Many individuals who owe a substantial amount in back taxes are also facing significant financial difficulties, as financial troubles are one of the more common reasons for a person to initially fall into a tax debt. Facing both a large federal tax debt and financial struggles at the same time can be remarkably stressful oncontinue reading…
Mistake or not, IRS may be the final arbiter of your motivations
Last month, we wrote about the distinction between “fraud” and “negligence” when it comes to your taxes. In other words, this is the difference between an honest mistake and an inaccuracy that you might have made on purpose – particularly one that benefits you in some way. Of course, you are the only person whocontinue reading…
Report on IRS search and seizure process: It’s broken, so fix it
A federal law requires that an individual — often a business owner — attend to more than a modicum of paperwork following any bank deposit that exceeds $10,000. Such has been the case for a number of years, the rationale for the requirement being the federal government’s stated desire to uncover illegal activities such ascontinue reading…
Can the IRS tell the difference between fraud and negligence?
We’re humans, we make mistakes. But while some mistakes can be harmless, others have costly consequences. Take for example a mistake on your taxes. Even if you think you’ve dotted all you I’s and crossed all your T’s, you may still come to find that you have made an error. You’re not alone if youcontinue reading…
Get legal help when tax agents allege business improprieties
If it doesn’t automatically qualify as a Minnesota business owner’s worst nightmare, it’s got to be a ranking contender. “It” is an official notice from the Internal Revenue Service or the Minnesota Department of Revenue — or, in a worst-case scenario, both — stating that a business will be examined for tax-related issues. Many businesscontinue reading…