Statistics about individual income tax audits are hard to pin down, but a 2006 report by the Office of the Legislative Auditor found that the state of Minnesota conducted early audits on about 4 percent of individual returns and post-processing audits on about 2 percent of returns. Back in March, Forbes reported that the IRScontinue reading…
That audit letter may not be from the IRS
We write about income tax audits fairly often, but most of those posts are about federal tax audits conducted by the Internal Revenue Service. Today, we are shifting our focus to the other audit, the audit conducted by the Minnesota Department of Revenue. The department may act on information it has gathered on its own.continue reading…
IRS sharing taxpayer info around the globe, looking for money
People who keep some of their money in foreign banks or investments had better make sure they are reporting that income to the proper tax authorities. The IRS has begun exchanging taxpayer information with their colleagues in as many as 34 other countries, The Wall Street Journal reports. Beginning on Sept. 30, a new IRS programcontinue reading…
Pack up your deductions in your old book bag and smile smile smile p2
If you or one of your dependents is heading back to school this year, remember that there are tax deductions and credits that may soften the blow of tuition, expenses and fees. Perhaps the most familiar is the tuition and fee deduction “tax extender” that is perpetually in jeopardy. As you may recall, this andcontinue reading…
Pack up your deductions in your old book bag and smile smile smile
It can be a sad day in Minnesota when summer ends. The official end to summer, the autumnal equinox, came early this morning, according to Almanac.com. The exact date of the unofficial end of summer has been the subject of some debate. Generally, Labor Day marks the end of flip-flops and the return to seriouscontinue reading…