The Internal Revenue Service (IRS) has accused seven restaurant owners of tax evasion. The accusations led to an investigation by the IRS and local state tax authorities of seven businessmen.
There are many advantages to owning a second property. In addition to diversification of your investment portfolio, a second property can allow you to make the most of an area you love.
Minnesota lawmakers are considering a new tax law. The tax char of the Minnesota Senate proposed the law. The law, titled SF 4010, would result in a decrease in the individual income tax and corporate franchise tax by one-tenth of one percent in the event revenues exceed expenditures.
Tax planning strategies can reduce a business’ tax obligations. One example involves keeping certain assets overseas. If the asset returned to the United States, a tax would be due. An asset that remained abroad was not subject to this tax.
President Donald Trump made due on his promise. Congress got a proposed tax law onto his desk before the end of the year. He signed it. Now taxpayers are trying to get a better idea of how the law will impact their tax returns.
The sale of a home is more than just a simple transaction. It is important that home owners are aware that these transactions can have tax implications. Three specific tax implications to watch for include:
The Internal Revenue Service (IRS) was recently accused of discriminatory practices. In Linchpins of Liberty v. United States of America, a group of plaintiffs allege that the agency intentionally delayed the approval of their tax-exempt status.
It can be difficult for entrepreneurs and humanitarians to put together businesses to benefit society. There are a few perks that are present to help encourage these endeavors. One of the main perks: exemption from taxation.
Talk about your sticky wickets. Pardon what might seem a flip remark about a sensitive issue, but it's hard to describe the situation regarding legalizing marijuana any other way. Minnesota is only at the stage of allowing the use of marijuana for a short list of specific medical conditions. Regulatory structures for that aren't in place yet and the notion of recreational marijuana isn't enjoying much support at the State Capitol.
Confrontations with Minnesota or federal tax collectors are not something any business or individual looks for. Avoiding practices that could lead to needing to resolve tax disputes is something most experts agree deserves prioritizing. Achieving that aim typically requires solid tax planning, or as singer/songwriter, Carly Simon crooned about – "Anticipation."