The president of Morehouse College has stated that he will cover millions of dollars of student loan debt for graduates of the university. The offer is a kind gesture that can pay off rewards in the future. The beneficiaries will be able to move forward with their future without the heavy burden of student loans. Instead of working to pay back this debt, these individuals can focus on the future.
Minnesota lawmakers consider new tax law
Minnesota lawmakers are considering two tax bills to raise revenue for the state. Key changes that would go into effect if the proposal, as written, becomes law include:
Minnesota Department of Revenue accuses man of tax evasion
Tax season has come to an end and most of us have either filed our tax returns or gotten an extension. But what happens if we do not file our income tax returns? A recent case involving a local Minnesota man provides an example.
Who must file income tax returns to the Minnesota Department of Revenue? In most cases, state law requires those who have an income over $10,400 to file returns with the Minnesota Department of Revenue. A failure to do so could lead to criminal charges of tax evasion.
Who is eligible for an Offer in Compromise?
The Internal Revenue Service (IRS) and the Minnesota Department of Revenue recognize that not every taxpayer can pay off their tax bill. For whatever reason, a tax bill may simply be more than the taxpayer can afford. In certain situations, these taxpayers can qualify for an Offer in Compromise.
Beware: A tax filing extension can lead to a higher penalty
Not every taxpayer in the country made the April 15, 2019 tax filing deadline for their 2018 tax returns. Some were still gathering paperwork and trying to navigate the complex new rules. Those who found themselves in this situation may have filed for an extension.
Will college admission scandal lead to charges for tax crimes?
Lori Loughlin, Felicity Huffman and dozens of others have received negative publicity for their alleged roles in a college admission scandal. The scandal involved a relatively large payment in exchange for admission to well-known universities. Yale and USC are among those implicated.
The accused face various white-collar crime charges, including mail fraud. But will the allegations extend to include tax crimes?
Taxes done? Take a moment to review your withholdings.
Tax Day is upon us. For those who have completed and filed their tax returns, it may be a good idea to take a moment to review withholdings for 2019.
I just finished taxes. Why do I need to review my withholdings? The Internal Revenue Service (IRS) requires taxpayers make regular tax payments throughout the year. A failure to do so can result in more than just one large tax bill at the end of the year — it can also lead to penalties.
Not ready for Tax Day? Consider an extension.
Tax Day is less than a week away. If you have not gotten your tax forms in order yet, you may want to consider filing for an extension.
I can get an extension on my tax returns? In some cases, the Internal Revenue Service (IRS) will allow taxpayers additional time to file their returns. If the request is approved, the taxpayer does not need to file until October 15, 2019.
Joe versus the tax man: Do taxes need to be so painful?
Tax season is not an enjoyable time of year. Our current tax system forces taxpayers to navigate complex tax issues, fill in various forms and hope they did not mess the whole thing up. But does it have to be this hard? Other countries do not require such a difficult tax process. In Australia, taxpayers do not even know the date of Tax Day. There is no complex form to fill out and mail in, the whole process is simply easier.
So why not make it easier here? Wouldn’t it be a good thing to remove this contentious relationship taxpayers have with the government?
Three times you need a tax attorney
Tax season is upon us. While going through your tax filings you may wonder when you need additional help. In some cases, an accountant is sufficient. In others, you may benefit from the counsel of an attorney.
Examples of situations that warrant contacting a tax attorney include:
