IMF: Foreign shell companies hold $15 trillion in untaxed capital
If you own a company with interests abroad, you may have wondered if you can take advantage of the lower corporate tax rates some countries have adopted. After all, they’ve often changed their policies and tax rates in order to garner international investment.In...Working in the gig economy? Some common tax problems
Now that the Tax Cuts and Jobs Act is fully in effect, let’s take a look at some common tax problems you may be facing as a contractor or “gig economy” worker. Failure to pay quarterly estimated taxesGenerally, people who are self-employed or...New RESPECT Act limits IRS seizures for ‘structuring’ offenses
When the government accuses you of a crime, sometimes it seizes any and all property it believes is tied to that crime. This process is called “civil asset forfeiture.” When money and assets are seized, it becomes the taxpayer’s burden to prove that...Minnesota co-op manager charged with tax crimes
Minnesota officials charged a former co-op manager of using business funds to bankroll personal expenses. The government has accused the manager of using his position within the business to gain loans from banks to pay for elaborate hunting trips, real estate...Minnesota man faces seven years in prison for tax fraud
Tax fraud may seem like a crime committed in other parts of the country, a crime the Internal Revenue Service (IRS) investigates in New York or California. Allegations are present throughout the country, even here in Minnesota.IRS accuses local man of tax fraud scheme...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...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...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...Recent tax crime convictions highlight severity of penalties
Fraud against the Internal Revenue Service (IRS) can come with serious penalties. A couple of recent cases provide examples:Case #1: Married couple faces serious prison time for tax fraud, money laundering A married couple was recently convicted for filing fraudulent...
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