Cyber Monday is a day to get great deals on online transactions. Although the deals are still good, the overall savings may not be as high as expected for residents in Minnesota. Minnesotans may notice a new addition to their bill: sales tax. What has changed? In the past, states had to satisfy a difficult requirementcontinue reading…
IRS
Do employers have an “affirmative” requirement to pay taxes?
The Internal Revenue Code is a large, confusing beast. Employers are subject to a number of requirements when it comes to paying taxes on behalf of their employees. One specific question recently posed in court: are employers required to take “affirmative action” to both account for and pay withheld taxes to the government? The case involvedcontinue reading…
Owe the IRS money? Three options.
If you owe the Internal Revenue Service (IRS) money, you are not alone. An estimated 8.26 million federal income tax accounts went into delinquent collections in 2017. A common reason for unexpected tax bills: 1099-MISC statements from the IRS. What is a 1099-MISC statement? The IRS uses these statements for those who received non-employee compensation. These forms arecontinue reading…
2 steps to help prepare your finances for a natural disaster
Natural disasters can happen anywhere in the country. The Southeast may currently dominate newsfeeds as it prepares for a hurricane, but Minnesotans are also dealing with natural disasters as many find themselves the victims of floods. Whether currently dealing with the aftermath of a natural disaster or not, everyone can benefit from an emergency preparednesscontinue reading…
IRS encourages taxpayers to review withholdings and avoid penalty
The Internal Revenue Service (IRS) is encouraging taxpayers to review their withholding status and make changes if necessary. Without action, the agency estimates 10 million United States taxpayers could face an unexpected tax penalty on their 2018 returns. Why would the IRS penalize taxpayers? The IRS can penalize taxpayers for a number of reasons. This specificcontinue reading…