If you are a toy store in Minneapolis, you collect a 7.775 percent sales tax on most in-store transactions. The tax does not all go to the state: Minnesota’s sales tax is just 6.875 percent. But Hennepin County has a 0.15 percent tax and Minneapolis a 0.5 percent tax. That is all rounded out withcontinue reading…
Nexus schmexus: Report claims businesses confused about sales tax
A recent study conducted by McGladrey LLP (now RSM LLP) suggests that mid-sized businesses may be confused about the filing and payment requirements for sales and use taxes. While paying too much is a burden on any company’s bottom line, there is also the risk of not paying what they owe and, as a result,continue reading…
Can’t pay your back taxes all at once? You have other options, p2
In August we wrote about a friend who spent a little more than a week believing that she owed the Internal Revenue Service about $10,000. With the help of her tax attorney, she was able to clear the matter up. Still, she woke up every morning that week in a cold sweat wondering how on earth shecontinue reading…
Can’t pay your back taxes all at once? You have other options
You have just learned that you do, in fact, owe the Internal Revenue Service thousands of dollars. You received a letter pointing out a discrepancy, and you went back through the return and all of your tax records for that year. When you realized that the IRS was right, you got that tight feeling incontinue reading…
Offshore account enforcement is paying off big for IRS
If you thought the Internal Revenue Service was being a little overzealous in its implementation of the Offshore Voluntary Disclosure Program, take a second look at the results. Since 2009, the IRS said recently, more than 54,000 taxpayers had reported foreign assets that they had not reported before. Those filings mean an additional $8 billioncontinue reading…