Delinquency

The IRS recently announced that it will be holding additional compliance events throughout this year, sending revenue officers to areas that have been underserved in recent years. The agency has identified those areas and is choosing high-priority taxpayers to visit in person. Who are these high-priority taxpayers? Typically, it will be those who have longstandingcontinue reading…

The IRS taxes cryptocurrency as capital gains, but it requires taxpayers to disclose every transaction, whether or not it resulted in gains or losses. If you have invested in Bitcoin or another digital currency and haven’t disclosed it to the IRS, you may not have paid all the taxes due. At the end of lastcontinue reading…

A failure to pay taxes can lead to serious consequences. A handful of businesses throughout Minnesota are experiencing the reality of these consequences after the Minnesota Department of Revenue updated its delinquency tax records and essentially shutdown a portion of their business. How did the Minnesota Department of Revenue impact these businesses? The agency essentiallycontinue reading…

Perhaps your estimated tax withholdings were not enough or maybe a tax bill has been growing over the years. Whatever the reason for a large, unmanageable tax bill it is important to know that there are options to help you pay your bill. Option #1: Pay a portion of the bill. It can be beneficial to paycontinue reading…

The sales suppression software, often referred to as “zappers” secretly delete most cash transaction. They make a company’s books appear accurate, but in fact they under report actual sales. Some estimates suggest this software exists on 30 percent of electronic cash registers. Minnesota is one of about five states cracking down on owners of companiescontinue reading…