North Dakota tax authorities may waive or reduce penalty and interest on delinquent state income taxes for good cause shown.[1] The North Dakota Administrative code provides three ways a taxpayer may show good cause. First, penalties and interest may be waived for good cause if the taxpayer has been cooperative during the audit process and…
Read MoreMost taxpayers are aware that if they do not timely file and pay their taxes, the IRS charges penalty and interest on the delinquent taxes. However, in a similar manner, the IRS may be liable to a taxpayer when the IRS does not timely pay a refund. Interest. Interest to taxpayers is governed by IRC…
Read MoreThis is a continuation of a brief overview of key Wyoming property tax principals for Wyoming ad valorem taxation. Board of Equalization. The County Commissioners sit as the Board of Equalization.[1] The Board of Equalization hears complaints of property assessments.[2] Presumption. Once an assessor arrives at a value for a property, “[a] strong presumption favors…
Read MoreIn determining whether the IRS will accept an offer in compromise, the IRS determines the taxpayer’s monthly income and then allows the taxpayer to subtract from the income certain monthly expenses. Absent good cause, the IRS has promulgated local and national standards for most expenses. For example, the taxpayer is not permitted to deduct the…
Read MoreWyoming does not have a state income tax. Therefore, property taxation, also known as ad valorem taxation, plays a key role in funding Wyoming state and local government operations. Below is a brief overview of key Wyoming property tax principles for Wyoming ad valorem taxation. Constitution. The Wyoming state Constitution is the starting point for…
Read MoreTo determine whether the IRS will accept an offer in compromise and the amount of the offer, in addition to requiring the taxpayer to pay future income, the IRS requires payment of the net realizable equity in the taxpayer’s assets. Net realizable equity in assets must be calculated per IRS guidelines. The starting point is…
Read MoreCrowley Fleck’s Employment Law Practice Group has released its latest newsletter titled, ‘Employment Law Quarterly Update Newsletter – Issue 11 – September 2020′. Please contact one of our attorneys should you have any questions regarding this newsletter. Employment Law Quarterly Update Newsletter
Read MoreWhen a married couple files a Married Filing Jointly tax return, the spouses are jointly and severally liable for the tax. To the IRS, this means: Both taxpayers are jointly and individually responsible for the tax and any interest or penalty due on the joint return even if they later divorce. This is true even…
Read MoreAn offer in compromise based on doubt as to collectability requires the taxpayer to submit income information to permit the IRS to analyze future income that may be devoted to paying off tax liability. But an offer in compromise can be pending with the IRS for months before it is either accepted or rejected and…
Read MoreThe 9th Circuit Court of Appeals just made a taxpayer put his money where his mouth was. The Court of Appeals upheld the US Tax Court’s sanction of $2,000 for a frivolous tax appeal. In Rkyskamp v. Commissioner of Internal Revenue, Docket No. 6595, the taxpayer filed a US Tax Court petition to challenge tax…
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