax-related identity theft is a continuing problem, although the IRS and taxpayers have gotten much better at combating it in the last few years. Read More
The AICPA and other accounting organizations sent a strongly-worded letter to IRS and Treasury all but demanding that the IRS immediately grant penalty relief and suspend other compliance measures until the IRS solves its many problems. Read More
