Audits – Page 2 – Wagner Tax Law

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 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 29, 2012Guest Contributor – Thomas M. ReganCategories: Audits, Collection OptionsTags: Audit Reconsideration, Courtesy Review

Can I get the IRS or the MDR to change the assessment against me after they have started collection action like levies and liens?

Yes. For the IRS, the procedure is known as an Audit Reconsideration Request (AR). The IRS has the d...

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...

August 28, 2012Guest Contributor – Mike O'BrienCategories: Accounting, Audits, Collection Issues, Income and DeductionsTags: administrative summons, Audit, IRS summons

IRS Audits: The Administrative Summons and Defending Against the Administrative Summons

One of the most critical issues a taxpayer can face during an IRS audit is deciding what information...

August 21, 2012Ben WagnerCategories: Audits, FBARTags: Bank Secrecy Act, FBAR, Foreign accounts with an aggregate value of more than $10000, Foreign Bank Account Reporting, IRC 7701

A Primer In Foreign Bank Account Reporting

In 1970, Congress passed the Bank Secrecy Act. The purpose of that Act was to combat money launderin...

March 25, 2012Guest Contributor – Mike O'BrienCategories: Accounting, Audits, Income and DeductionsTags: Audit, Documentation

Substantiating Business Expenses in Audits – Step One: Providing the Documents

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

January 7, 2012Guest Contributor – Mike O'BrienCategories: Appeals, Audits, Collection Issues, Family Court, Innocent Spouse Relief, U.S. Tax CourtTags: Innocent Spouse

Innocent Spouse Relief- IRS Modifies Section 6015(f), Equitable Relief Rules

On January 5, 2012, in Notice 2012-8, the IRS significantly modified the rules for spouses seeking I...

January 2, 2012Guest Contributor – Mike O'BrienCategories: Accounting, Audits, Income and DeductionsTags: Passive loss, Rental Real Estate

Rental Real Estate Activities – Passive Loss Limitations

Purchasing and renting real estate can be profitable. It can also generate significant tax benefits....

December 22, 2011Guest Contributor – Thomas M. ReganCategories: Accounting, Audits, Income and DeductionsTags: Chaitable Contribution, Fire Department, Lake Home

Contributing a Lake Home to a Fire Department

In Scharf v. Comm’r 32 T.C. Memo 1247 (1973) acq, in result, 1974 WL 36031, the United States Tax ...

December 15, 2011Guest Contributor – Thomas M. ReganCategories: Accounting, Audits, Income and DeductionsTags: Conservation easement

Historic Preservation Conservation Easements – A Good Tax Shelter?

In the early 1980s, there was an almost endless supply of tax shelters promising deductions and cred...

« Previous Page 1 2 3 Next Page »