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September 2012 Archives

Back taxes pose political problem for state lawmaker

It is an unfortunate reality in life that when you run for elected office, your life becomes more public as a result. Most of the time this does not pose an issue for Minnesota lawmakers who find it possible to exist largely out of the media spotlight.

Recording artist may need to pay a princely sum, says IRS

In previous posts we have alerted our Minneapolis readers about the perils of ignoring letters from the Internal Revenue Service about back taxes owed. The IRS is seeking to step up its collections through audits and an increased emphasis on unreported income from offshore bank accounts. Other countries are cooperating with the IRS in this effort, and it turns out the IRS is returning the favor.

IRS whistleblower jailed, and rewarded

Our Minnesota readers are no doubt aware that the Internal Revenue Service is looking for money. The agency is looking to collect uncollected taxes, trying to find and stop tax fraud, conducting audits and offering amnesty for those with offshore bank accounts. The IRS also has a whistleblower program with millions ready to give to those with the right kind of information.

Late night noise turns into tax fraud investigation

Small businesses can be incorporated or unincorporated. A bar or nightclub could operate as a C corporation, S corporation, Limited Liability Partnership or sole proprietorship. Even so, there are certain types of taxes that must be paid, no matter whether or not the business is incorporated. Failure to pay taxes can land someone in a lot of trouble. One only needs to recall that Al Capone spent his last years in jail not for murder, but for tax evasion.

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