Back Taxes Or Tax Debt

If a payment plan, as discussed in last week’s post is not a desirable option, Minnesotans may want to explore an IRS tax settlement, often called an “Offer in Compromise,” which is similar to any other debt settlement agreement. The process requires the individual or business to submit one of two different completed forms andcontinue reading…

People in Minnesota or elsewhere who work for themselves know paying income taxes falls solely on the filer and can often result in owing the federal government taxes every year. Even if you owe taxes and are unable to pay them in full it is important to still file on time as the penalties forcontinue reading…

Some Hennepin County homeowners may be relieved to learn that the Mortgage Forgiveness Debt Relief Act was renewed by lawmakers last month. The act gives homeowners who participated in a short sale or other transaction which resulted in part of their mortgage debt being forgiven a break on what would normally be considered taxable income.continue reading…

Although it may appear that the acclaimed artist Prince has caught up on all his tax issues with the French government, his tax liabilities reportedly still exist in Minnesota. The Minnesota performer’s attorney has filed a court notice stating the star had incorrectly assumed his previous managers submitted the necessary tax returns to the Frenchcontinue reading…

A letter from the Internal Revenue Service can understandably strike fear in the heart of anyone who receives it. When the back taxes are owed to the IRS, the penalties and interest begin to accumulate and can eventually eclipse the original amount of taxes owed. But the IRS will negotiate – if you know how.continue reading…