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.
Some Hennepin County homeowners may be relieved to learn that the Mortgage Forgiveness Debt Relief Act was renewed by lawmakers last month. The act gives homeowners who participated in a short sale or other transaction which resulted in part of their mortgage debt being forgiven a break on what would normally be considered taxable income. Anyone who falls under this tax break and had cancelled debt of more than $600 should receive a Form 1099C, which is a Cancellation of Debt from their lender.
Many Minnesotans may worry that taking deductions on their taxes for a home office will trigger an audit. That may have been the case years ago, but now better than half of Americans either work for a small business or own one. And more than half of these small businesses are home-based with space for home offices. The advent of the internet along with technology improvements have also resulted in some businesses large and small implementing virtual offices recruiting employees from around the country who work out of their homes.
What our Minneapolis readers probably believe is that when a legal precedent-setting case is decided, that it affects laws and law enforcement moving forward. There are dozens, perhaps hundreds of cases such as this -- the most notable perhaps being Roe v. Wade, or the ruling which led to the Miranda warning.
Our Minnesota readers probably know that years ago there were national laws created to protect consumers from creditor harassment. For example, to collect a past-due credit card debt, a collector must refrain from abusive practices such as after-hours phone calls.