The Internal Revenue Service (IRS) and the Minnesota Department of Revenue recognize that not every taxpayer can pay off their tax bill. For whatever reason, a tax bill may simply be more than the taxpayer can afford. In certain situations, these taxpayers can qualify for an Offer in Compromise. What is an Offer in Compromise? Ancontinue reading…
Beware: A tax filing extension can lead to a higher penalty
Not every taxpayer in the country made the April 15, 2019 tax filing deadline for their 2018 tax returns. Some were still gathering paperwork and trying to navigate the complex new rules. Those who found themselves in this situation may have filed for an extension. Does a tax extension with the IRS extend the deadline? Yes,continue reading…
Will college admission scandal lead to charges for tax crimes?
Lori Loughlin, Felicity Huffman and dozens of others have received negative publicity for their alleged roles in a college admission scandal. The scandal involved a relatively large payment in exchange for admission to well-known universities. Yale and USC are among those implicated. The accused face various white-collar crime charges, including mail fraud. But will thecontinue reading…
Taxes done? Take a moment to review your withholdings.
Tax Day is upon us. For those who have completed and filed their tax returns, it may be a good idea to take a moment to review withholdings for 2019. I just finished taxes. Why do I need to review my withholdings? The Internal Revenue Service (IRS) requires taxpayers to make regular tax payments throughout thecontinue reading…
Not ready for Tax Day? Consider an extension.
Tax Day is less than a week away. If you have not gotten your tax forms in order yet, you may want to consider filing for an extension. I can get an extension on my tax returns? In some cases, the Internal Revenue Service (IRS) will allow taxpayers additional time to file their returns. If thecontinue reading…