There is a great deal of uncertainty tied to the Tax Cuts and Jobs Act (TCJA). One involves the treatment of chickens. Puns abound when analyzing how the Internal Revenue Service (IRS) will define chickens without running afoul of the new tax law. But all jokes aside, the issue is a serious one for thosecontinue reading…
Tax Controversy
Restaurant chain owners face allegations of criminal tax evasion
The Internal Revenue Service (IRS) has accused seven restaurant owners of tax evasion. The accusations led to an investigation by the IRS and local state tax authorities of seven businessmen. Investigation details The investigation began in 2016. Multiple restaurant locations were subject to the investigation. Authorities entered the properties with a search warrant, leading tocontinue reading…
2 tax consequences to consider before buying a second property
There are many advantages to owning a second property. In addition to diversification of your investment portfolio, a second property can allow you to make the most of an area you love. Owning a property in a warmer location to escape the winter snow or in the mountains to take advantage of outdoor winter activitiescontinue reading…
Minnesota Legislature considers tax bill: pros and cons
Minnesota lawmakers are considering a new tax law. The tax char of the Minnesota Senate proposed the law. The law, titled SF 4010, would result in a decrease in the individual income tax and corporate franchise tax by one-tenth of one percent in the event revenues exceed expenditures. Is this a novel concept? The reduction of thecontinue reading…
Minnesota state taxes and foreign income: Impact of new tax law
Tax planning strategies can reduce a business’ tax obligations. One example involves keeping certain assets overseas. If the asset returned to the United States, a tax would be due. An asset that remained abroad was not subject to this tax. A provision within the new tax law attempts to end this practice. Essentially, it requirescontinue reading…