Questions? Please call:
952-855-8210
Questions? Please call:
952-855-8210

Welcome to the Regan Tax Law BLOG

Hold on Certain IRS Collection Activities

Posted by Tom Regan | Mar 28, 2020 | 0 Comments

The IRS is making efforts to take some pressure off taxpayers during the COVID 19 pandemic. By now, most taxpayers are aware that the filing of their 2019 Form 1040, and the payment of the tax relating to that Form, are not due until July 15, 2020. This was a good first step for the IRS. Since then, the IRS issued News Release IR-2020-59 notifying taxpayers with outstanding tax obligations of extensions for dealing with some of these obligations and explaining relief for those involved in installment agreements and negotiating an Offer in Compromise.

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Late Returns and Discharging Taxes in Bankruptcy

Posted by Tom Regan | Aug 21, 2016 | 0 Comments

If you want the chance to discharge your individual income taxes in bankruptcy, in Minnesota, file your returns. This is still an option if you live in the Eighth Circuit (this includes Minnesota). It is not an option in some other circuits. More courts are accepting or at least entertaining the...

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Offer in Compromise – Is It An Option?

Posted by Tom Regan | Mar 02, 2014 | 0 Comments

We regularly receive calls from people who tried to resolve their tax obligations through an Offer in Compromise, but the Offer was rejected. Some have submitted the Offer on their own and some have been represented by an accountant, CPA, or an attorney. The one thing all of these Offers had in common was that the amount offered had no basis.

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I Owe the IRS Money – What Can I Do?

Posted by Tom Regan | Feb 09, 2014 | 0 Comments

We often receive telephone calls and e-mails from individuals and businesses who have been contacted by the IRS for a tax obligation owing and they don't know what to do. There are many options for dealing with these obligations. The correct option depends on the facts of the case. Unfortunately,...

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Can I discharge income taxes in bankruptcy?

Posted by Tom Regan | Oct 29, 2012 | 0 Comments

Yes, under the right circumstances. Income taxes (not trust-fund or withholding taxes) are dischargeable in a Chapter 7 Bankruptcy if certain conditions are met. Has it been more than three years since the original due date, including extensions, for the return? If not, the taxes are not dischar...

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IRS Levy – Notices Before Levy

Posted by Tom Regan | Nov 15, 2011 | 0 Comments

What does it mean when the IRS says it plans to take enforced collection action? Usually, it means that the IRS intends to issue a levy to a bank or employer. Those are usually the first two targets of a levy because they are easy and they get the taxpayer's attention. My experience is that most ...

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Taking No Action

Posted by Tom Regan | May 13, 2010 | 0 Comments

This is the tenth post in the Collection Options series. This series is dedicated to presenting individuals and businesses with options for dealing with outstanding tax obligations. Taking No Action. Some taxpayers have the option of taking no action to resolve their outstanding tax obligations ...

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Innocent Spouse/Separation of Liability/Equitable Relief

Posted by Tom Regan | May 06, 2010 | 0 Comments

This is the ninth post in the Collection Options series. This series is dedicated to presenting individuals and businesses with options for dealing with outstanding tax obligations. Innocent Spouse/Separation of Liability/Equitable Relief. IRC 6015. The tax liability on a joint return will often...

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Offer In Compromise – Minnesota Department of Revenue

Posted by Tom Regan | Apr 29, 2010 | 0 Comments

This is the eighth post in the Collection Options series. This series is dedicated to presenting individuals and businesses with options for dealing with outstanding tax obligations. Offer in Compromise – Minnesota Department of Revenue. The starting point for an Offer to the Minnesota Departmen...

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Offer In Compromise – IRS

Posted by Tom Regan | Apr 22, 2010 | 0 Comments

This is the seventh post in the Collection Options series. This series is dedicated to presenting individuals and businesses with options for dealing with outstanding tax obligations. Offer in Compromise – IRS. The IRS and the MDR have the authority to settle, or compromise, tax liabilities by a...

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Installment Agreement – Minnesota Department of Revenue

Posted by Tom Regan | Apr 15, 2010 | 0 Comments

This is the sixth post in the Collection Options series. This series is dedicated to presenting individuals and businesses with options for dealing with outstanding tax obligations. Installment Agreement – MDR Guidelines. The Department of Revenue states that it does not have specific payment p...

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Installment Agreement – IRS

Posted by Tom Regan | Mar 15, 2010 | 0 Comments

This is the fifth post in the Collection Options series. This series is dedicated to presenting individuals and businesses with options for dealing with outstanding tax obligations. Installment Agreement – IRS. The IRS has the option of accepting payments through an installment agreement if the ...

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Bankruptcy

Posted by Tom Regan | Feb 15, 2010 | 0 Comments

This is the fourth post in the Collection Options series. This series is dedicated to presenting individuals and businesses with options for dealing with outstanding tax obligations. Bankruptcy. We encourage anyone interested in filing a petition for relief in bankruptcy to meet with a skilled b...

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Audit Reconsideration

Posted by Tom Regan | Jan 15, 2010 | 0 Comments

This is the third post in the Collection Options series. This series is dedicated to presenting individuals and businesses with options for dealing with outstanding tax obligations. Audit Reconsideration. Through audit reconsideration, a taxpayer may get a second chance at an audit. He may have ...

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The Taxpayer Advocate

Posted by Tom Regan | Dec 15, 2009 | 0 Comments

This is the second post in the Collection Options series. This series is dedicated to presenting individuals and businesses with options for dealing with outstanding tax obligations. The Taxpayer Advocate. The Taxpayer Advocate Service is an IRS program that provides an independent system to ass...

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Appeal of Collection Action

Posted by Tom Regan | Nov 15, 2009 | 0 Comments

This is the first in a series of posts dedicated to options for taxpayers to deal with outstanding tax obligations. This and future posts will be categorized as Collection Options. Appeal of Collection Action. The taxpayer has the right to appeal a determination relating to the assessment of the...

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Preventing the Filing of a Notice of Federal Tax Lien

Posted by Tom Regan | Aug 31, 2009 | 0 Comments

A Notice of Federal Tax Lien (NFTL) can cause irreversible harm to an individual or a business. The NFTL is usually filed with the County recorder and/or the Secretary of State at exactly the wrong time, that being when the individual or business has the greatest need for good credit. The NFTL wi...

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Classifying Your Account as Currently Not Collectible (CNC)

Posted by Tom Regan | May 07, 2009 | 0 Comments

Having an outstanding obligation with the Internal Revenue Service (IRS) and being unable to propose an acceptable resolution to satisfy that obligation is an intimidating scenario for any taxpayer. The IRS will entertain a variety of solutions to resolve an obligation, including Offers in Compro...

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Income Taxes Can Be Discharged in Bankruptcy

Posted by Tom Regan | Apr 18, 2009 | 0 Comments

The bankruptcy laws were created, in part, to give a fresh start to individuals struggling through a difficult financial situation. This includes relieving taxpayers of the overwhelming burden of old tax, penalty, and interest obligations. Taxpayers who are looking at their options for resolving ...

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