This is the fourth post in the Employment Tax Law series. This series is dedicated to presenting individuals, sole proprietorships, and small to large businesses with a basic understanding of employment taxes, including the risks and responsibilities associated with those taxes. Deposit penalties occur when the taxpayer fails to make timely deposits, the timely deposits [...]
This is the third post in the Employment Tax Law series. This series is dedicated to presenting individuals, sole proprietorships, and small to large businesses with a basic understanding of employment taxes, including the risks and responsibilities associated with those taxes. It is important that taxpayers make sure the correct Employer Identification Number (E.I.N.) [...]
This is the second post in the Employment Tax Law series. This series is dedicated to presenting individuals, sole proprietorships, and small to large businesses with a basic understanding of employment taxes, including the risks and responsibilities associated with those taxes. After a taxpayer files its first Form 941, it MUST continue to file quarterly [...]
This is the first post in the Employment Tax Law series. This series is dedicated to presenting individuals, sole proprietorships, and small to large businesses with a basic understanding of employment taxes, including the risks and responsibilities associated with those taxes. Federal law requires employers to withhold taxes from your employees’ income. Each time wages [...]
There are only a few court decisions that address the issues facing a bar in a sales and use tax audit. Those courts have found favorably for the state. The state is using this success to expand its approach in the sales and use tax audits of bars. Historically, the state would only reject the [...]
Many taxpayers are unable to timely file their returns or timely pay their obligations. When this happens, the IRS will usually assess penalties against the taxpayer. The penalty for filing the return late is 5% per month, up to 25% of the unpaid obligation. The penalty for paying the tax late is .5 % per [...]
Minnesota laws do not always provide for the same tax treatment that is provided under federal law. Some of these differences are obvious and easy to plan for, however, many times it is the subtle differences between the state and federal laws that prove most problematic. Taxpayers or practitioners who are not aware of these [...]