Audits

A captive insurance company is one that is created by a business as protection against certain risks. And, Section 831(b) of the Internal Revenue Code allows certain small insurance companies the option of paying tax on only their investment income. There are other tax advantages to captives, as well. It’s perfectly legal and quite commoncontinue reading…

Minnesota lawmakers are considering two tax bills to raise revenue for the state. Key changes that would go into effect if the proposal, as written, becomes law include: Gas tax. The proposal would increase the gas tax by 70% over the next four years, resulting in an estimated 20 cent per gallon increase.   Estate tax. Statecontinue reading…

Tax season is not an enjoyable time of year. Our current tax system forces taxpayers to navigate complex tax issues, fill in various forms and hope they did not mess the whole thing up. But does it have to be this hard? Other countries do not require such a difficult tax process. In Australia, taxpayerscontinue reading…

Tax season is upon us. Taxpayers throughout the country are likely organizing tax forms and getting the new paperwork or computer programs ready for the upcoming filing deadline. These tips can help prepare taxpayers as they get ready to file tax filings to the Internal Revenue Service (IRS) under the new tax law: Timeliness matters. File taxcontinue reading…

The United States government requires taxpayers to make tax payments throughout the year. Taxpayers often meet this obligation by withholding tax payments from their paychecks or making estimated tax payments throughout the year. However, if a taxpayer fails to pay a certain percentage of his or her tax obligation throughout the year, the Internal Revenuecontinue reading…