Accounting | Wagner Tax Law

August 6, 2018Kathleen SplettCategories: Accounting, Appeals, Audits, Collection Issues, Employment Taxes, Income and Deductions, Kathleen Splett, Real Estate, Sales & Use Tax AuditsTags: employee benefits, moving expenses, tax cuts and jobs act, TCJA

Are Moving Expenses Tax Free Under the New Tax Law?

Starting January 1, 2018, through December 31, 2025, job-related moving expenses are no longer tax-f...

April 3, 2018Kathleen SplettCategories: Accounting, Appeals, Audits, Ben Wagner, Collection Issues, Collection Options, FBAR, Kathleen Splett, Levy, Offshore Voluntary Disclosure Program, Penalties, UncategorizedTags: 2011 OVD Program, 2012 OVD Program, civil penalties offshore voluntary disclosure program, civil penalties OVDP, criminal penalties internal revenue service, criminal penalties IRS, criminal penalties offshore voluntary disclosure program, criminal penalties OVDP, end date OVDP, FBAR, FBAR controversey, FBAR disclosure, FBAR dispute, FBAR penalties, FBAR program, federal tax, federal tax attorney, federal tax lawyer, foreign assets, Foreign Bank Account Reporting, foreign bank accounts, increase FBAR, inflation FBAR, Internal Revenue Service, IRS attorney, irs lawyer, IRS tax attorney, irs tax lawyer, IRS', Metro MN Tax Lawyer, Minneapolis Tax Attorney, Minneapolis Tax Lawyer, minnesota tax, MN Tax Attorney, offshore volunary disclosure, offshore voluntary disclosure program ends, OVDP, penalties assets abroad, penalties foreign assets, penalties foreign bank accounts, penalties money abroad, requirements for offshore voluntary disclosure, requirements for OVDP, st. paul tax, st. paul tax attorney, tax attorney, Twin Cities Tax Attorney

Recent Announcements: The IRS to End Offshore Voluntary Disclosure Program on September 28, 2018; FinCEN Increases FBAR Penalties to Reflect Inflation

Offshore Voluntary Disclosure Program Ends September 28, 2018 The IRS recently announced that it wil...

March 13, 2018Kathleen SplettCategories: Accounting, Appeals, Audits, Income and Deductions, Kathleen Splett, Minnesota Tax Court, Sales & Use Tax Audits, Settlements and VerdictsTags: administrative appeals DOR, administrative appeals minnesota, administrative appeals state, administrative appeals state of minnesota, appeals DOR, appeals minnesota, appeals state, appeals state of minnesota, time to appeal, time to dispute tax liability

Deadline to Appeal Minnesota Department of Revenue Assessment of Additional Tax

The Minnesota Department of Revenue (MDR) generally has 3.5 years from the date a tax return was due...

February 15, 2018Kathleen SplettCategories: Accounting, Appeals, Audits, Collection Issues, Collection Options, Installment Agreements, Kathleen Splett, Liens, payment plan, UncategorizedTags: installment agreement test criteria, Internal Revenue Service, IRS', long term payment plan, new streamlined installment agreement, payment plan, streamlined installment agreements

IRS Tests Expanded Streamlined Installment Agreement Program

New IRS Test Criteria for Streamlined Installment Agreements: Liabilities Up to $100,000 Eligible fo...

March 14, 2017Guest Contributor – Thomas M. ReganCategories: Accounting, Audits, Collection Issues, Tom Regan, U.S. Tax CourtTags: burden of proving payment, CDP, How long do I keep my tax records, pattern of paying, Paynter

How Long Do I Need To Keep My Tax Records?

I am often asked how long do I have to maintain records to protect myself against actions by the Int...

June 23, 2016Guest Contributor – Thomas M. ReganCategories: Accounting, Audits, Collection Issues, Employment Taxes, Tom ReganTags: decline inRrevenue Officers, early aleerts for Federal tax deposits, early alerts for FTD, EFTPS, employment taxes, problems with payroll tax preparers, real-time information, Tax Gap

Employment Taxes and Early Intervention

The IRS appears to be more serious about pursuing and prosecuting companies that do not pay their e...

March 20, 2014Guest Contributor – Thomas M. ReganCategories: Accounting, Penalties, UncategorizedTags: 6051, abate, accountant, filing date, Knappe, Late filing penalty, penalty, reasonable cause, reliance, rely, return

Relying On the Advice of an Accountant – When Does It Constitute Reasonable Cause to Abate a Late Filing Penalty?

The U.S. Supreme Court recently refused to hear an appeal from the Ninth Circuit Court of Appeals in...

April 12, 2013Guest Contributor – Thomas M. ReganCategories: Accounting, Audits, Employment Taxes, Independent ContractorsTags: Independent contractor, reasonable cause, Section 530

Section 530 – Reasonable Basis

This is the fourth article in a series dedicated to using Section 530 of the Revenue Act of 1978 as...

March 5, 2013Guest Contributor – Thomas M. ReganCategories: Accounting, Audits, Independent ContractorsTags: Section 530, Section 530 Minnesota, Substantive Consistency

Section 530 – Substantive Consistency

This is the third article in a series dedicated to using Section 530 of the Revenue Act of 1978 as p...

February 25, 2013Guest Contributor – Mike O'BrienCategories: Accounting, Audits, Income and DeductionsTags: Audit, audit proving business expenses, business audit, business IRS audit, business vehicle deduction, Code Section 162, Code Section 274, continuity and regularity, credit card receipts to prove business expenses, deducting mileage, Documentation, expenses for carrying on a trade or business, gifts deductible, gifts deduction, gifts rules for deducting, income tax audit, IRC Section 162, IRC Section 274, IRS Audits, irs business vehicle, irs meals and entertainment, irs vehicle expenses, listed property irs, meals and entertainment deduction, meals and entertainment expenses, meals and entertainment tax, mileage log taxes, Minnesota audit, Minnesota Department of Revenue audits, necessary business expenses, ordinary and necessary business expenses, ordinary business expenses, profit motive, proving business expenses, receipts to prove business expenses, Section 274, substantiation, trade or business expenses

Substantiating Business Expenses in Audits – Special Rules for Travel, Meals and Entertainment, Gifts, and any “Listed” Property Expenses

Substantiating business expenses is a common problem for many businesses going through an audit with...

February 12, 2013Guest Contributor – Thomas M. ReganCategories: Accounting, Employment Taxes, Independent ContractorsTags: 1099, Reporting Consitency, Section 530

Section 530 – Reporting Consistency

This is the second article in a series dedicated to using Section 530 of the Revenue Act of 1978 as ...

February 7, 2013Guest Contributor – Mike O'BrienCategories: Accounting, Audits, Income and DeductionsTags: Audit, audit proving business expenses, business audit, business IRS audit, Code Section 162, continuity and regularity, credit card receipts to prove business expenses, Documentation, expenses for carrying on a trade or business, income tax audit, IRC Section 162, IRS Audits, Minnesota audit, Minnesota Department of Revenue audits, necessary business expenses, ordinary and necessary business expenses, ordinary business expenses, profit motive, proving business expenses, receipts to prove business expenses, substantiation, trade or business expenses

Substantiating Business Expenses in Audits – Step Four: Proving a Business Expense is “Necessary”

Substantiating business expenses is a common problem for businesses going through an audit wi...

January 18, 2013Guest Contributor – Mike O'BrienCategories: Accounting, Appeals, Audits, Income and DeductionsTags: Audit, audit proving business expenses, business audit, business IRS audit, Code Section 162, continuity and regularity, credit card receipts to prove business expenses, Documentation, expenses for carrying on a trade or business, income tax audit, IRC Section 162, IRS Audits, Minnesota audit, Minnesota Department of Revenue audits, necessary business expenses, ordinary and necessary business expenses, ordinary business expenses, profit motive, proving business expenses, receipts to prove business expenses, substantiation, trade or business expenses

Substantiating Business Expenses in Audits – Step Three: Proving a Business Expense is “Ordinary”

Substantiating business expenses is a common problem for many businesses going through an audit with...

January 3, 2013Guest Contributor – Thomas M. ReganCategories: Accounting, Audits, Charitable Contributions, Real EstateTags: Charitable contributions, conservation easements, real estate

Conservation Easements – Subordinating Mortgages

There are many tax and social benefits to gifting a conservation easement. Unfortunately, some taxpa...

December 27, 2012Guest Contributor – Thomas M. ReganCategories: Accounting, Audits, Real Estate, U.S. Tax CourtTags: 469, Kutney, passive income, Passive loss, passive loss limitation, qualifying real estate professional, Real Estate Professional, Rental Real Estate

Real Estate Professional – Maintaining Adequate Records

Doing well in a full time job is hard enough, but some people, for many reasons, spend significant t...

December 18, 2012Guest Contributor – Mike O'BrienCategories: Accounting, Audits, Income and Deductions, Profit MotiveTags: Audit, audit proving business expenses, business audit, business IRS audit, Code Section 162, continuity and regularity, credit card receipts to prove business expenses, Documentation, expenses for carrying on a trade or business, income tax audit, IRC Section 162, IRS Audits, Minnesota audit, Minnesota Department of Revenue audits, necessary business expenses, ordinary business expenses, profit motive, proving business expenses, receipts to prove business expenses, substantiation, trade or business expenses

Substantiating Business Expenses in Audits – Step Two: Proving a “Trade or Business” Incurred the Business Expenses

Substantiating business expenses is a common problem for many businesses going through an audit with...

November 27, 2012Guest Contributor – Thomas M. ReganCategories: Accounting, Appeals, Audits, Employment Taxes, Independent ContractorsTags: Independent contractor, Section 530

Relief for Businesses Using Independent Contractors: Section 530 is Still a Viable Option

This is the first article in a series dedicated to using Section 530 of the Revenue Act of 1978 as p...

November 6, 2012Guest Contributor – Thomas M. ReganCategories: Accounting, Audits, PenaltiesTags: facade easements, historic preservation, penalties, restrictive easements, valuations, Whitehouse hotel limited partnership

Valuations Misstatements and the IRS Accuracy Penalty (IRC Section 6664(c))

I have been watching the tax cases dealing with building facade easements for insight into how the I...

September 18, 2012Guest Contributor – Mike O'BrienCategories: Accounting, Appeals, Audits, Income and DeductionsTags: how long doe, how long does the IRS have to change a tax return, IRC 6501, IRS statute of limitations, statute of limitations on assessment

IRS Statute of Limitations on Assessment for Individual Income Taxes: Exceptions and Considerations

Taxpayers and representatives often ask us: how long does the IRS have to make changes to an individ...

September 4, 2012Guest Contributor – Thomas M. ReganCategories: Accounting, Appeals, Audits, Claim For Refund, Income and DeductionsTags: equitable tolling, late filed returns, limitations, Refunds

Can I Recover Income Tax Refunds When I File My Returns Late?

Many individuals and businesses fail to file their income tax returns for multiple years for a varie...

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