Welcome to the Regan Tax Law Blog
Bankruptcy
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...
Audit Reconsideration
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...
The Taxpayer Advocate
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...
Appeal of Collection Action
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...
Debt Forgiveness
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...
Change in Method of Accounting
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...
Preventing the Filing of a Notice of Federal Tax Lien
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...
Classifying Your Account as Currently Not Collectible (CNC)
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...
Income Taxes Can Be Discharged in Bankruptcy
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...
Impact of Federal Tax Liens on the Division of Property in Marital Dissolutions
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...