Wyoming 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 […]
Crowley Fleck is pleased to announce that we have been recognized as one of the top firms in Montana, North Dakota, and Wyoming in the 2023 edition of Chambers and Partners USA guide. Congratulations to the 22 attorneys recognized among the best in the region. BAND 1 Corporate/M&A (Montana) Corporate/M&A […]
The Taxation Committee of the State Bar of Montana BETTR (Business, Estates, Tax, Trusts, Real Estate) Section, for which I am Chair, had the opportunity to hear from Danielle Pennington, Collections Bureau Chief of the Montana Department of Revenue (“MDOR”) in February 2023. Ms. Pennington addressed many questions about MDOR […]
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2023
If Taxpayers Fail to Establish Evidence of a Loan, Bank Account Deposits May Be Taxable Income
During an IRS audit of a taxpayer that runs a business, it is not uncommon for the IRS to perform an analysis of a business’s bank deposits. If the taxpayer is not able to establish the source of the deposits, the IRS may consider the deposits to be taxable income. […]
Collection Due Process Hearing. A taxpayer is entitled to a Collection Due Process Hearing to determine if the IRS may correctly proceed with collection of tax or a notice of federal tax lien. The Collection Due Process Hearing is held before a settlement officer of the IRS Independent Office of […]