While there is no official guaranteed way to avoid having your taxes audited by IRS, there are a few tips that you can follow to lower your likelihood of being audited. In 2019, IRS audited 0.45% of submitted tax returns. For reference, that’s approximately one out of every 220 taxpayers.
Even if your tax returns are completed seamlessly, there is still a possibility of being audited. In addition to auditing returns prepared incorrectly or whose…
On February 26, 2021, a subcommittee of the Georgia Ways & Means Committee quickly approved HB 428, which proposes to eliminate the current Georgia sales tax exemption for high-technology companies and facilities that invest at least $15 million in eligible computer equipment in Georgia during a calendar year. The exemption has been available to taxpayers in Georgia for over 20 years. The proposed legislation now proceeds to a vote before the full House Ways…
Stay informed of the week’s notable events and shared resources with this curated list of Nonprofit Tweets of the Week.
Notable Events of the Week:
“A nation numbed by misery and loss is confronting a number that still has the power to shock: 500,000. Roughly one year since the first known death by the coronavirus in the United States, an unfathomable toll is nearing — the loss of half a million people.” NY Times…
Earlier today, in a last minute addition to the Maryland Senate’s Budget and Taxation Committee hearing, the committee voted to approve amendments to S.B. 787, Digital Advertising Gross Revenues Tax – Exemption and Restriction. Most notably, the amendments would delay the start of the digital advertising tax to January 1, 2022.
The other relevant amendments are to:
Designate the bill as an emergency measure, meaning that it will take effect when enacted, rather than…
The New York Tax Appeals Tribunal recently held that a vacation home constitutes a “permanent place of abode” to make taxpayers statutory residents for New York income tax purposes.
The taxpayers, a married couple, were domiciled in New Jersey. The husband was a hedge fund manager who primarily worked out of his New York City office and was in the state for more than 183 days per year. The couple also maintained a vacation home…
Buyers Remorse Insufficient to Change a Settlement Agreement
Claxton Street Apartments, LLC, appealed the order disbursing $81,727.19 in escrowed insurance proceeds to defendant, the City of Detroit, pursuant to a settlement agreement between plaintiff, the City, and defendant, Western World Insurance Company in Claxton Street Apartments, LLC v. Western World Insurance Company and City Of Detroit, No. 350507, State Of Michigan Court Of Appeals (February 18, 2021). Claxton was upset with the terms of a…
Please Join Us! ABA Virtual 21st Annual U.S. and Europe Tax Practice Trends Conference: Kat Gregor is co-chair of the ABA’s Virtual 21st Annual U.S. and Europe Tax Practice Trends Conference, taking place March 22-25, 2021. The conference will focus on practical tax practice trends for multinational corporations and their international advisors as well as provide insight into how government tax officials may view the international tax landscape in light of international developments that…
“When I use a word,” Humpty Dumpty said in rather a scornful tone, “it means just what I choose it to mean — neither more nor less.”
“The question is,” said Alice, “whether you can make words mean so many different things.”
“The question is,” said Humpty Dumpty, “which is to be master — that’s all.”
Lewis Carroll, Through the Looking Glass.
Disputes over the meaning of a word or phrase in an insured benefit…