Every year, Minnesota property owners know that they will have to pay property taxes to local government authorities. The size of the tax liability is based on property valuations and rates set by officials.
A mantra that has been frequently iterated on this blog is that the federal tax code is immensely complex. This truth has reached the point that many people file returns in an honest way without knowing if tax penalties will be coming down the pike.
In most places, veterinarians and other animal service providers are critical to both two-legged and four-legged members of the community. This is especially true in matters of food animal service in certain areas of high priority. Many shortages of veterinarians can be blamed on the high cost of finishing medical training, now estimated at more than $150,000.
A federal judge has handed down a ruling that reverses the previous Congressional law passed in 1954 exempting people of the cloth from paying taxes on that part of their compensation earmarked for housing.
In recent years, local governments throughout the country have been eager to collect revenue in any way possible. As such, property tax rates have climbed in many areas. At the same time, many property owners may have felt as though their homes were overvalued, which would have helped the government collect more property tax revenue.
The first part of this two-part post talked about the very generic reporting requirements under the Federal Tax Code for taxpayers in Minneapolis who have foreign bank accounts. The second post will focus on the “what if” side of a reporting error or failure to report the amount of assets in these accounts.
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."