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Your Business Plan as a Management Tool

Business planning can be either extensive or simple. Where do you want to go? How are you going to get there? What resources do you need to accomplish this? How will you know when you are there? Business planning should focus on controllable, measurable actions, outcomes and accountable performance. How the economy is doing may affect your outcomes, but you cannot control it, so it’s not part of... Read More

Complexities in Determining Stock Basis

It is one of the most fundamental, and well established, principles in tax law: Gain equals amount realized less adjusted basis. Out of such seeming simplicity, however, substantial complexity can, and often does, grow. While determining a taxpayer’s amount realized and adjusted basis can often be relatively straightforward, there are also many instances in which it is significantly more complex. This is... Read More

A Correction is Underway

Our current view is that a small correction in the equity markets is underway. We believe this is a cyclical adjustment within a broader uptrend and the concerns over another slump in growth are overblown. For the next few months, we could be in a rolling correction. Robust corporate earnings, rising mergers and acquisitions activity, solid global growth, and more corporate share buybacks and dividend... Read More

Court Case Allows Construction Company to Deduct Renovation Project Receipts

A recent tax court ruling determined that a company’s receipts from construction projects may be deducted as domestic production gross receipts (DPGR) because the projects materially increased property value, substantially prolonged property life, or adapted property to a new or different use. View case docket. Read More

Federal Tax Changes and How They Affect Returns

The Governor signed House Bill 168 into law. Consequently, for taxable years beginning on or after January 1, 2010, except as discussed below, Georgia has adopted the provisions of all federal acts (as they relate to the computation of Federal Adjusted Gross Income (AGI) or federal taxable income for non-individuals) that were enacted on or beforeJanuary 1, 2011. For 2010 and 2011, the I.R.C. Section... Read More

2011 IRS Offshore Voluntary Disclosure Initiative

The IRS recently launched a second offshore voluntary disclosure initiative (OVDI). The 2011 OVDI is very similar to one offered in 2009, which, according to the IRS, resulted in more than 15,000 taxpayers voluntarily disclosing previously unreported foreign accounts. The IRS is predicting that the second disclosure initiative will be as successful if not more successful than the first one. The 2011 OVDI is... Read More

Georgia Dept. of Revenue Providing Tax Relief to Storm and Tornado Victims

The Georgia Department of Revenue is providing tax relief to the victims of severe storms, tornadoes, straight-line winds and associated flooding that occurred on April 27, 2011, in certain Georgia counties. This announcement coincides with the relief announcement issued by the Internal Revenue Service on May 2, 2011, and updated on May 3 and May 4, 2011. The Department is postponing until June 30, 2011,... Read More

Tax Relief for Victims of April 27 Storms in Georgia

Updated 5/3/11 to include the counties of Gordon, Harris, Heard and Lumpkin. Updated 5/4/11 to include the counties of Cherokee, Habersham, Newton, Upson and White. Victims of severe storms, tornadoes, straight-line winds and associated flooding on April 27, 2011 in parts of Georgia may qualify for tax relief from the Internal Revenue Service. The President has declared the following counties a federal... Read More

IRS Extends Payment Deadlines for Victims of Storms, Tornadoes and Straight-Line Winds in Georgia

The IRS has extended return-filing and payment deadlines for victims of severe storms, tornadoes, straight-line winds and associated flooding on April 27, 2011, in parts of Georgia and resulting in Bartow, Catoosa, Coweta, Dade, Floyd, Greene, Lamar, Meriwether, Monroe, Morgan, Pickens, Polk, Rabun, Spalding, Troup and Walker counties being declared a federal disaster area. Persons who qualify for... Read More