Audits

In our post of Jan. 19, we noted how the IRS indicates that it will continue relying on business whistleblowers in tax collection efforts. The agency’s recent report to Congress hails the fact that such tips resulted in collections of over $3 billion since 2007. Payouts to the whistleblowers were in the millions by comparison. With thatcontinue reading…

Audits are not as common as many people think. That’s especially true if you make less than $200,000 per year. In 2015, for example, the IRS got 147 million individual returns. They only audited about 0.84 percent of them. The year before, the rate was 0.86 percent, so there was a small drop even intocontinue reading…

Forewarned is forearmed goes the old proverb. Advance knowledge of potential holes in the road makes it easier to avoid hitting them. That’s true for driving, especially here in Minnesota and Wisconsin as the seasons shift from winter to spring. The wisdom also applies to tax issues. Knowing the possible pitfalls associated the IRS taxcontinue reading…

If there is one thing government tax collectors want, it is for every taxpayer to pay his or her fair share under the law. What is considered fair may be something that is in the eye of the beholder, however. Audits are the tool officials in Washington, St. Paul and Madison all use to explorecontinue reading…

We are well into summer. By some measures it’s about half over. At the start of the season, many parents of teenagers from Minneapolis-St. Paul to across the river in Wisconsin likely were pressing their offspring to go out and get jobs. In some cases, especially if the parents have their own businesses, jobs werecontinue reading…