If you set your sights on winning the lottery, you may find it surprising to realize Uncle Sam is in your corner. Why would Uncle Sam want you to win the lottery? The more cynical amongst us would point to the fact that the Internal Revenue Service (IRS) wants you to win because they can get up to 37 percent of any lottery winnings in tax obligations.
Forget to pay your property tax bill? Ignore this obligation and you could lose your land. In some cases, Minnesota’s Department of Revenue can seize property to cover delinquent tax bills.
A recent decision from the Supreme Court of the United States (SCOTUS) has changed how state’s view online transactions. In the past, the only way a state could impose a tax on sales was to essentially establish that the business had a physical presence within the state. The evolution of online transactions led to a challenge.
The Internal Revenue Code is a large, confusing beast. Employers are subject to a number of requirements when it comes to paying taxes on behalf of their employees. One specific question recently posed in court: are employers required to take “affirmative action” to both account for and pay withheld taxes to the government?