background preloader

My IRS Team

Facebook Twitter

The Law Offices of Nick Nemeth is the go-to destination for all types of IRS tax debt issues.

5 Steps to Negotiate IRS Delinquent Payroll Taxes. Just like other tax returns, payroll tax returns are also important for the IRS (Internal Revenue Service) as it supports the functioning of the government.

5 Steps to Negotiate IRS Delinquent Payroll Taxes

Negligence or the inability to pay payroll taxes could force the IRS to take serious actions against you such as heavy fines and even taking over your business. Complying with the payroll tax returns is the only way to avoid any financial trouble. If you have a delinquent payroll tax balance, it is better to resolve the situation as soon as possible. If you’re wondering how to go about it, these are the steps that would help you negotiate delinquent payroll taxes and clear your pending taxes.

Innocent Spouse Relief - What You Need to Know. Married couples who decide to jointly file a tax return can reap certain tax benefits in the form of tax breaks and credits.

Innocent Spouse Relief - What You Need to Know

When you file jointly, however, you are jointly and severally liable for tax debts and any additions to it, such as interest or penalties, which may arise later from the joint return. Both spouses who file a joint tax return are liable for an equal amount of tax return, even if they divorce in the future or only one spouse earned all the income or claimed improper credits or deductions. What is important to note is that there are ways for a spouse to get relief from joint and several liability. Let’s see how. Innocent Spouse Relief A spouse can get relief from joint and several liability in three ways, and the first one is through innocent spouse relief.

What Qualifies You for Innocent Spouse Relief? What Is IRS Debt Forgiveness - An Overview. What Is IRS Debt Forgiveness?

What Is IRS Debt Forgiveness - An Overview

There are times when defaulting taxpayers genuinely want to pay their debt, but are unable to because of an ongoing financial crisis. The IRS recognizes such scenarios, and therefore, has several debt relief and debt forgiveness provisions to help well-intentioned taxpayers avoid any financial hardship that may arise if they are forced to pay more than what they can afford. In this blog post, we take a look at provisions that the IRS offers to taxpayers. Let’s begin. Offer in Compromise (OIC) Bankruptcy Fraud: All You Need to Know. Bankruptcy is a process that allows delinquent taxpayers to repay some or all of their debts under the protection of the federal bankruptcy court.

Bankruptcy Fraud: All You Need to Know

If you owe money to the IRS and your financial condition does not allow you to repay it anytime soon, then bankruptcy could be an option. Once you file for bankruptcy, it is essential that you maintain your bank statement to reflect your current financial status. Any expenditure that is out of the ordinary may result in a bankruptcy fraud investigation.

This post discusses the fundamentals of bankruptcy fraud including laws and penalties. Read on. My IRS Team — Steps to Avoid Jail for Tax Charges. What Is IRS Tax Levy - Overview And How It Works. If a taxpayer fails to pay their due taxes, the IRS holds the right to levy their property in order to collect the outstanding amount.

What Is IRS Tax Levy - Overview And How It Works

After assessing the debtor’s tax liability, the IRS sends them a “Notice and Demand for Payment” (a tax bill), which is followed by a “Final Notice of Intent to Levy and Notice of Your Right to A Hearing” (also called “levy notice”). The second letter is sent at least 30 days before the date decided to levy the defaulter’s property. 4 Tips To Help Improve Chances Of Offer In Compromise Approval. Individuals that owe huge amounts in unpaid taxes that cannot pay turn to an “offer in compromise”.

4 Tips To Help Improve Chances Of Offer In Compromise Approval

OIC is an agreement between the IRS and a taxpayer to settle the taxpayer’s tax liability for less than the owed amount. The IRS reviews the income and assets of the taxpayer and documents every detail of their financial situation, before deciding whether or not sanctioning of an OIC is a justified decision. Many applications submitted to the IRS are often rejected due to negligence on the taxpayer’s part.

Most taxpayers are not familiar with how to get an offer in compromise, which increases chances of a rejection. We discuss the four tips that should guide your conduct to improve your chances of getting approval on your OIC application. 1. Employment or Payroll Taxes : What You Need to Know. Every employer is required by law to pay employment taxes to the government, which involves federal, state, social security and medicare taxes.

Employment or Payroll Taxes : What You Need to Know

Employers, for this purpose, need to provide employees and contractors with W2 and 1099 forms and withhold the required taxes, besides depositing and reporting these amounts to the IRS. Let’s learn more about employment or payroll taxes through the blog post. Federal Income Tax The federal, state, and many local governments in the US impose income tax on both individuals and corporations. Innocent Spouse Tax Relief If Not Liable for Spouse’s Taxes.

When a married couple has filed for a joint tax return, the liability for paying the taxes becomes joint and several.

Innocent Spouse Tax Relief If Not Liable for Spouse’s Taxes

While some can trick an unsuspecting spouse into filing for a joint return on their taxes, others may withhold knowledge of an underpayment of taxes. When filing for divorce, a spouse can also file for innocent spouse tax relief. Entrepreneur and Best-Selling Author®, Nick Nemeth, Featured in The Wall Street Journal. Nick Nemeth, Owner of The Law Offices of Nick Nemeth, PLLC, was recently featured in The Wall Street Journal as a “Master of Success”.

Entrepreneur and Best-Selling Author®, Nick Nemeth, Featured in The Wall Street Journal

Dallas, TX – January 9, 2016 – Nick Nemeth, expert tax attorney, was recently featured in The Wall Street Journal along with other leading professionals from across the nation. The piece ran in the November 23, 2016 edition of The Wall Street Journal. In a full-page feature, the National Association of Experts, Writers, and Speakers recognized Nemeth as a “Master of Success” in business. The Wall Street Journal feature highlights Nick Nemeth’s forward thinking and recognition as an expert in her industry with the following: Facts about Late Filing and Late Payments Penalties. Late payment is not the only condition when the IRS penalizes tax holders.

Facts about Late Filing and Late Payments Penalties

The central tax authority may also penalize those who file their taxes after the deadline. If you owe taxes, and fail to file them in time, it may lead to interest and penalties. However, if you are due for a refund and fail to timely file your tax return, there will be no penalty from the IRS. This blog post discusses five facts about late tax filing and payment penalties every taxpayer must know.

Take a look. 1. Every year, several taxpayers in the US find themselves stuck in a situation wherein they owe an exorbitant amount of outstanding tax debts to the IRS. When they start looking for a solution, they come across the IRS’s Offer in Compromise or OIC program that allows taxpayers facing financial hardship to settle their tax dues for an amount less than the actual amount they owe. In this blog post, we discuss the five rookie mistakes that taxpayers need to avoid when submitting their OIC applications.

Take a look. 1. IRS Innocent Spouse Tax Relief. When a married taxpayer files a joint tax return to get the benefit of the filing status, the liability becomes joint and several. Joint and several means that multiple parties can be held liable for the same event or act and responsible for all restitution required. The IRS not is required to enforce a collection action against a specific spouse first, even if the divorce decree states otherwise. Innocent Spouse Tax Relief alleviates the spouse who was unaware of understatement or underpayment of taxes. In order to file an innocent spouse request, one spouse is generally, but not always, required to prove that he or she had no actual knowledge or no reason to know of understatement or underpayment of tax liability.

Some reasons that may be considered justification for requesting Innocent Spouse are; forging of signature by other spouse, fear of asking for information in conjunction with spousal abuse, or denial of access to financial records. What Is IRS Debt Forgiveness - An Overview. 3 Different Forms of IRS Debt Forgiveness - Find Solution to Unfiled Tax Returns in Dallas. At the Law Offices of Nick Nemeth, PLLC, we are committed to helping our clients file years of unfiled tax returns and solve any associated IRS debt problems.

We are committed to work with you to find the tax returns that require immediate attention of the IRS and prevent any potential civil and criminal sanctions the IRS may impose against you. When it comes to understanding the nuances of dealing with the IRS, the Law Offices of Nick Nemeth, PLLC, has got you covered. 3 Common Questions about IRS Non-Collectable Program and their Answers. Innocent Spouse Relief - What You Need to Know. IRS Tax Issues, Resolutions, and Help - My IRSteam. Millions of Americans face tax issues every year. Whether it be an audit, an unfiled tax return, a tax lien, or a garnishment of wages, any tax problem with the IRS can wreak havoc on an individual, his or her family, and/or business. The good news is there are resolutions to tax problems and help is available when dealing with the IRS.

Received a Federal Tax Lien? Here is the Way Ahead. A federal tax lien is one of the last things you would want to receive as a taxpayer. Under a tax lien, the IRS claims the rights to the defaulter’s assets, such as real estate, bank accounts, and vehicles. The lien may even limit the taxpayer’s ability to get credit in the future. Understanding Wage Garnishment Laws in Texas. The IRS has strict wage garnishment laws to enforce debt collection on unpaid taxes, no matter whether we talk about Texas or any other state. Understanding Wage Garnishment Laws in Texas. Nick Nemeth, Esq. Hits Amazon Best-Seller Lists With “Professional Performance 360 Special Edition: Success” - My IRSteam. Nick Nemeth, Esq.Hits Amazon Best-Seller Lists With “Professional Performance 360 Special Edition: Success” Thought leader, author, and entrepreneur Nick Nemeth, Esq.recently hit two Amazon.com best-seller lists with the new book, “Professional Performance 360 Special Edition: Success” Dallas, Texas – October 19, 2016 – Nick Nemeth, Esq. has joined a select group of entrepreneurs from around the world, along with international best-selling authors, marketing experts, and leading agents to Celebrity Experts® worldwide, JW Dicks, Esq. and Nick Nanton, Esq. to co-write the book titled, Professional Performance 360 Special Edition: Success.

The book was published by CelebrityPress® and released on September 19, 2016. Owe the IRS? Here’s What You Need to Do to Avoid Any Action. IRS Payroll Tax Problems Help in Dallas. An employer must withhold from an employee’s pay a certain amount of money to cover the employee’s federal income tax liability. In addition to income tax withheld directly from the employee, the employer is required to withhold and pay, in the same manner, the employee’s social security and Medicare taxes. Law, Costs And Benefits Of Payroll Taxes For Employers. Payroll taxes are federal and state taxes that every employer is required by law to withhold and/or pay on behalf of their employees.

Employers are required to withhold state and federal income taxes as well as social security and Medicare taxes from every employee’s’ wages. In addition, employers are required to pay a matching amount of social security and Medicare Taxes for employees as well as paying federal and state unemployment taxes. Common Tax Scams Every US Taxpayer Must Know About - MyIRSteam. The US government has lost almost $3 trillion to tax evasion, during the last decade alone. This is a serious and persistent issue that results in accumulated national debt and budget deficits.

Primary Home Exclusion for Capital Gains - A Brief Guide. Your home is one of your biggest investments, and it’s natural for you to expect a sizeable return if you decide to sell the property. You’ll, however, be expected to file returns on the capital gains that accrue, which can be an anticlimax of sorts. Is the IRS Chasing You for a Joint Tax Liability? Find Out if You Qualify for an Innocent Spouse Relief.

On 24th June 2011, USA Today reported the story of Valerie Stephenson who went through an abusive marriage, enduring years of domestic violence inflicted by her husband. In 2007, she somehow managed to escape and decided separation. After filing for a divorce, she got a liability notice of paying an unpaid tax $66,000 that she owed from a tax return she had jointly filed with her husband in 1999. IRS Appeal, IRS Appeal Issues And IRS Appeal Tax Relief. How To File Unfiled Tax Returns Refund and It’s Limitations.

Repercussions of Not Filing Tax Returns - IRS Fresh Start Program - MyIRSteam. Tax Lien Versus Tax Levy - Examining the Differences. Haven’t Paid Employment Taxes? It Can Get Worse than Your Think! - My IRSteam. How to Avoid Wage Garnishments - My IRSteam. Haven’t Paid Employment Taxes? It Can Get Worse than Your Think! - My IRSteam. IRS Tax Issues, Resolutions, and Help - My IRSteam.