Having a debt forgiven or canceled can feel like a financial burden has gone away. However, that relief may come with an unexpected tax obligation, especially if the Internal Revenue Service (IRS) considers the forgiven amount to be income you need to report....
Freelancing in Michigan comes with a level of independence that many workers find rewarding, but that freedom also carries tax responsibilities that can catch you off guard. Knowing what your potential federal and state tax obligations are can go a long way toward...
Facing charges for tax fraud or tax evasion can feel overwhelming. You need to defend yourself, but you can't fight what you don't understand. The terms may sound similar, yet they carry different legal meanings and consequences. Before you can build a strong defense,...
If you have unfiled tax returns, then the fear you experience can be overwhelming. You might be concerned about the penalties you could face and the amount of money you might owe, both of which can be significant. But putting off dealing with the problem can wind up...
Minnesota businesses that are facing issues with the Internal Revenue Service will be understandably fearful as to what might happen. Not only might it negatively affect their business, but in extreme cases, it can cause them to be financially ruined and confronted...
The U.S. tax system in notoriously complex. Rendering it difficult to file your taxes in a way that’s fair to you and accurate. But as you try to take advantage of all the tax benefits that may be available, there’s a chance that you could wind up facing allegations...
The Senate passed the No Tax on Tips Act, moving federal tax relief for tipped employees one step closer. If enacted, the law could save restaurant, hotel and service workers thousands of dollars each year in Michigan. What the federal bill would change The No Tax on...
Significant tax debt that goes unpaid can pose a huge problem. If you’re not careful, the IRS could place a lien on your property, or they may levy your assets, meaning that they have the ability to seize them. That can be frightening to think about, but if you’re...
In Michigan, business owners who are trying to stay in operation, meet all their expenses, and turn a profit might make missteps with reporting their taxes. Or there could be allegations that they have not paid their taxes in full and are being confronted by an...
It is tough when your company faces a surprisingly large tax bill after an audit and it feels like you are stuck in an impossible situation. The IRS or Michigan Treasury might threaten to seize your business's property to cover what you owe. But do not worry,...