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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...

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,...

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...

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...

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....

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,...

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,...

Audits, Reviews and Compilations….What’s the Difference, and What Do You Need?

Lenders, suppliers, and others routinely request financial statements to assess a company's or an individual's financial health. It's important to understand the various services available to determine what...

Using Your Financial Statements to Tell You a Story

Your financial statements tell you a story – how to read them for education and empowerment. Most people view financial statements as numbers on a page, very complex, hard to understand, “too much...

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