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…
Back taxes could shutter a shelter
When a new business incorporates, as either a corporation or non-profit organization, it typically sets up its bookkeeping and record keeping according to advice from professionals, including accountants. Apparently an accountant did not provide the right advice to a Minnesota non-profit dog shelter and adoption agency. According to news sources, a well-known rescue group receivedcontinue 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…
Downhill skier pays a mountain of back taxes
In many ways celebrities are just like us. They work hard at their jobs. They get married — they divorce. And they file their tax returns. For Lindsey Vonn, the Olympic gold medalist and world champion skier from Minnesota, her career and marriage and taxes all combined into one story. The Internal Revenue Service reportedlycontinue reading…
Six post tax day tips – – what to keep?
Whether you use a professional tax preparer, or do your taxes with a pencil at the kitchen table, once your taxes are done, what do you do with all that paper? The temptation may be to keep it all, but that would be too much. Other people may want to keep only the return itself,continue reading…
