Responding to a tax notice is a decision that shouldn’t be made lightly. Why? Tax liens can have an effect on a taxpayer’s future, affecting credit, homes sales and overall finances. Dionne Warwick said that a million-dollar tax lien was a prominent factor in her recent decision to file for bankruptcy protection. According to a representative forcontinue reading…
Top 5 red flags for IRS income tax audits
Tax day is just a week away, and many Minnesotans are scrambling to get their income tax returns prepared and filed in advance of the April 15 deadline. Like most people, their goal is to minimize the amount of taxes they have to pay – or, even better, to get a substantial income tax refund.continue reading…
IRS warns taxpayers of the 12 biggest tax scams
For taxpayers, the Internal Revenue Service is the bad guy in most situations. It is the agency that issues audits that can result in notices of back taxes, penalties and other tax-related issues. A tax attorney will always protect the interests of a taxpayer, but the truth is that there are instances in which thecontinue reading…
IRS holding $917 million in refunds from 2009
Most often than not, it is the Internal Revenue Service that is seeking money from taxpayers. A notice may be sent that says a tax payer owes x-dollars in unpaid taxes, interest and penalties after an audit. In a rare situation, a recent report was released that the IRS is currently holding $917 million dollarscontinue reading…
Dayton proposes shift to sales tax, II
If you read our blog last week, we had a post that shared Minnesota Gov. Mark Dayton’s proposal to rely more on sales tax than on income tax. The plan in Minnesota involves a combination of income tax and a broadened sales tax base. This has created some controversy. According to those for sales taxcontinue reading…