Author: The Law Offices of Nick Nemeth

Important Info for Taxpayers During Covid-19 Crisis – Filing Date & Economic Impact Payments

Coronavirus Tax Updates

The global COVID-19 pandemic is affecting the economies of almost all countries including the United States. The IRS understands the impact of the global crisis on individuals and companies which is why it is helping taxpayers with different tax issues to get over these hard times. If you are facing tax issues and looking for IRS tax relief, it is advisable to consult an IRS tax attorney. The Treasury and IRS are working closely with the government to provide relief to the American people. Continuing on the topic, in this blog post, we present some important info for taxpayers during

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Basic Guide to File Your Tax Returns

Guidelines for file your tax returns

Most people will agree that there are few things quite as scary as getting into trouble with the IRS. Many taxpayers get into trouble for committing simple and avoidable mistakes on their tax returns. With some care and the right knowledge, you can avoid making mistakes on your tax returns that can come back to haunt you in the future. In today’s post, we’ll share some useful guidelines to help you file your tax returns. When Possible, File Electronically To guarantee the highest level of accuracy on your return, it is recommended to file electronically. The system used for filing

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Answering Commonly Asked Questions about IRS Penalty Abatement

FAQs about IRS Penalty Abatement

A penalty abatement is a request made to the IRS to either terminate or reduce a tax penalty. Such an abatement is applicable only if you have made an effort to comply with the IRS in the past but couldn’t pay due to circumstances beyond your control. A penalty abatement is commonly requested in cases such as when you want to reverse penalties for failing to file or pay taxes. Continuing on the topic, in this blog post, we answer some commonly asked questions about IRS penalty abatement. Take a look. What is a reasonable cause letter for IRS penalty

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3 Common IRS Tax Problems for 2020

common mistakes to avoid when filing your tax return

Little or no knowledge is one of the primary reasons why tax filing is a stressful task for many taxpayers. A survey by the National Endowment for Financial Education shows that 58 percent of US taxpayers are worried about tax filing issues. While you can always take the help of an IRS tax law attorney at the Law Offices of Nick Nemeth, it is advisable to know about the common mistakes to avoid when filing your tax return, which we will discuss in this blog post. Read on. 1. The Individual Mandate Penalty The changes made to the Tax Code

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A Guide To COVID-19 Stimulus Checks

COVID-19 Stimulus Checks

The shutdown and social distancing due to the COVID-19 outbreak are taking a toll on all sectors of the economy and the lives of most individuals. It has become difficult for many to sustain themselves and their families during this lockdown period, a situation that has seen more than 16 million Americans registering for unemployment. The IRS has stepped in with Coronavirus Aid, better known as COVID-19 Stimulus Checks under the Relief and Economic Security (CARES) Act to give financial relief to the majority of Americans. In this post, we share a guide for getting COVID-19 Stimulus Checks. Read on.

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A Closer Look at Offer in Compromise: The IRS Debt Relief Program

Understanding an Offer in Compromise

IRS debt can be a stressful problem to handle for anyone especially if you are struggling financially. The IRS might have a reputation for being ruthless, but the government agency is not blind to the difficult circumstances taxpayers sometimes face. For this reason, the IRS is open to providing IRS debt relief for those that genuinely need aid to avoid extreme hardships. One of the available IRS debt relief options is an Offer In Compromise. An OIC involves debt forgiveness, allowing taxpayers to settle their debt by paying a lesser amount than what is owed. To learn more about the

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3 Common Ways the IRS Discovers Tax Frauds

Tax Fraud Alerts

According to a survey, the gap between the tax collected by the IRS and what it should rightfully collect is around $450 billion. It is a huge problem for the IRS knows and even threats of penalties and IRS tax investigation are not always enough to dissuade taxpayers from defaulting or committing tax frauds. To try and overcome this problem, the IRS uses a number of investigative techniques to identify tax evaders. If you are under any kind of IRS tax investigation, it is advisable to connect with a tax resolution attorney or IRS tax lawyer. Nick Nemeth can help

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Steps By the IRS to Mitigate Impact of Covid 19 on Taxpayers

Impact of Covid 19 on Taxpayers

COVID-19, an infectious disease caused by the novel coronavirus, has infected a large number of people worldwide. The number of reported cases in the United States alone has shot through the roof with deaths currently around 50,000. People are facing a whole range of challenges, financial and otherwise in the fight against the pandemic. Keeping that in mind, the IRS has taken a few steps to mitigate the impact on taxpayers in the form of the new People’s First Initiative. The initiative is designed to provide some relief to taxpayers who are finding it difficult to meet their tax obligations.

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The Three IRS Payment Plans Explained

Facts about IRS Payment Plans

Unplanned expenses, financial crisis, medical emergency – there are many scenarios that could make it difficult for individuals to pay their taxes. The IRS presents avenues such as IRS installment plans to allow defaulters to pay tax over time and avoid garnishment, collection, and other actions. Monthly installment agreements give taxpayers more time to pay outstanding taxes without having to worry about legal implications. You can apply for an installment agreement by filling-out IRS Form 9465 and sending it through email to the IRS. Continuing on the topic, in this blog post, we present an overview of the types of

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A Step by Step Guide to Set Up an IRS Installment Plan

How to Set Up a Payment Plan with IRS

There are times in life, when we find ourselves in a situation that may keep us from honoring our tax obligations. While there is no excuse for carelessness or deliberate avoidance; the IRS has various provisions for those who have a “reasonable cause” preventing them from paying their dues. IRS payment agreement is one such provision, under which you can pay your taxes in periodic installments. In such cases, it is important to have an IRS tax attorney on your side, who can help navigate the complex maze of the IRS taxation system and law. An IRS tax attorney can

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