It is World Cup time. This year, the World Cup marks more than just a celebration of amazing soccer games. It also showcases athletes that are in the middle of international tax battles. Arguably, two of the greatest soccer players of our time are currently facing serious allegations of tax fraud. Cristiano Ronaldo is one.continue reading…
Self-employed? Do not forget today’s tax deadline.
The estimated tax for the second quarter of 2018 is due today, June 15. Why do the self-employed have to pay four times per year? Essentially, the United States tax system is a pay as you go system. Employers generally remove taxes for workers every paycheck. The self-employed do not operate the same. Instead, the Internal Revenuecontinue reading…
Would Uncle Sam consider chickens the same as cash?
There is a great deal of uncertainty tied to the Tax Cuts and Jobs Act (TCJA). One involves the treatment of chickens. Puns abound when analyzing how the Internal Revenue Service (IRS) will define chickens without running afoul of the new tax law. But all jokes aside, the issue is a serious one for thosecontinue reading…
MN lawmakers debate the state’s tax on Social Security income
Minnesota is one of only 13 states that tax Social Security income. Minnesota, North Dakota, Vermont and West Virginia tax Social Security income using an income test. Colorado, Connecticut, Kansas, Missouri, Montana, Nebraska, New Mexico, Rhode Island and Utah each have their own rules to apply a state tax to this income. Those in favorcontinue reading…
Restaurant chain owners face allegations of criminal tax evasion
The Internal Revenue Service (IRS) has accused seven restaurant owners of tax evasion. The accusations led to an investigation by the IRS and local state tax authorities of seven businessmen. Investigation details The investigation began in 2016. Multiple restaurant locations were subject to the investigation. Authorities entered the properties with a search warrant, leading tocontinue reading…