What is silly? What is frivolous? To call the sky yellow on a clear day surely fits the bill. Someone might try to make an argument for yellow skies, but most people will write it off as nonsense. At best, it might be dismissed as that person’s opinion. In the legal context, courts don’t suffercontinue reading…
IRS
Alert: Tighter IRS ‘offer in compromise’ rules
On first blush, it seems to be more evidence the IRS is taking a sterner stance on collections. A new announcement from the agency makes it tougher for some individuals seeking to get out from under tax liabilities starting next week. Specifically, anyone in Minnesota considering the route of seeking to use the Offer in Compromise programcontinue reading…
The effect of constructive receipt on income taxes
Minnesota residents know that they have to report wage income on their tax returns. Typically, income is reported on a W-2 or a Form 1099. However, there are other forms of income that may need to be reported even if no cash is involved. The concept of constructive receipt says that an individual must reportcontinue reading…
In political transition, certainty on taxes is harder to come by
When it comes to tax strategies there are the before tactics and after tactics. The after tactics are those a person may draw upon if they are already under notice from the IRS that they face a serious tax liability. By working with experienced counsel, you can come up with a plan for how best tocontinue reading…
Some taxpayers now have a permanent 6-month filing extension
Tax policy changes regularly. 2017 could prove to be one of the bigger years for adjustments considering a new Republican president is taking office, backed by GOP majorities in both chambers of Congress. What shape tax policy may take is impossible to forecast. One thing that is not likely to shift is the government’s focuscontinue reading…