Self-employment affords you many freedoms that you could not enjoy while working for someone else. You have the ability to create your own work schedule, and you do not have to answer to an unreasonable employer who neither understands nor appreciates you. However, the freedom of self-employment does not relieve you from your obligation tocontinue reading…
Options for paying outstanding business taxes
As a business owner in Minnesota, you may find that it is all too easy to fall behind on paying your business taxes, leaving you with an outstanding balance that you have to take care of. The first step toward repayment of your outstanding tax balances may be filing a financial statement with the Minnesota Departmentcontinue reading…
Preparing your business for a tax audit
Whether this will be your first year or your twentieth year filing taxes for your business, you always need to be diligent about preparing and filing. Even if you trust that you completed your tax forms correctly, you may still worry about an upcoming audit. The key to an easy audit is maintaining clear recordscontinue reading…
The IRS Looks To Crack Down On Virtual Currency Tax Compliance
The rise of virtual currency has brought dramatic changes to the U.S. economy, and the IRS has begun to take notice. In 2018 the agency introduced a digital currency tax compliance campaign, and last summer over 10,000 taxpayers across the country received letters regarding potential issues regarding the report of virtual currency holdings and transactions. Receipt ofcontinue reading…
An overview of the Taxpayer Bill of Rights
When you have a dispute with the Internal Revenue Service or difficulty meeting your federal income tax obligation, interacting with the IRS can be extremely frustrating. As you attempt to cut through all the red tape to try to reach a resolution, you may start to feel like a nonentity with no voice and nocontinue reading…
