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On behalf of Mark Pridgeon of Mark A. Pridgeon, Attorney at Law posted in Tax Controversy on Wednesday, September 25, 2019.

If you own a company with interests abroad, you may have wondered if you can take advantage of the lower corporate tax rates some countries have adopted. After all, they've often changed their policies and tax rates in order to garner international investment.

Continue reading IMF: Foreign shell companies hold $15 trillion in untaxed capital ...

Tags: Tax Controversy , corporate taxes , foreign investment , foreign tax debt , tax evasion

On behalf of Mark Pridgeon of Mark A. Pridgeon, Attorney at Law posted in Audits on Friday, September 20, 2019.

A captive insurance company is one that is created by a business as protection against certain risks. And, Section 831(b) of the Internal Revenue Code allows certain small insurance companies the option of paying tax on only their investment income. There are other tax advantages to captives, as well.

Continue reading Under audit for micro-captive insurance transactions? IRS offer ...

Tags: Abusive Tax Schemes , Audits , Tax Controversy

On behalf of Mark Pridgeon of Mark A. Pridgeon, Attorney at Law posted in IRS on Monday, September 16, 2019.

If you've won or settled a lawsuit this year, you need to be aware that some kinds of awards and settlements are taxable. Moreover, you will be taxed on the entire award or settlement, even though 30% or 40% may have gone to your lawyer. The Tax Cuts & Jobs Act increased the tax rate on qualifying awards and settlements.

Continue reading Received a lawsuit award or settlement? You could owe taxes ...

Tags: IRS , Lawsuit Awards & Settlements

On behalf of Mark Pridgeon of Mark A. Pridgeon, Attorney at Law posted in IRS on Monday, September 9, 2019.

If you're a Minnesota snowbird, you may have been watching Hurricane Dorian with special attention. Was your second home or vacation property damaged? Or, you may have a farm or agricultural property that was damaged in the spring flooding. Either way, you might have a casualty loss deduction to claim on your federal tax return.

Continue reading The rules for claiming disaster losses changed with tax reform ...

Tags: IRS , Itemizing Deductions , Tax Cuts and Jobs Act , casualty losses

On behalf of Mark Pridgeon of Mark A. Pridgeon, Attorney at Law posted in Back Taxes or Tax Debt on Tuesday, September 3, 2019.

Many people don't realize that they could lose their passports if they are found to be seriously delinquent in their tax liabilities. This is a relatively new penalty for nonpayment that was created under the 2015 Fixing America's Surface Transportation Act (FAST Act). The Act requires the IRS to certify seriously delinquent debts to the State Department, which will then pull the taxpayer's passport.

Continue reading Too much tax debt and you could lose your passport. Act now. ...

Tags: Back Taxes or Tax Debt , IRS , installment agreements , offers in compromise , passport revocation , penalties

Audits (64)

Back Taxes or Tax Debt (78)

Delinquency (23)

IRS (136)

Tax Controversy (80)

Tax Liens (10)

December 2019 (1)

November 2019 (4)

October 2019 (5)

September 2019 (5)

August 2019 (4)

July 2019 (4)

June 2019 (4)

May 2019 (5)

April 2019 (6)

March 2019 (3)

February 2019 (3)

January 2019 (5)

Complete Archives

Year-end tips to tackle your taxes in 2020

What do we know about audits and IRS enforcement?

Guess what? The IRS could be coming to collect in person

Inflation-based tax changes for FY 2020 announced

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Options for Outstanding Balance IRS Collections and Currently Not Collectible Status Settlement Options Offers in Compromise Installment Agreements

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Pridgeon & Zoss, PLLC 7301 Ohms Lane, Suite 420 Edina , MN 55439 Phone: 952-232-0371 Toll Free: 877-221-1651 Fax: 952-835-0201 Edina Law Office Map

Pridgeon & Zoss, PLLC, provides legal counsel for clients in Hennepin County, Ramsey County, Dakota County and Washington County, Minnesota, including Twin Cities area communities such as Minneapolis, St. Paul, Bloomington, Brooklyn Park, Burnsville, Eagan, Edina, Minnetonka, Richfield, St. Louis Park, Wayzata, White Bear Lake, Eden Prairie, Woodbury, Golden Valley, Maplewood, Roseville, Mendota Heights and Plymouth. The firm also serves clients in St. Croix County, Wisconsin, including communities such as Hudson and Menomonie.