Taxes are a certainty of life. No matter how one feels about having to pay taxes each year, it is unavoidable. If a person experiences a tax audit, it can be a stressful event. Fortunately, there are some measures that Minnesota families can take to minimize their chance that they will be audited and there are ways to manage an audit if it does occur.
As an individual or business owner, notification of a tax audit is the last thing you want to see. Even if everything is on the up and up, audits conducted by the Internal Revenue Service are still a tremendous imposition. After all, this is not something people should simply ignore; rather, it must be addressed.
Divorce can be a very difficult process for couples to complete, so imagine the stress and anxiety that a tax audit would add to the situation. The unfortunate reality, however, is that certain aspects of divorce could pique the interest of the Internal Revenue Service, particularly if a couple is splitting a large amount of assets.
When a company is growing into international markets, it's a sign of success. At the same time, however, businesses must work within a patchwork of laws when expanding business operations into a new country. Of course, this also means companies must take steps to adapt to differences in tax liabilities between nations.
Becoming the subject of an audit is nerve-wracking for any individual or business -- no matter the circumstances. Although many of these tax questions can be resolved through correspondence with the Internal Revenue Service, there is always the possibility that an in-person audit will take place. Knowing this, many readers might be wondering how far back the tax officials can go when conducting an audit.
For any number of reasons, a person may not be able to complete his or her income tax filing in time for the standard April 15 deadline. If this is the case, then the Internal Revenue Service may be willing to allow a 6-month extension, which would require individuals to file by October 15. As the extension deadline approaches, many may be wondering what impact the modified due date will have.
It does not seem fair -- and it probably isn't. However, the more income that you earn, the higher chance you have for a tax audit conducted by the Internal Revenue Service. The overall chance of falling on the receiving end of a tax audit is about 1 percent -- or that is at least the amount of people who have been audited by the IRS in a few years.
More legislative changes are underway in Minnesota after Governor Mark Dayton signs another bill into law. The first this month was the history-making passing of same-sex marriage, which invariably requires a tax conversation over changes that might need to be made.
Tax controversy is a term that involves a contested matter with the Internal Revenue Service. The matter can be a civil or criminal matter and administrative or judicial. When dealing with the IRS there are a few truths, one being that CPAs are adept at preparing tax returns and are trained in auditing a company or business's financial statements with an eye toward benefitting the business owners. But if you are a taxpayer involved in a tax controversy you need qualified representation from a tax attorney.
During the recent election cycle, there were ongoing reports of churches in Minnesota and elsewhere taking political positions and preaching politics from the pulpit. This is an equal opportunity occurrence with groups from a variety of religions.