For most people, the thought of an Internal Revenue Service (IRS) or Minnesota Department of Revenue (MDR) audit can inspire fear and worry. Did you do something wrong? What happens if you made an honest mistake? Will you go to jail? Even the most honest taxpayer will be alarmed when they receive an audit notice.continue reading…
What is a Trust Fund Recovery Penalty?
All employers withhold a portion of an employee’s wages to pay income taxes, Social Security, and Medicare taxes. This money, which is held ‘in trust,’ must be paid to the IRS on a weekly, semi-weekly or monthly schedule. However, problems arise when a company uses the money for other purposes, such as paying vendors, utilities,continue reading…
A Guide to the Minnesota Tax Appeal Process
When you’re audited by the Minnesota Department of Revenue, one of two things usually happens. The first, and ideal, situation is that the MDR verifies your tax information is correct and goes away satisfied. The second, which isn’t such good news, is that the agency determines you owe more tax and is prepared to collectcontinue reading…
The Secret to Successful Self-Employment
Being self-employed is the ultimate career goal for many. The freedom to create your own schedule, choose projects, and control your workload has always inspired self-employment, but in recent years, the number of startups has been growing. In 2020, so-called ‘pandemic entrepreneurs’ started over four million new businesses: the highest total currently on record. Althoughcontinue reading…
Things You Should Expect Being Self-Employed in Minnesota
People become self-employed in Minnesota for a variety of reasons. For some individuals, it’s an opportunity to control their destiny and have more choice and flexibility in their careers. Others embrace the idea of directing their earning potential themselves. Still others, especially those who worked remotely during the height of the pandemic, see self-employment ascontinue reading…
