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May 2013 Archives

Computers making it easier for IRS to sort returns

When the filing deadline for income tax returns comes and goes in mid April, the Internal Revenue Service starts their sorting. The agency works hard to double check whether or not a taxpayer has completed their April duty. The technilogical benefits that computers provide make this job a lot easier and ensure that it gets completed a lot faster. 

Economists worry that Minnesota tax plan might be unsustainable

More legislative changes are underway in Minnesota after Governor Mark Dayton signs another bill into law. The first this month was the history-making passing of same-sex marriage, which invariably requires a tax conversation over changes that might need to be made. 

The passing of Minnesota same-sex legislation brings tax changes

Major legislative changes were made in the recent past and especially this week that will affect many same-sex couples that currently reside in Minnesota or may choose to move here in the future. That change was to legalize same-sex marriage. This change will affect not only the personal lives of many, but it will also affect the rights of Minnesota taxpayers.

Offshore bank account causes trouble for 79-year-old widow

In many marriages one spouse takes care of the finances. Whether it is for ease or because of understanding, the bills are often paid, the investments made and the assets controlled by one and not both partners. When the spouse with the financial responsibilities dies, it can be a very confusing task for the other. In many cases, the other spouse may not even be aware of some assets held by the couple let alone the tax consequences involved with them or a spouse's underrporting of certain assets. 

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