Latest News from the Office

A discussion of the latest developments in law that we find interesting.

Understanding how Taxes Affect Your Settlement

A lawsuit is a long and challenging process, and towards the end you may just be happy that it’s almost over. After all the stress, paperwork, and meetings with your attorney, you’ll finally be able to move on with your life.

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The Taxman Cometh: Cryptocurrency and the IRS

The IRS recently announced “Operation Hidden Treasure,” aimed at identifying unreported crypto-related income. This is just the latest effort by the IRS to crack down on unreported income from cryptocurrency activity.

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GA Update – HB 149 - New Partnership Election

On May 4th, 2021, Georgia Governor Kemp signed into law HB 149, a bill that creates an election for partnerships and S-corporations to be taxed at the entity level. This is an annual irrevocable election, that has to be completed before the due date of the return, including any extensions.

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Notice 501 - Balance Due Notice

One of the more common letters sent out by the IRS is Notice CP501. This notice acts as the first step by the IRS to collect on money that is due.

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