A letter from the Internal Revenue Service can understandably strike fear in the heart of anyone who receives it. When the back taxes are owed to the IRS, the penalties and interest begin to accumulate and can eventually eclipse the original amount of taxes owed. But the IRS will negotiate - if you know how.
There are a few tax dates known to everyone in Minnesota and elsewhere - one of which is April 15. For those who file quarterly returns, June 15, September 15 and December 15 are notable as well. The Internal Revenue Service frowns upon missing these deadlines.
Our economic and social world is full of systems which balance themselves either naturally or with a little help. As interest rates go down, the housing market tends to up. When bond prices rise, stock prices usually fall. For every plus, there seems to be a minus.
In previous posts we have alerted our Minneapolis readers about the perils of ignoring letters from the Internal Revenue Service about back taxes owed. The IRS is seeking to step up its collections through audits and an increased emphasis on unreported income from offshore bank accounts. Other countries are cooperating with the IRS in this effort, and it turns out the IRS is returning the favor.
If a piece of art cannot be legally sold, how can it have a value? In the drug world, those items which are possessed and cannot be legally sold (heroin for example) are confiscated by the government. In the art world, it seems an item which is possessed and cannot be legally sold (because it contains a stuffed bald eagle) is taxed by the government.