In recent years, local governments throughout the country have been eager to collect revenue in any way possible. As such, property tax rates have climbed in many areas. At the same time, many property owners may have felt as though their homes were overvalued, which would have helped the government collect more property tax revenue.continue reading…
Toy magnate could face jail time for back taxes on foreign income
In the 1990s, people across the country lined up for hours to purchase Beanie Babies. High demand for the stuffed animals caused them to become instantly collectible. Since that time, however, interest in the product has diminished, and the toy’s creator, H. Ty Warner, has seen this reflected in his company’s income. After Beanie Babiescontinue reading…
What can happen after a property tax lien is issued?
When local tax officials believe someone has failed to pay a property tax bill, they might issue a lien. At this point, individuals must work to resolve their debt, or they could have their property repossessed. Obviously, this can create an entirely different set of problems. After getting notice of a tax lien, many people maycontinue reading…
Tax policy shift will affect restaurants and servers
Many people working in the food-service industry rely on gratuities provided by customers. Since tips are considered a type of income, tax officials have an interest in those particular earnings. In order to help capture taxes, the Internal Revenue Service will be enforcing a new tip-related tax rule in 2014. According to the new regulation,continue reading…
Jackson estate tax controversy could prove to be a thriller
The estate tax is among the most discussed forms of taxation in the country. In addition to the estate tax assessed by the state of Minnesota, the federal government also taxes estates’ assets that are valued above the exemption. Over the last couple years, the amount set for the exemption has shifted, but estate tax liabilities arecontinue reading…
