If the Internal Revenue Service gets their way, the way that multinational corporate giants like Apple and Google pay taxes will be changing dramatically. IRS Deputy Chief Counsel Erik Corwin spoke at a gathering of tax attorneys in the nation’s capital recently, and pointed out the currently legal process by which some corporate entities arecontinue reading…
Hennepin and Ramsey counties roll out new wheelage taxes
Taxpayers in Hennepin and Ramsey counties will find their wallets a bit lighter when it comes time to renew their car tabs this year. Both counties have opted to join Anoka, Washington, Dakota, Scott and Carver in collecting a so-called “wheelage” tax from the owners of vehicles registered in their borders. The $10 tax willcontinue reading…
Minnesota’s “tax incidence analysis:” are taxes fairer now?
Well, it depends. In some regard, the analysis done by the state’s Department of Revenue shows that taxes are indeed fairer now across socioeconomic lines. On the other hand, there are still taxes that disproportionately affect one economic class more than others. The analysis performed at the behest of Governor Mark Dayton and the DFL-controlledcontinue reading…
Part II: Federal forms, foreign accounts and failure to’s
The first part of this two-part post talked about the very generic reporting requirements under the Federal Tax Code for taxpayers in Minneapolis who have foreign bank accounts. The second post will focus on the “what if” side of a reporting error or failure to report the amount of assets in these accounts. Starting offcontinue reading…
Federal forms, foreign accounts and failure to’s
Not everyone has the need or desire to open up a foreign bank account, but they are fairly common for some individuals in Minneapolis. These accounts are held offshore, in another country and under different rules, so how are they treated under the Federal Tax Code? And what are the reporting requirements? Even the saaviestcontinue reading…