On April 2, 2024, Senate File (SF) 4742, as a companion to House File (HF) 4934, was subject to a hearing before the Minnesota House of Representatives. HF 4934, like SF 4725, would amend Minnesota Statutes 2022, sections 270C.07, subdivision 1 and 270.33, to ensure that the Commissioner of Revenue (Commissioner) is bound by Minnesota ..read more

On Thursday, March 21, 2024, the Minnesota Senate Tax Committee had a hearing regarding Chair Ann Rest’s bill, Senate File (SF) 4725, which amends Minnesota Statutes 2022, sections 270C.07, subdivision 1 and 270C.33 to ensure that the Commissioner of Revenue is bound by Minnesota Tax Court decisions in situations where the Commissioner opts not to ..read more

The Employee Retention Credit (ERC) is a refundable tax credit for certain eligible business and tax-exempt organizations that had employees and were affected during the COVID-19 pandemic. The ERC Voluntary Disclosure Program is meant to help employers pay back the money they received after incorrectly filing for ERC claims. Businesses who incorrectly claimed the ERC ..read more

Since the COVID-19 pandemic, the Internal Revenue Service (IRS) has had a long backlog that, due in part to funding received in the Inflation Reduction Act of 2022, it only began to catch up on in mid-2023. In the meantime, the IRS’s backlogs and delays might have lulled taxpayers into a false sense of security ..read more

Despite the relative rarity of an individual taxpayer’s file being brought to United States Tax Court or even audited, many taxpayers nevertheless fear the Internal Revenue Service (IRS) coming after them. This is not without good reason. Responding to an IRS audit alone can be time consuming and involves obtaining and compiling numerous documents. That […] The post Anticipating Tax Litigation… And the IRS (Part 1 of 2): Tax Filing and Maintenance Tips first appeared on Wagner Tax Law ..read more

In June 2016, William Canada, Jr. took the Internal Revenue Service (IRS) to bankruptcy court and won. Mr. Canada successfully challenged the IRS’s claim for a $40 million penalty, pursuant to IRC §6707, for failing to report tax shelter transactions under IRC §6111. Per IRC §6707, the IRS imposes a penalty on anyone who fails […] The post When Winning Isn’t “Prevailing”: Success in Bankruptcy Court Does Not Translate to Attorneys’ Fees first appeared on Wagner Tax Law ..read more

On April 20, 2017, the United States Tax Court (Court) held in favor the petitioners, John C. Trimmer and Susan Trimmer (together, the Trimmers) against the Commissioner of Internal Revenue, regarding the Internal Revenue Service’s (IRS’s) authority to consider a hardship waiver and the notion that the IRS’s authority on the hardship waiver is not […] The post IRS Acted “Against Equity or Good Conscience” to Deny Hardship Due to Depression first appeared on Wagner Tax Law ..read more

Until relatively recently, the number of individuals who bought and sold cryptocurrencies (crypto) and other digital assets was fairly small. Over the last few years, however, that number has continued to grow exponentially. As a result, there has been an increasing number of calls for government regulation on how individuals’ and businesses’ actions on crypto […] The post What’s in a Name?: The ABA Attempts to Define “Cryptocurrency” first appeared on Wagner Tax Law ..read more

On March 9, 2022, President Biden signed an executive order setting out his administration’s strategy regarding digital assets: Executive Order on Ensuring Responsible Development of Digital Assets (Executive Order). The Executive Order is broadly concerned with protecting investors and consumers, guarding against illicit activity, and ensuring financial stability, both in the U.S. and in global markets. The […] The post Is The IRS Going to the Moon?: President Biden’s Executive Order on Digital Assets first appeared on Wagner Tax Law ..read more

The Internal Revenue Service (IRS), like any self-respecting bureaucracy, sometimes makes mistakes. When those mistakes occurs, a taxpayer can make a “qualified offer,” which might lead to a settlement and obviate the need for a drawn out court battle. If the case nevertheless goes to Tax Court, and the taxpayer prevails in their case, they […] The post A Qualified Offer the IRS Could Refuse first appeared on Wagner Tax Law ..read more