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

Welcome to the Regan Tax Law BLOG

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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Debt Forgiveness

Posted 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...

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Change in Method of Accounting

Posted 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...

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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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MDR Penalties – Late Filing and Late Payment

Posted 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...

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