The federal government is large and is made up of such varied entities as the Bureau of Labor Statistics, the National Parks Service, the Department of Defense, the National Weather Service, and National Institute of Standards and Technology. And of course, the Internal Revenue Service, whose efforts help fund all of those other departments.
How not to handle your taxes
If you have a professional practice, such as medicine, law or finance, you may have considerable income. This level of income will generate significant taxes, both from the Internal Revenue Service (IRS) and from the Minnesota Department of Revenue. Tax planning and advice from a knowledgeable accountant or tax attorney would be helpful to reduce or minimize your tax burden. However, you know that it is unlikely that you will be able to reduce it to where it they are negligible.
Far from negligible: potential IRS penalties on overseas accounts
A tax-related blog can hopefully be forgiven this time of year for recurrent reference to a theme that is playing out in a broad-based way and with strong relevance for a large number of American taxpayers.
