Like shelters in a storm, tax havens have helped people tuck money away and protect it from outside threats. Some may wonder how this works, but according to financial experts, it isn’t actually that hard. A person would simply set up a foreign corporation and open an account in that corporation’s name. The Internal Revenuecontinue reading…
IRS dispute threatens bald eagle’s owners
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 nonpayment nets jail time for Minnesota business owner
Nonpayment of federal taxes is a very serious matter and can land someone in prison. Famously, the gangster Al Capone who was said to vacation on White Bear Lake, Minnesota, was put in prison not for murder or racketeering, but for federal tax evasion. Recently it was reported that a Minnesota business owner was sentencedcontinue reading…
New rule protects citizens from emergency room debt collection
Our Minnesota readers probably know that years ago there were national laws created to protect consumers from creditor harassment. For example, to collect a past-due credit card debt, a collector must refrain from abusive practices such as after-hours phone calls. Recently a new rule will have a similar impact on those with debts who seekcontinue reading…
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…
