Minnesota news

Tax

Crime Watch: December 27, 2013

A sixty-three-count superseding indictment in a conspiracy to defraud the IRS was unsealed December 23. The indictment alleges that Primetime Tax Services Inc. was a tax return preparation business with three storefronts in the Minneapolis area.
Tax

Crime Watch: November 18, 2013

Chicago lawyer Gary J. Stern designed at least three tax-fraud schemes that helped hundreds of customers falsely claim over $16 million in improper tax credits and avoid paying income tax on at least $3.4 million.
Tax

Minnesota Twins Heirs Go to Bat against IRS in Tax Court

When a truly wealthy person dies - like Minnesota Twins owner Carl Pohlad - the IRS doesn't give up easily on the possibility of collecting more taxes. Pohlad's heirs are now fending off the IRS, which wants more than the taxes already paid.
Tax

'Odd Couple' Baucus and Camp Launch Tax Reform Tour

The chairmen heading up the two major tax-writing committees in Congress - Max Baucus and Dave Camp - are taking a dog and pony show on the road this summer to promote the concept of comprehensive tax reform to the American public.
Practice

2013 Best Public Accounting Firms for Women Announced

The 2013 Accounting MOVE Project list of Best Public Accounting Firms for Women is drawn from the thirty-seven firms that participated in the project. Firms were ranked on the range, depth, and success of programs and workplace culture proven to remove barriers to women's success.
Tax

Internet Sales Tax Clears Senate Hurdle

New legislation authorizing the states to collect sales tax from companies peddling their wares online breezed through the Senate on May 6 by a wide 69-27 margin. But the Marketplace Fairness Act is expected to face much tougher opposition in the Republican-controlled House of Representatives.
Tax

Is This the Year for Tax Reform?

Is 2013 shaping up to the year of tax reform? "There are more proposals this year than we have seen in the last five years, and an unprecedented number of major state tax reform proposals," said Harley Duncan, a managing director at KPMG.
Community News

Baker Tilly Extends Outreach Efforts to Students in Need

Each weekday at around 9:00 a.m., a minivan from Cristo Rey Jesuit High School pulls up to the Minneapolis offices of accounting and advisory firm Baker Tilly.
A&A

SEC Charges CFO with Diverting Company Dollars

The SEC has charged a former CFO of a Minnesota-based computer networking device manufacturer for secretly diverting company funds to cover unauthorized personal expenses and other employees' entertainment expenses.
Tax

The Prince of Tax Trouble?

Not only is recording artist Prince in deep with the IRS, but his tax troubles now extend overseas as well. Prince was summoned by the IRS at the request of French authorities to appear before the French tax agency.
Tax

Business Owner Pleads Guilty to Excise Tax Crimes and Fraud

Jason W. Leas, a Minnesota resident and cofounder of Best Used Trucks of Minnesota Inc., is facing a potential maximum penalty of five years in prison for excise tax crimes and fraud.
Education & Careers

AICPA Expands Congressional and Political Affairs Team

On May 14, 2012, the AICPA announced it has significantly increased its federal government affairs capabilities with the hiring of Kate Schmucker, director of congressional and political affairs, and Brady King, director of congressional and political affairs, in its Washington, DC, office.
Education & Careers

AICPA: 2011 Elijah Watt Sells Award Winners Announced

The American Institute of Certified Public Accountants has announced the winners of the 2011 Elijah Watt Sells Award. Thirty-seven students received this honor.
A&A

Five Good Reasons to Obtain a Filing Extension

As you're nearing the tax return finish line, you probably have some clients who are stragglers or haven't "checked in" yet. Fortunately, you can still rely on the automatic tax filing extension to bail procrastinators out of a jam. Here's some valuable information to pass along to your clients.
Tax

Maryland CPAs Are Fighting Proposed Tax on Professional Services

Maryland CPAs are mounting a coordinated effort to fight a proposed sales and use tax on professional services that will specifically apply to management consulting and tax preparation services. Lawmakers in Maryland have proposed the measure as one way to solve their budget problems.
Community News

Baker Tilly's 2012 Spend a Day Program

Baker Tilly's annual Spend a Day program is designed for college sophomore and junior accounting majors to experience the culture and atmosphere of a successful accounting and advisory firm.
Tax

TaxMasters, a Tax-Resolution Firm, Is under Fire in Two States

TaxMasters, a tax-resolution firm that is up to $10 million in debt, is filing for bankruptcy protection following investigations by two attorneys general. The firm is known for its television commercials in which the red-bearded CEO, Patrick Cox, says TaxMasters can "solve your tax problems."
Tax

IRS Seeks Volunteers for Taxpayer Advocacy Panel

The IRS is seeking civic-minded volunteers to serve on the Taxpayer Advocacy Panel (TAP), a federal advisory committee that listens to taxpayers, identifies key issues, and makes recommendations for improving IRS service.
Community News

AICPA Honors Top CPA Exam Performers with the Elijah Watt Sells Award

The American Institute of CPAs (AICPA) has announced the winners of the 2010 Elijah Watt Sells Award. The award was presented to candidates who obtained the ten highest cumulative scores on all four sections of the computerized Uniform CPA Examination.
Practice

Employers Paying the Penalty for Wage and Hour Violations

In prosecution of wage and hour violations, the stakes are getting personal. In several recent cases, the government has penalized company owners and officers for failing to pay overtime, imposing stiff fines and even imprisonment.

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