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June 2013 Archives

Federal forms, foreign accounts and failure to's

Not everyone has the need or desire to open up a foreign bank account, but they are fairly common for some individuals in Minneapolis. These accounts are held offshore, in another country and under different rules, so how are they treated under the Federal Tax Code? And what are the reporting requirements? 

Oversight report shows IRS failing in PPIA review duty

The Internal Revenue Service has a lot of enforcement power over government money and taxpayers as well in Minnesota and all other 50 states. The agency is essentially the biggest "collector" in the country, which is why the agency surely needs a little oversight.

Can the IRS go after a business to satisfy a personal liability?

There are a lot of taxpayers in Minneapolis that have ties to a business, whether it is a somewhat detached investment interest or a hands-on management role. Can these businesses be reached to satisfy a personal tax liability? The answer, like so many others is "it depends."

More money means higher risk for audit

It does not seem fair -- and it probably isn't. However, the more income that you earn, the higher chance you have for a tax audit conducted by the Internal Revenue Service. The overall chance of falling on the receiving end of a tax audit is about 1 percent -- or that is at least the amount of people who have been audited by the IRS in a few years. 

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