Everybody has probably hears stories about people who make a seemingly low-valued purchase at a garage sale and then discover a large cash reserve concealed within the item. While these examples of finding treasure might amount to little more than urban legends, one thing is certain: Found treasures can be considered taxable windfalls by thecontinue reading…
Tax-exempt status on the line in May 15 non-profit deadline
For many people, April 15 sticks out as the most important tax-related deadline. However, those who manage a non-profit organization might have another critical date in mind: May 15. According to the Internal Revenue Service, non-profit organizations must file Form 990 paperwork by the 15th day of the fifth month of their fiscal year. Incontinue reading…
Love faces federal lien after dealing with a hole in her finances
Benjamin Franklin was famous for many things, including his ability to develop memorable turns of phrase. The American founding father famously mused, “In this world nothing can be said to be certain, except death and taxes.” To tag onto Franklin’s famous words, the Internal Revenues will reliably pursue any suspected unpaid taxes. Tax officials mightcontinue reading…
Minnesota tax officials increase scrutiny for residency
After working hard for several decades, long-time Minnesotans might decide to split their time in a warmer state during the winter months. As people begin to spend more of their time in another state and acquire property, it makes logical sense that they would consider switching residency. In trying to switch residency, people might alsocontinue reading…
Missing tax return information an IRS red flag
The deadline for getting those taxes in is quickly approaching, with April 15th right around the corner. For those in Minnesota who have yet to file, this is the time many are doing a mad dash trying to get all their paperwork in order. However, while the deadline is approaching, don’t let the stress ofcontinue reading…