Welcome to the Regan Tax Law Blog
Is it Maintenance or a Property Settlement?
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...
Is It Deductible Maintenance or Non Deductible Child Support?
The State of Minnesota has recently pushed the IRS regulations used to define what is really alimony/maintenance and what is child support. This is important as alimony/maintenance is deductible by the payer and child support is not deductible. Admittedly,...
Professional Gamblers
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...
IRS Levy – Notices Before Levy
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...
Independent Contractors – Documenting Your Worker’s Status with Your Own Records.
In an earlier blog article we gave you a list of documents you should secure from the worker to demonstrate that he or she is an independent contractor. Unfortunately, sometimes the worker does not keep good records, is no longer working with you, or has changed his...
Minnesota Department of Revenue – Worker Classification Voluntary Compliance Initiative
The Minnesota Department of Revenue recently launched a limited pilot program to allow businesses to convert workers from independent contractors to employees with reduced consequences for Minnesota withholding tax. This program is known as the Worker Classification...
IRS Voluntary Worker Classification Settlement Program – Converting Independent Contractors to Employees
Many companies are struggling with the problem of determining how to properly classify their workers. Are they employees or independent contractors? As explained in earlier articles, the IRS has been motivated for a variety of reasons to reclassify independent...
Fee Shifting Statutes – Are Awarded Attorney Fees Taxable?
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...
Deducting Attorney Fees “Below the Line.”
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...
Deducting Attorney Fees From the Award – Above the Line
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...