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 ...
Continue ReadingPosted 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...
Continue ReadingPosted 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 ...
Continue ReadingPosted 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...
Continue ReadingPosted 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...
Continue ReadingPosted by Tom Regan | Oct 31, 2009 | 0 Comments
Reducing or Eliminating the Tax Impact of the Forgiven Debt What are the tax implications when someone forgives debt that you legally owe? Is the amount forgiven taxable income to you? It really depends on a variety of facts. In this article, we will briefly address some of the things every taxp...
Continue ReadingPosted by Tom Regan | Sep 30, 2009 | 0 Comments
One of the many decisions a business owner must make during the first year of operating is what accounting method is most appropriate for the company. While the Internal Revenue Service (IRS) requires that some taxpayers use the accrual method, for example, retail companies, some business taxpaye...
Continue ReadingPosted 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...
Continue ReadingPosted 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...
Continue ReadingPosted 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 ...
Continue ReadingPosted by Tom Regan | Mar 18, 2009 | 0 Comments
A divorce is usually stressful enough without the added concern of obligations to the IRS. Unfortunately, many couples must deal with an IRS obligation as part of dissolving their marriage. The family law court may designate who is ultimately responsible between the parties to pay the debt. But, ...
Continue ReadingPosted by Tom Regan | Feb 26, 2009 | 0 Comments
Taxpayers who do not timely file their returns or timely pay their obligations will be subject to penalties not only at the federal level with the IRS, but also at the state level with the Minnesota Department of Revenue (state). The state assesses different penalties for taxpayers who are indiv...
Continue ReadingPosted by Tom Regan | Feb 04, 2009 | 0 Comments
In both good and bad economic climates, any business can face cash flow problems. Sometimes, a business finds itself in a situation where there is not enough money to pay all of its obligations, including the employment taxes to the IRS and the employment and sales taxes to the Minnesota Departme...
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