The Department of Justice (DOJ) recently charged a former produce vendor out of Wisconsin with three different tax crimes. The 63 year-old man was originally charged in June of 2017 with tax evasion, failure to file a corporate tax return and structuring currency transactions, according to documents from the DOJ. The man charged with the crimescontinue reading…
2 tax consequences to consider before buying a second property
There are many advantages to owning a second property. In addition to diversification of your investment portfolio, a second property can allow you to make the most of an area you love. Owning a property in a warmer location to escape the winter snow or in the mountains to take advantage of outdoor winter activitiescontinue reading…
What are the consequences for tax fraud?
The Internal Revenue Service (IRS) and the United States Attorney’s Office are cracking down on tax fraud with serious criminal penalties. A conviction generally comes with required restitution payments to the IRS and victims with additional interest and penalty payments. It is not uncommon for tax fraud convictions to come with jail time. Three recent examplescontinue reading…
Minnesota Legislature considers tax bill: pros and cons
Minnesota lawmakers are considering a new tax law. The tax char of the Minnesota Senate proposed the law. The law, titled SF 4010, would result in a decrease in the individual income tax and corporate franchise tax by one-tenth of one percent in the event revenues exceed expenditures. Is this a novel concept? The reduction of thecontinue reading…
Did the IRS website crash on Tax Day impact your filings?
Tax Day is stressful enough without a massive computer glitch. Unfortunately, the Internal Revenue Service (IRS) website experienced a glitch on Tuesday, April 17. The glitch resulted in an error message for anyone that logged on with the intention of filing their taxes. Instead of filing with ease, the filer would receive a message thatcontinue reading…