More than 80 million Americans tuned in to watch Hilary Clinton and Donald Trump face off in the first presidential debate. That shattered previous ratings record, making the showdown the most-watched debate in American history. They tackled a variety of issues, ranging from nuclear weapons to community-police relations. One topic that profoundly affects Americans could use
Minnesota Tax Attorneys
There are perhaps few things business owners dislike more than taxes. Our clients call us for two reasons related to taxes:
- they want to pay less through tax planning, or
- they are in trouble for allegedly not paying enough taxes.
Our attorneys represent business owners and their companies in IRS and Minnesota Department of Revenue audits including sales and use tax, income tax, payroll tax, and related issues.
We speak the same language as the tax auditors. We know what they want and how to provide it to them. We speak on behalf of our clients to minimize our clients’ misstatements or mistakes. Finally, we advocate on behalf of our clients and negotiate compromises for them.
Protect Against Creditor Claims – Even Tax Liens
In U.S. v. Adent, 117 AFTR 2d 2016-1505 (7th Cir. 5/10/16), Leonard and Joyce Advent owned a commercial property as joint tenants with their son, Derek. Leonard and Joyce owed tax to the federal government. The Internal Revenue Service placed a lien on the property for the amount owed by Leonard and Joyce. The IRS
Advisory: Be Cautious and Vigilant Hiring In-Home Caregivers
A recent case provides a cautionary tale on why family members must be on guard against people who might cozy up to elderly relatives and surreptitiously and illegally siphon off money. The U.S. Tax Court recently agreed with the IRS that a caregiver owed tax on a staggering sum of unreported income earned as the
5 Midyear Small Business Tax Planning Moves Inspired by the PATH Act
Numerous tax breaks have been retroactively expanded for 2015 and beyond — or, in some cases, been made permanent — under the Protecting Americans from Tax Hikes (PATH) Act of 2015. Now that the dust from the new law has settled, small business owners can plan ahead with these midyear tax strategies inspired by the
Taxable and Non-Taxable Portions of Severance Pay
This article deals with whether employers must pay front pay severance payments as W-2 wages or whether employers are allowed to pay the front pay severance as 1099 income. Furthermore, it delves into the question of whether or not all of the severance pay is subject to FICA tax in addition to ordinary income tax. There
Minnesota Sales Tax Guide: Table of Contents
Minnesota Sales Tax Guide for Lawn and Garden Maintenance, Tree and Shrub Services Minnesota Sales Tax Guide on Lawn and Garden Care, Tree and Bush Service & Landscaping Minnesota Sales Tax Guide on Landscaping Construction Contracts Minnesota Sales Tax Guide for Selling Candy & Sweets Minnesota Sales Tax Guide on ￼Exercise Facilities and Health Clubs
Has Your Company Paid Too Much Tax?
Minnesota companies are often surprised to learn they unknowingly paid too much sales tax or missed credits and deductions they were owed. This is a quick checklist to determine if your company may be overpaying the State of Minnesota for some commonly missed tax opportunities. Minnesota is the only state in the nation that requires
Tax Levies and Leveraging Votes
Yaggie, et al. v. Schmidt and the Rothsay School Board Members: What Can Be Promised When Leveraging Votes? The 2014 midterm elections just wrapped up, so this published Court of Appeals decision is very timely. In April 2013, after a failure of a bond referendum to finance a new K-12 building, the Board of Independent
Tax Information on Medical Cannabis FAQ
Under Minnesota law, medical cannabis is defined as cannabis provided to a registered patient taken as a liquid, pill, or by vaporizing. Minn. Stat. § 152.22, subd. (6). At a recent Minnesota Department of Health meeting to discuss Minnesota’s new medical marijuana statue. No.Medical cannabis is not subject to sales or tobacco tax. No. Buying
Overview of Casualty Loss Taxation
A General Overview to Casualty Loss Taxation in a Manufacturing Business Setting or: How I Learned to Stop Worrying and Love the Tax System I. Introduction II. Background III. Single, Identifiable Property Rule IV. Inventory V. Deferral of Gain: Involuntary Conversions VI. Client Analysis VII. Code Analysis One important question for the taxpayer is always
IRS Guidance: Rely on It at Your Own Peril
A recent tax court case reminds us that not all published guidance from the IRS serves as an authoritative source of information to use in complying with our tax laws. Tax attorney Alvan Bobrow was challenged by the IRS on his handling of separate IRA rollovers occurring within one year, and an important issue emerged
Sustainable Forest Incentive Act: Minnesota Property Tax
Legislation passed in 2001—the Sustainable Forest Incentive Act (SFIA)—allows annual payments to be made to enrolled owners of forested land as an incentive to practice long-term sustainable forest management. To enroll in the sustainable forest incentive program, you must meet all of the following requirements: You own 20 or more contiguous acres of land in
Rural Preserve Property Tax Program: Minnesota Property Tax
The Rural Preserve Program provides property tax relief for qualifying owners of rural vacant land in areas where the market value of the land is being affected by development pressure, sales of recreational land or other factors. The Rural Preserve Program This fact sheet provides information to property owners regarding the eligibility requirements for the
Green Acres (Minnesota Agricultural Property Tax Law): Minnesota Property Tax
The Green Acres Program provides property tax relief for owners of agricultural property in areas where the market value of land is being affected by development pressure, sales of recreational land, or other non-agricultural factors. Green Acres (Minnesota Agricultural Property Tax Law) This fact sheet provides information to property owners who currently have land enrolled
Special Agricultural Homestead Property Held Under a Trust: Minnesota Property Tax
The Special Agricultural Homestead provision extends homestead status to property that is owned under a trust and farmed by the grantor, the spouse of the grantor, or a child, sibling, grandchild, or parent of the grantor or the grantor’s spouse who do not live on the farm. Homestead status mayresult in less property taxes than
Special Agricultural Homestead Property Owned or Leased by a Qualified Entity: Minnesota Property Tax
The Special Agricultural Homestead provision extends homestead status to farms owned or leased by a qualified entity and farmed by a member of the entity who does not live on the farm. Homestead status may result in lower property taxes than property that is not homesteaded. What is a "qualified entity"? A qualified entity is
Special Agricultural Homestead: Minnesota Property Tax
The Special Agricultural Homestead provision extends homestead status to property owners who do not live on their farm but actively farm their land or who have a spouse or a child who actively farms the land. Homestead status can result in lower property taxes than property that is not homesteaded. If the land is rented,
Senior Citizen Property Tax Deferral: Minnesota Property Tax
The Senior Citizen Property Tax Deferral Program was established to help senior citizens who were having difficulty paying their property taxes. This deferral program has the following two primary advantages for senior citizens: It limits the maximum amount of property tax you pay to 3 percent of your total household income, and It provides predictability.
State General Levy: Minnesota Property Tax
Background During the 2001 legislative session, Minnesota enacted the first state property levy since taxes payable in 1967. The tax is only on certain properties and was enacted as part of a property tax reform law. Revenue from the tax is deposited in the state general fund. Is my property affected by state general tax?
My House is Worth What? Minnesota Property Tax
An appraisal is an estimate of property value based on historical data at a set point in time – January 2 of each year – and the market can change dramatically by the time the property is sold. For example, consider a property valued at $180,000 as of January 2, 2007. This assessment is based