If a piece of art cannot be legally sold, how can it have a value? In the drug world, those items which are possessed and cannot be legally sold (heroin for example) are confiscated by the government. In the art world, it seems an item which is possessed and cannot be legally sold (because itcontinue reading…
Tax Controversy
Misstating income results in fraud and four guilty pleas
Normally when one thinks of tax fraud, one thinks of big crooked deals cooked up by shady characters. One doesn’t think of a 52-year-old woman in Duluth misstating her income by less than $7,000 over four separate tax years. And yet, that is the charge. A 52-year-old woman pled guilty to four counts of taxcontinue reading…
Return the return says Commissioner of Revenue
When many of us get our tax refund from the Minnesota Department of Revenue we may pay a few bills, put it in the bank, or splurge a little. A 51-year-old Duluth businessman allegedly took the splurge route — not by a little — but “buy” a lot. According to news sources, the businessman wascontinue reading…
Twin Cities developer pleads guilty to tax fraud
The more complicated a business transaction and business becomes, the more complicated the tax calculations are likely to become. This is a very good reason to consult with tax and legal professionals at tax time and throughout the year. For one Twin Cities developer, an Internal Revenue Service inquiry led to a tax fraud guiltycontinue reading…
Hello? Internal Revenue Service? Someone stole my tax return.
The Internal Revenue Service has more than one problem. Noncompliance, scofflaws, tax evasion, plus plain vanilla tax errors found during random audits of Minnesota taxpayers are just a few of the issues with which the IRS is dealing. An additional issue in recent years has been identity theft which can lead to fraudulent tax returns. Taxcontinue reading…
