Paisley Park opens its doors for public tours starting next week. Readers in Minneapolis and western Wisconsin who happen to be fans of Prince probably already know this. What is also common knowledge is that managers of Prince’s estate are making this move because it’s estimated he may owe as much as $150 million in estate taxes.continue reading…
State Supreme Court ruling upholds taxation of the whole, not parts
When you buy a car in Minnesota or Wisconsin, you pay a sales tax on the price of the whole vehicle. You don’t, nor should you expect to, pay taxes on the purchase of every individual part that goes into that vehicle. Many experts would likely argue that such a practice is inherently impractical andcontinue reading…
After a bad audit, preparing for the appeal process
No one likes to hear that the government is auditing them. Whether the Internal Revenue Service or revenue officials in Minnesota or Wisconsin wield the fine – toothed comb, the prospect of the process is enough to leave a person with a major lump in his or her throat. However, the right response to beingcontinue reading…
What tactics might be used to recover delinquent taxes?
Have you heard of statutes of limitations? These are laws that elected officials pass that put a time limit on when government can take enforcement or prosecutorial action. There is no statute of limitations on murder. There are on lesser crimes in Minnesota and elsewhere. Even the IRS faces limits on how long it cancontinue reading…
Could rules change lead to more IRS audits?
If there is one thing government tax collectors want, it is for every taxpayer to pay his or her fair share under the law. What is considered fair may be something that is in the eye of the beholder, however. Audits are the tool officials in Washington, St. Paul and Madison all use to explorecontinue reading…