News

What to expect during an IRS face-to-face audit in Minnesota
An IRS face-to-face audit can feel intimidating, but the meeting is usually structured around specific items on a tax return. The examination may take place at…
Minnesota unclaimed property reporting deadlines for businesses
Businesses operating in Minnesota may hold property that belongs to former employees, customers, vendors, shareholders, or other owners. Uncashed payroll…
Protecting a Minnesota business from an IRS trust fund penalty
How to Protect Your Minnesota Business from an IRS Trust Fund Recovery Penalty begins with understanding that payroll tax problems can become personal…
Minnesota Tax Treatment of Gambling Winnings and Losses
Gambling income can arise from casinos, lotteries, sports betting, raffles, poker, fantasy contests, and online platforms. For Minnesota taxpayers, the tax…
IRS offshore disclosure options for Minnesota residents
Minnesota residents with foreign bank accounts, investment portfolios, retirement plans, inherited assets, or interests in overseas businesses may have…
Tax Implications Of Refinancing Your Minnesota Home
Refinancing a Minnesota home can reduce the interest rate, change the loan term, or provide access to equity. The transaction may also affect mortgage interest…
Minnesota Sales Tax Rules for Vehicle Purchases and Trade-Ins
Buying a car, truck, motorcycle, or recreational vehicle in Minnesota involves more than agreeing on a sticker price. The transaction may include motor vehicle…
How to Appeal an IRS Penalty for Late Payment in Minnesota
Receiving an IRS notice for a late-payment penalty can be unsettling, especially when the balance includes tax, penalties, and accumulating interest. Minnesota…
Handling a Minnesota tax audit for rental properties
A Minnesota Department of Revenue audit can examine far more than the amount of rent reported on a state income tax return. Auditors may review leases, bank…
Minnesota Use Tax on Out-of-State Purchases: What Individuals Must Know
Buying goods from an out-of-state retailer can create a Minnesota tax obligation even when the seller does not charge Minnesota sales tax. That obligation is…