Taxpayers who do not timely file their returns or timely pay their obligations will be subject to penalties not only at the federal level with the IRS, but also at the state level with the Minnesota Department of Revenue (state). The state assesses different penalties for taxpayers who are individuals versus businesses. The penalties vary [...]
In both good and bad economic climates, any business can face cash flow problems. Sometimes, a business finds itself in a situation where there is not enough money to pay all of its obligations, including the employment taxes to the IRS and the employment and sales taxes to the Minnesota Department of Revenue (MDR). If [...]