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

Welcome to the Regan Tax Law BLOG

Can I Recover Income Tax Refunds When I File My Returns Late?

Posted by Tom Regan | Sep 04, 2012 | 0 Comments

Many individuals and businesses fail to file their income tax returns for multiple years for a variety of reasons, usually stemming from life and business pressures that made it almost impossible for them to file their returns. When they finally have the time and motivation to prepare and file the returns, they realize that they overpaid their taxes for many years. They then discover that it may be too late to recover some of these refunds.

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Contributing a Lake Home to a Fire Department

Posted by Tom Regan | Dec 22, 2011 | 0 Comments

In Scharf v. Comm'r 32 T.C. Memo 1247 (1973) acq, in result, 1974 WL 36031, the United States Tax Court decided, and the IRS had acquiesced to the decision, that a charitable contribution deduction was available for the donation of a building (albeit partially destroyed) to a volunteer fire depar...

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Historic Preservation Conservation Easements – A Good Tax Shelter?

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

In the early 1980s, there was an almost endless supply of tax shelters promising deductions and credits that produced benefits far in excess of the investor's contribution. These shelters were not just for wealthy, promoters pushed them on the average income earner as both a great business a great business opportunity and an investment that would more than pay for itself with tax deductions and tax credits.

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Is it Maintenance or a Property Settlement?

Posted by Tom Regan | Dec 06, 2011 | 0 Comments

Parties to a divorce action may dispute the intent or impact of their agreement or the court's order. One area of dispute is the character of a payment as alimony/maintenance or a property settlement. The payment of alimony/maintenance is deductible by the payor while the payment of a property se...

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Professional Gamblers

Posted by Tom Regan | Nov 22, 2011 | 0 Comments

In the State of Minnesota, many gamblers are interested in taking the extra steps to be treated as professional gamblers. In contrast to the treatment the gambler receives from the IRS, a non- professional gambler in Minnesota is subject to the Alternative Minimum Tax and, as a result, is not all...

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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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Fee Shifting Statutes – Are Awarded Attorney Fees Taxable?

Posted by Tom Regan | Aug 24, 2010 | 0 Comments

This is the seventh in a series of articles on issues surrounding the Taxation of Settlements and Verdicts. This article addresses the question of whether the fact that attorney fees are provided for by a statute has any affect on including these fees in plaintiff's gross income. United States S...

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Deducting Attorney Fees “Below the Line.”

Posted by Tom Regan | Aug 17, 2010 | 0 Comments

This is the sixth in a series of articles on issues surrounding the Taxation of Settlements and Verdicts. This article explains when and how the cost of attorneys fees may be deducted “below the line.” For cases not covered by IRC Section 62(a)(20) the United States Supreme Court determined, in ...

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Deducting Attorney Fees From the Award – Above the Line

Posted by Tom Regan | Aug 10, 2010 | 0 Comments

This is the fifth in a series of articles on issues surrounding the Taxation of Settlements and Verdicts. This article presents situations when the the expense of attorneys fees may be deducted “above the line.” Deducting Attorney Fees “Above the Line.” The American Jobs Creation Act of 2004, Se...

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Contingent Attorney Fees as Gross Income

Posted by Tom Regan | Aug 03, 2010 | 0 Comments

This is the fourth in a series of articles on issues surrounding the Taxation of Settlements and Verdicts. This article explains why an award of attorneys fees is included in a taxpayer's gross income. Gross Income and Anticipatory Assignment. The Internal Revenue Code defines “gross income” bro...

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Protecting the Character of a Settlement or Verdict.

Posted by Tom Regan | Jul 27, 2010 | 0 Comments

This is the third in a series of articles on issues surrounding the Taxation of Settlements and Verdicts. This article identifies some of the things you can do to protect the character of the award. Allocate Damages. If a settlement agreement allocates the settlement payment among items taxable ...

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Exclusion from Gross Income under IRC Section 104(a)(2).

Posted by Tom Regan | Jul 19, 2010 | 0 Comments

This is the second in a series of articles on issues surrounding the Taxation of Settlements and Verdicts. This article addresses the amounts that can be excluded from gross income. Amounts Excluded. Internal Revenue Code Section 104(a)(2) excludes from gross income compensatory damages: 1. ...

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Settlements and Verdicts as Gross Income

Posted by Tom Regan | Jul 12, 2010 | 0 Comments

This is the first in a series of articles on issues surrounding the Taxation of Settlements and Verdicts. The article addresses the initial question of whether these amounts are included in gross income. General Rule. The proceeds from a settlement or verdict are part of the taxpayer's gross inc...

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Freedom of Information Act (FOIA)

Posted by Tom Regan | May 20, 2010 | 0 Comments

Much of the information the IRS has collected from or about a taxpayer in an audit or collection situation is available to the taxpayer. This includes the Revenue Agent's or Revenue Officer's notes and many of the documents they have collected about the taxpayer. Detailed information about what i...

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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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