The Internal Revenue Service has a lot of enforcement power over government money and taxpayers as well in Minnesota and all other 50 states. The agency is essentially the biggest “collector” in the country, which is why the agency surely needs a little oversight. The U.S. Treasury Inspector General for Tax Administration is a governmentcontinue reading…
The passing of Minnesota same-sex legislation brings tax changes
Major legislative changes were made in the recent past and especially this week that will affect many same-sex couples that currently reside in Minnesota or may choose to move here in the future. That change was to legalize same-sex marriage. This change will affect not only the personal lives of many, but it will alsocontinue reading…
Can the IRS go after a business to satisfy a personal liability?
There are a lot of taxpayers in Minneapolis that have ties to a business, whether it is a somewhat detached investment interest or a hands-on management role. Can these businesses be reached to satisfy a personal tax liability? The answer, like so many others is “it depends.” Much of the argument rests around not only howcontinue reading…
More money means higher risk for audit
It does not seem fair — and it probably isn’t. However, the more income that you earn, the higher chance you have for a tax audit conducted by the Internal Revenue Service. The overall chance of falling on the receiving end of a tax audit is about 1 percent — or that is at least the amountcontinue reading…
Computers making it easier for IRS to sort returns
When the filing deadline for income tax returns comes and goes in mid April, the Internal Revenue Service starts their sorting. The agency works hard to double check whether or not a taxpayer has completed their April duty. The technilogical benefits that computers provide make this job a lot easier and ensure that it getscontinue reading…