For any readers that doubt whether the Internal Revenue Service utilizes aggressive collection tactics, a webpage from the IRS’ website is informative. Although entitled as a factual overview of the collection due process service, the information is not entirely neutral. Specifically, one paragraph encourages taxpayers to pay the disputed tax amount in full before requestingcontinue reading…
Minnesota found good for business in spite of taxes
Taxes and other “structural” aspects of a state’s economy often receive great attention. For one, they are easy to identify and the arithmetic is grade school level. High taxes are seen as a negative and low taxes are a positive. But if you have to run a business, you know that taxes are simply onecontinue reading…
A court decision that makes taxes simpler
The enormous legal battle that finally reached a resolution in the U.S. Supreme Court concerning same-sex marriage belies the importance the nation places on the institution of marriage. In spite of changes in societal mores, which have become much more permissive of divorce, an examination of marriage and its effects on couple’s finances demonstrates itcontinue reading…
FBAR reporting deadline quickly approaching
The Internal Revenue Service (IRS) has issued a last-minute reminder that anyone with financial accounts located overseas may need to file a Report of Foreign Bank and Financial Accounts, which is done by use of Form 114, by June 30, 2015. The report is not filed with the IRS, instead, it goes to the Treasurycontinue reading…
Do you have to pay that tax penalty?
The answer to that question, as with so many things tax-related, is “It depends.” The Internal Revenue Code imposes automatic penalties for many violations of the Code, in order to drive compliance. If you are penalized for missing a payment or for underpaying your taxes and those penalties begin to accrue the moment the paymentcontinue reading…