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November 2015 Archives

Investors, traders and Section 475

The IRS is reportedly paying closer attention to investors who do not comply with Section 475 rules. Section 475 governs investment positions and contains clauses regarding limitations on unrealized losses. While investors do not want to miss out on any opportunity to lower long-term capital gain raters on their tax returns, misidentified investment positions pertaining to Section 475 often result in excessive tax penalties and interest. A misidentified investment also provides the IRS power under Section 475 to subject them to ordinary income tax rates.

A closer look at how Georgia uses state tax liens

While the enforcement mechanisms available to the Internal Revenue Service to recover back taxes or other tax debts encourage people to file timely and complete returns, it's important to know that state officials also have similar options at their disposal.

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