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Let’s Talk About Tax

Let’s Talk About Tax

Let’s Talk About Tax brings together the thoughts, experiences and lessons from Fredrikson & Byron’s tax planning and litigation attorneys. We will provide comments, questions, intriguing observations and analyses on diverse tax matters of interest. Our topics range from federal and multistate income tax, sales and use taxes, and various excise taxes to foreign income taxes, tax treaty matters, and business license issues. We will also cover procedural and litigation matters at both the federal and state level. No tax subject is out of bounds. We look forward to engaging with our readers to get your input, reactions, experiences and ideas.

Double, Double Toil and Trouble: DOL and IRS Penalties for Failure to File Form 5500

January 20, 2022

Most employers or retirement plan administrators are required to file annual informational returns with the U.S. Department of Labor called Form 5500, Annual Return/Report of Employee Benefit Plan.

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As Sherlock Holmes Would Say, “The Game’s Afoot”: A Possible SCOTUS Tax Case?

December 3, 2021

If you are into Foreign Bank Account Reports (FBARs), your concern about penalties for failing to comply with those FinCEN 114 reporting rules just took an exciting, and perhaps fearsome, turn.

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Down the Rabbit Hole: Should Companies Let Employees Work from Other States?

November 11, 2021

For years, remote workers had been complicating state tax compliance for companies. When the U.S. Supreme Court’s decision in Wayfair came out in June 2018, many believed that the decision’s economic nexus standards would reduce complexity surrounding remote workers.

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It’s Not Easy Being Green: The Complicated Web of State Taxation and Renewable Energy Projects

November 4, 2021

With a changing planet and generous federal tax incentives, renewable energy projects are increasing in both number and size. So naturally, states want their fair share of tax revenue.

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Saying Farewell to Minnesota? What’s Your Story?

October 28, 2021

You are moving to another state, but will keep some Minnesota ties (e.g., maintain a house or cabin in Minnesota, spend summers in Minnesota, remain employed by a Minnesota company). Will the Minnesota Department of Revenue agree that you actually moved?

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Is an Employee Stock Ownership Plan (ESOP) Right for Your Business?

October 15, 2021

Many business owners, especially owners who are thinking of selling their business, wonder if an ESOP is a good ownership transition option for them. The answer is not always easy to determine but an ESOP is something that should be explored.

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A Call to Action Over the Minnesota Department’s Proposed Rule on Audit Records

October 7, 2021

Having spent more than a decade working with taxpayers and Department employees on sales and use tax audits and refund requests, I find that responding to documentation requests from the Department can either be an exercise in pragmatism or an exercise in preventing auditors from murdering a taxpayer’s business by a thousand cuts. The reality is that accumulating and providing documentation is easier for some taxpayers than for others. Similarly, the requirements laid out by some states, or by some auditors, are more burdensome than by others.

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Can the IRS Really Take My House?

October 1, 2021

One of the largest sources of stress for a taxpayer with significant federal tax debts is whether the IRS can take his or her house. For many taxpayers, the family residence is the most important source of their wealth. In addition, it is not just their house, but their home—a source of happiness and joy and family community. The prospect of losing a home therefore not only threatens financial loss, but it is often emotionally taxing as well.

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Are 501(c)(3) Organizations Exempt from Minnesota Property Tax?

September 23, 2021

Many 501(c)(3) organizations receive a property tax statement on a newly acquired property and ask: “As a 501(c)(3) organization, aren’t we exempt from property tax?”

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Tax Issues in the Use or Disposition of International Intangibles: The Good, the Bad, and the Ugly (Part II)

September 16, 2021

This week, we turn to international transactions that involve licenses or the provision or performance of e-commerce services.

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