Author: The Law Offices of Nick Nemeth

7 Most Frequently Asked Questions on Offer in Compromise

Questions on Offer in Compromise with Nick Nemeth






An Offer in Compromise (OIC) is one of the tax settlement methods offered by the IRS to its taxpayers, to help them settle their taxes for less than what they actually owe. The IRS, however, accepts an OIC only when it is fully convinced that the defaulter cannot pay the due taxes in full, not even through a relaxed deferred tax payment plan. Understanding OIC and its intricacies is not easy for a common man, and therefore, most taxpayers have several questions to ask. In this post, we discuss some of the most frequently asked questions and their answers. Let’s

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A Comprehensive Guide to Underpayment of Estimated Tax

Guide to Underpayment of Estimated Tax by Law Offices of Nick Nemeth






Owing taxes could mean additional penalties and interest that could have a substantial impact on your financial condition. Most of the tax penalties are triggered by not paying what an individual owes, not filing a tax return, or not paying enough tax to the IRS throughout the year. In this blog post, we cover the basics of underpayment penalties and interests imposed by the IRS and how to save yourself from the additional financial burden. Read on. Understanding Underpayment Penalty The taxes in the U.S. are collected on the pay-as-you-earn system and the amount is deducted from paychecks of most

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Debunking 5 Myths Related to IRS Tax Audits

IRS Tax Audits myths debunked by Law Offices of Nick Nemeth






You receive a letter that reads IRS on the cover. There is instantly a feeling that the IRS is to audit you and seize your property. Not exactly! IRS tax audits, in contrast to common notion, are neither commonplace nor as dreadful as you may think. In fact, most taxpayers do not really have to fear from IRS tax audits, as the IRS audits only close to one percent of tax returns every year. Even when the IRS is conducting an audit, many times the purpose is to simply verify a few income details. You can always call The Law

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Looking For Ways to Settle Your IRS Debt at a Lesser Amount? Here’s Help!

Settle Your IRS Debt with Law Offices of Nick Nemeth






IRS! The name itself is enough to send shivers down the spine of American taxpayers. The federal tax collecting body uses various methods such as wage garnishment, seizing personal assets, and placing liens on property, to recover tax debts. It is often cast in bad light and taxpayers often consider its agents to be government bullies. The IRS, however, only takes such extreme measures after exhausting all other options, and is often willing to work with taxpayers to help them settle their tax debts. In this post, we talk about a number of tax relief methods taxpayers can use to

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Step-By-Step Guide to Filing for IRS Offer in Compromise

IRS Offer in Compromise by Law Offices of Nick Nemeth






According to a latest estimate from the IRS, the government loses around $458 billion dollars in unpaid taxes every year. Many delinquent taxpayers who owe the IRS huge amounts in unpaid taxes, whether individuals or corporations, are not always in a sound financial condition. Apart from using tax enforcement efforts such as audits to recover the money, the IRS also helps delinquent taxpayers mitigate financial hardships through programs such as the Offer in Compromise. The IRS Offer in Compromise is basically an agreement between the taxpayer and IRS to settle outstanding debts in exchange for an amount that is lower

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Owe the IRS? Here are 5 Things You Must Remember

Resolve IRS Tax Debts with Law Offices of Nick Nemeth






Most taxpayers with outstanding tax debts view the IRS as an intimidating authority. While it is true that the IRS can take strict action against delinquent taxpayers, such as levy a property, they must treat all taxpayers fairly. The IRS Restructuring and Reform Bill of 1998 requires the IRS to communicate all tax related issues to taxpayers with outstanding tax debts. The IRS must also give you ample time to pay your taxes. In this blog post, we discuss five important things you must remember if you owe the IRS. If you need help resolving IRS problems, call the Law

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Dealing with IRS Tax Issues: A Brief Guide for Small Businesses

Resolve IRS Tax Issues with Law Offices of Nick Nemeth






A report by Small Business Administration, a US government agency offering support to entrepreneurs and small businesses, shows that one-third of small businesses in the US close shop within two years of opening. One of the biggest reasons behind this, among others such as product or location, is huge tax debts. The IRS, however, rarely closes a business with outstanding tax debts, unless it has huge unpaid payroll taxes. If you run a small business and owe the IRS, there are ways to deal with the issue to prevent levies on assets and having to close shop. Speak to an

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All You Need to Know about Non-Collectible Tax Status

Know About Non-Collectible Tax Status with Law Offices of Nick Nemeth






If you owe taxes to the IRS but are unable to meet the obligation due to financial constraints, you may qualify for Currently Non Collectible status. To qualify, you have to prove to the central tax authority that you have no disposable income and are barely able to meet reasonable living expenses. An IRS non-collectible status means that you are eligible to pay your outstanding tax dues at a later date when your financial situation has improved. Let us learn a bit more about non collectible status as a tax relief solution. Before you apply for CNC status, make sure

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Preventing Wage Garnishment by Filing Bankruptcy : What You Need to Know

Preventing Wage Garnishment by Filing Bankruptcy by Law Offices of Nick Nemeth






Declaring bankruptcy is one of the solutions to get rid of debt obligations. What you may not know is that it is also a way to stop wage garnishment in Texas and other states. You can also recover your garnished wages by filing bankruptcy. There are, however, certain exceptions to this provision. At the Law Offices of Nick Nemeth we can help you learn more about bankruptcy and how you can use the law to prevent creditors and the IRS from garnishing your wages. To get you started, let’s learn a bit more about the nexus between wage garnishment and

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Understanding Tax Responsibilities of Married Couples in Business

Tax Responsibilities of Married Couples in Business






One of the biggest advantages of running your own business is that you can hire family members. Having family members in your business can bring you a number of benefits, including making it easier for you to run your business in a more cost-effective manner. Your payroll tax requirements, however, may not be the same when you employ or partner with family members. In this blog post, we look at the IRS payroll tax responsibilities of married couples running a joint venture and filing a joint return. Determining the Business Relationship and Payroll Taxes The applicable payroll taxes or whether

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