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Posts tagged "Delinquency"

Minnesota businesses hit with tax delinquency notices

A failure to pay taxes can lead to serious consequences. A handful of businesses throughout Minnesota are experiencing the reality of these consequences after the Minnesota Department of Revenue updated its delinquency tax records and essentially shutdown a portion of their business.

“Zappers” back in the news with fraud charges filed

The sales suppression software, often referred to as “zappers” secretly delete most cash transaction. They make a company’s books appear accurate, but in fact they under report actual sales. Some estimates suggest this software exists on 30 percent of electronic cash registers.

The six stages of property tax delinquency in MN

Minnesota lawmakers are considering an increase to property taxes. Lawmakers in Hennepin County are currently taking a 5.5 percent increase into consideration. If the proposal becomes law, homeowners could see a spike in their property taxes in 2019. These obligations can be difficult to manage, but a failure to pay the tax bill can result in serious consequences.

Should you consider an Offer in Compromise with the IRS?

An Offer in Compromise (OIC) is one options that anyone struggling with tax debt may take into consideration. This option is basically an agreement between the Internal Revenue Service (IRS) and a taxpayer where the taxpayer offers the IRS a payment lower than the tax obligation. The IRS accepts the payment and forgives the remaining tax balance.

Three ways to stop a tax levy on your salary

Getting hit with a tax levy may seem like something that could never happen to you. It seems unfair that the government can simply take your money directly from your paycheck, yet they do. The Internal Revenue Service (IRS) will employ this means of tax collection for overdue payments.

Why is the distinction between hobby and business important?

It may begin as a hobby. Perhaps a woodworking experiment or brewing gift set began as a fun pastime. But this new pastime has taken off. Perhaps you are spending more and more time on this hobby and you begin to wonder, could this be considered a business?

Is there a statute of limitations on IRS collection of taxes?

For nearly every legal action, there is a point after which the case cannot be pursued. This is called the statute of limitations. Under Minnesota law, the shortest period of time in which a civil case can be brought is two years. The shortest period for criminal cases is three years. There is no statute of limitations in cases of murder.

Tax delinquency could mean you can't get there from here

Do you remember the FAST Act? Despite the implications of the acronym on that 2015 law, there are elements of it that have the potential for putting the brakes on some individual's travel plans. As we noted in a pair of posts a year ago at this time, while the U.S. State Department is responsible for issuing passports to U.S. citizens, the IRS has authority to leverage this identification form to collect delinquent taxes.

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