In 2018, the U.S. Supreme Court ruled in South Dakota v. Wayfair, Inc., Overstock.com, Inc., and Newegg, Inc. that states can require out-of-state sellers and so-called "marketplace facilitators" to collect sales tax on their behalf. Previously, the rule had been that a seller or facilitator had to have a physical presence in the state before it could be required to collect that state's taxes.
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.
A captive insurance company is one that is created by a business as protection against certain risks. And, Section 831(b) of the Internal Revenue Code allows certain small insurance companies the option of paying tax on only their investment income. There are other tax advantages to captives, as well.
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.
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 they were not involved in or the proceeds of criminal activity -- and that can be hard to do.
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 purchases and other personal expenses.
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.
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.
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 those implicated.
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.