Latest News from the Office

In late August, the IRS made waves by announcing automatic penalty relief for late-filed returns. This is for tax years 2019 and 2020, which must be filed before a revised deadline to qualify, but the relief is automatic and applies to several returns, including personal 1040s and several corporate forms, such as 1120 and 1099s.

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.

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.

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.