Michael Redden's (reddenlaw) Blog

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RECENT BLOG POSTS
The Trust Fund Repayment Penalty is a penalty that makes an individual personally responsible for the tax debt of a business.  Maybe a Revenue Officer has interviewed you or asked you to fill out a form.  But, shortly afterwards you receive IRS Letter 1153.  This is notice that the IRS considers ...
07/05/2021
Businesses are having a tough time.  Even before COVID, many businesses failed each year.  Many of then were undercapitalized from the time they started.  So, it isn't hard to believe that businesses can fall behind on their payroll taxes.  It can be tempting to not pay the payroll taxes so that ...
06/28/2021
Businesses sometimes fall behind on payroll tax deposits.  The IRS assesses tax penalties on the business like the Failure to Deposit Penalty and the Failure to File Penalty.  But are you personally responsible for the tax debt of the business?  There is a special penalty that can make this debt ...
06/23/2021
The global pandemic hit a lot of businesses hard.  Plenty of them struggled to stay alive and open.  Some even closed their doors.  There are many businesses that collected income tax, FICA, and medicare from their employees, but couldn't pay it to the government.  Whether the business closed or ...
06/21/2021
So you got a notice that there is a certified letter at the post office for you?  Maybe you even signed for it, but since it's from the IRS, you don't open it.  If it contains a Notice of Deficiency, CP 531, then what happens if you ignore it? I am a tax attorney in Minneapolis, Minnesota.  I rep...
06/18/2021
If you have received an IRS Notice of Deficiency, also known as CP 531 or Letter 531, then you need to act quickly or you'll lose rights.  Ignoring this notice will also start the IRS collections process.  Liens, Levies, and other harm to your finances could start pretty quickly after this notice...
06/16/2021
The Notice of Deficiency comes from the IRS through either registered or certified mail.  This is a very important notice and it comes with a 90 day notice of your rights.  This is why many tax attorneys call this the "90 day letter."  It is also known as Letter 531 and CP 531.  While you might t...
06/14/2021
The IRS has a program where taxpayers can come forward voluntarily.  This program allows you to disclose a less than perfect tax history.  Often it also allows you to avoid any criminal prosecution for tax evasion and other tax crimes.  The Minnesota Department of Revenue has its own Voluntary Di...
06/11/2021
The IRS Voluntary Disclosure Program is a great way to get back into the tax system.  If you haven't field returns or paid taxes in years, if you weren't completely honest about your income, and if you want to be compliant in the future then this program will help you.  But not everyone can use i...
06/09/2021
A Federal Tax Lien lowers your credit score and can get in the way of taking advantage of the record low mortgage rates.  However, you can still refinance even with a Federal Tax Lien.  I am a tax attorney in Minneapolis, MN.  I represent taxpayers before the IRS and state tax authorities on issu...
06/07/2021
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