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On behalf of Mark Pridgeon of Mark A. Pridgeon, Attorney at Law posted in Audits on Friday, October 11, 2019.

In April, the nonprofit newsroom ProPublica reported on a surprising imbalance at the IRS. Although it would almost certainly be both more effective and bring in more revenue if it focused on auditing the rich, the agency does not do this. No, it audits the working poor at almost the exact same rate as it does the richest 1% of Americans.

Continue reading IRS admits it audits the poor just as often as the rich ...

Tags: Audits , IRS , IRS audit

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 Audits on Tuesday, May 14, 2019.

Minnesota lawmakers are considering two tax bills to raise revenue for the state. Key changes that would go into effect if the proposal, as written, becomes law include:

Continue reading Minnesota lawmakers consider new tax law ...

Tags: Audits

On behalf of Mark Pridgeon of Mark A. Pridgeon, Attorney at Law posted in Audits on Friday, April 5, 2019.

Tax season is not an enjoyable time of year. Our current tax system forces taxpayers to navigate complex tax issues, fill in various forms and hope they did not mess the whole thing up. But does it have to be this hard? Other countries do not require such a difficult tax process. In Australia, taxpayers do not even know the date of Tax Day. There is no complex form to fill out and mail in, the whole process is simply easier.

Continue reading Joe versus the tax man: Do taxes need to be so painful? ...

On behalf of Mark Pridgeon of Mark A. Pridgeon, Attorney at Law posted in Audits on Friday, February 22, 2019.

Tax season is upon us. Taxpayers throughout the country are likely organizing tax forms and getting the new paperwork or computer programs ready for the upcoming filing deadline.

Continue reading Three tips before filing 2018 tax returns ...

On behalf of Mark Pridgeon of Mark A. Pridgeon, Attorney at Law posted in Audits on Thursday, January 17, 2019.

The United States government requires taxpayers to make tax payments throughout the year. Taxpayers often meet this obligation by withholding tax payments from their paychecks or making estimated tax payments throughout the year. However, if a taxpayer fails to pay a certain percentage of his or her tax obligation throughout the year, the Internal Revenue Service (IRS) will issue a penalty .

Continue reading Forget to adjust tax withholdings? You may be off the hook. ...

On behalf of Mark Pridgeon of Mark A. Pridgeon, Attorney at Law posted in Audits on Monday, December 31, 2018.

The Internal Revenue Service (IRS) has had to cut down significantly on the size of its workforce. Due to the reduced workforce, the agency has stated it struggles to keep up with investigations. As a result, the agency has needed to take steps towards increased efficiency.

Continue reading IRS to check social media for evidence of tax evasion ...

On behalf of Mark Pridgeon of Mark A. Pridgeon, Attorney at Law posted in Audits on Monday, December 17, 2018.

Taxpayers who claim the Earned Income Tax Credit (EITC) are at an increased risk of an audit compared to those who do not. The reason: it is a tax credit often claimed in error. Last year alone the Internal Revenue Service (IRS) audited 381,000 taxpayers that claimed the EITC. This translates to over one-third of all audits conducted by the agency.

Continue reading Does the earned income tax credit increase audit risk? ...

On behalf of Mark Pridgeon of Mark A. Pridgeon, Attorney at Law posted in Audits on Thursday, December 6, 2018.

Recent tax reform has changed the way taxpayers will do taxes for the 2018 tax year. The new law increased the standardized deduction, meaning many taxpayers will prefer to use the standardized deduction instead of the itemized approach. Before you decide which is best for your family, take a minute to review some of the more popular deductions that remain applicable in 2018.

Continue reading Four tax deductions for 2018 ...

On behalf of Mark Pridgeon of Mark A. Pridgeon, Attorney at Law posted in Audits on Tuesday, November 20, 2018.

Business owners must navigate a wide range of tax obligations. A failure to properly abide by these obligations can lead to an audit and, depending on the findings of the audit, allegations of criminal wrongdoing.

Continue reading Minnesota businessman accused of almost $1M in tax evasion ...

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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.