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Contingent Attorney Fees as Gross Income
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...
Protecting the Character of a Settlement or Verdict.
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...
Exclusion from Gross Income under IRC Section 104(a)(2).
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...
Settlements and Verdicts as Gross Income
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...
Penalties And Interest For Late Deposits, Late Filing, And Late Payment
This is the fourth post in the Employment Tax Law series. This series is dedicated to presenting individuals, sole proprietorships, and small to large businesses with a basic understanding of employment taxes, including the risks and responsibilities associated with...
Freedom of Information Act (FOIA)
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....
Taking No Action
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...
Innocent Spouse/Separation of Liability/Equitable Relief
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...
Installment Agreement – Minnesota Department of Revenue
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...
Installment Agreement – IRS
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...