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August 2012 Archives

Unpaid taxes the basis for county's Fannie and Freddie lawsuit

For those of us in Minnesota who don't deal with taxes on an everyday basis, we can sometimes become confused regarding all the different types of taxes that exist. Federal income tax, state income tax, property tax, capital gains tax, unemployment tax, sales tax, franchise tax, excise tax and deed transfer tax -- to name a few.

Former Minnesota Viking pleads guilty to fraud

Minnesota Vikings fans will recall that Michael Bennett was our first round draft pick in 2001. He came to us from the University of Wisconsin where he completed a record-setting 40-yard dash in 4.13 seconds. His first year with the Vikings he replaced Roger Smith. His second year with the Vikings he rushed for 1,296 yards and caught 351 receptions for a trip to the Pro Bowl.

Minnesota tax reciprocity with Wisconsin stuck on details

About 60,000 people work in Minnesota and live in Wisconsin --primarily in the Hudson area. About 20,000 people work in Wisconsin and live in Minnesota --primarily in the Winona area. Recently these people have been filing two sets of income tax returns each year, one for each state, due to the breakdown in the reciprocity agreement.

$31 trillion in tax havens, IRS offers amnesty for honesty

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 Revenue Service has a hard time tracking the money from the corporation back to an individual. Current estimates are that $31 trillion in American assets are sitting in offshore bank accounts.

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