Many people in Minnesota assume that they should hold on to their tax returns for three years after the initial filing. In general, the Internal Revenue Service (IRS) has three years to perform an audit or assess additional taxes; three years is also the time limit...
Tax Law
Understanding a tax lien: What you can do to help yourself
If the first time you see a tax lien is a surprise, then you're probably not sure what it means for your future. The good news is that tax liens are fairly easy to understand. A tax lien is essentially the state or federal government making a legal claim on your...
Are you worried about getting audited by the IRS?
Filing income taxes is painful for some people. This could be because they have a complex filing or because they have to pay in. Some people also dread having to do this because they are worried about getting audited. While this is a real concern, most people don't...
What you need to know about tax audits
It's tax season, and one thing that might be on your mind is an audit. What are audits and how might one affect you? Does an audit mean the Internal Revenue Service (IRS) thinks you did something wrong? The reality is that tax audits are fairly common. If you're...
Causes of IRS audits
While Minnesota residents should not be overly concerned about being audited by the IRS, they should be aware of what could prompt an audit. There are multiple factors that can initiate a review of a return. A large portion of the IRS's resources focuses on verifying...
Supreme Court will determine overreaching claim in a tax case
As many in Minnesota know, a number of crimes are associated with filing a tax return. It can be a crime to willfully fail to file a return, knowingly file a fraudulent return and obstruct justice during an investigation. However, the Supreme Court will now determine...