4 Types of IRS Tax Installment Agreements That Taxpayers Can Use

IRS Tax Installment Agreement with The Law Offices of Nick Nemeth

The Internal Revenue Service (IRS) has in place various installment agreements to help taxpayers pay off their tax debts with ease. These staggered payment methods are an alternative sanctioned by the IRS in the interest of taxpayers who find that paying their entire tax debt all at the same time is not possible. The IRS wants the money it owes from taxpayers, and so these installment agreements are designed to make tax payments trouble-free for taxpayers. Let’s now learn about the four common types of installment agreements available with the agency. 1. Guaranteed Installment Agreement Taxpayers who want to avail

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Busting 5 Common Myths about Wage Garnishment

Wage Garnishment Laws with The Law Offices of Nick Nemeth

Ignoring outstanding IRS debt can not only take a bite out of your paycheck or bank account, but if the outstanding amount is not paid in full, the court may also issue a judgment of “wage garnishment” requiring your employer to withhold a part of your salary to pay off the debt. If you have received multiple notices from the IRS or your bank about an outstanding debt, do not bury your head in the sand, it may lead to your employer being notified of your financial situation, which can be quite embarrassing. The Law Offices of Nick Nemeth can

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Veterans Can Now Claim a Refund on Taxes Paid on Disability Severance

IRS Newswire with The Law Offices of Nick Nemeth

The Defense Department has identified many veterans who may be eligible for a refund on the taxes paid on their disability severance payment. Most veterans who received a one-time lump-sum disability severance payment, when they separated from their military service, will receive a letter from the Department of Defense. If you have already received the letter, you would know it comes with detailed information on how to file for the refund. To help get you up to date, this blog will give you some information on the form you need to fill and its deadlines. Read on. How Much to

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6 IRS Tax Debt Relief Provisions You Should Know About

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Most people dread tax filing and payment deadlines and a number of them are unable to file and pay their dues, despite their best efforts. To make things easier for taxpayers, the IRS provides various tax relief options. If you owe a large amount to the IRS and do not know how to deal with the situation, we have got you covered. The IRS tax attorneys at the Law Offices of Nick Nemeth are specialized in dealing with all sorts of IRS tax-related issues and can help you find your way out of the trouble. Continuing on the subject, in

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All You Need to Know about IRS Penalty Abatement

IRS Penalty Abatement with The Law Offices of Nick Nemeth

IRS penalty abatement is a provision to remove IRS penalties for late filing and late payment. If a taxpayer has a reasonable cause for non-compliance, they can apply for the relief. If the taxpayer qualifies, the IRS removes some or all of the penalties. An IRS penalty abatement, however, does not reduce the underlying tax; it only removes the associated penalties. In all cases, taxpayers need to have a just reason to backup their request for an IRS penalty abatement. Let’s dig deeper to find out all you need to know about IRS penalty abatement. Grounds for IRS Penalty Abatement

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IRS Offer in Compromise: A Ray of Hope for Tax Defaulters

IRS Offers in Compromise with The Law Offices of Nick Nemeth

Offer in Compromise, or OIC for short, is an agreement between the IRS and a taxpayer that allows the taxpayer to settle their tax liabilities for an amount less than the actual unpaid amount. It is, however, worth mentioning that taxpayers who are financially capable of paying their tax liability in full are ineligible for an OIC. If you owe a hefty amount to the IRS and are looking for relief, it is advisable to apply for an Offer in Compromise. To help you gain insight into the provision, in this blog post, we cover all you need to know

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Reasonable Causes for IRS Penalty Abatement

Abatement of Penalties & Interest with The Law Offices of Nick Nemeth

Contrary to common belief, an IRS penalty is not a problem that you cannot overcome. The IRS, in certain scenarios, may withdraw a penalty if the defendant is able to prove that they cannot pay their tax liabilities due any of the reasonable causes prequalified by the federal body. To decide whether a cause is “reasonable” for penalty abatement, the IRS usually takes into account four factors; the reason(s), tax payment compliance history, time taken by the defendant to become compliant, and the circumstances given for late filing or nonpayment of taxes. In this blog post, we discuss three scenarios

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A Guide to IRS Tax Installment Agreements

IRS Tax Installment Agreement with The Law Offices of Nick Nemeth

If an individual or a business is unable to pay their tax liabilities in full, it is better to request an IRS tax installment agreement rather than being at the wrong side of the law. An IRS installment agreement, also called “IRS Installment payment plan”, allows taxpayers to pay their tax debt in parts, over an extended period of time. Continuing on the subject, this blog post covers all you need to know about IRS tax installments agreements, including the application process. What is an IRS Tax Installment Agreement? The IRS offers a payment plan that allows taxpayers to pay

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An Overview of IRS Wage Garnishment Laws

IRS Wage Garnishment with The Law Offices of Nick Nemeth

The Internal Revenue Service (IRS) serves almost two million wage garnishment notices every year. The President’s 2016 Fiscal Year Budget announced that the federal government had collected more than $55 million in wage garnishments in 2014. In cases of wage garnishments, the court issues an order requiring the employer of a tax defaulter to withhold a certain amount of the defaulter’s wage and give it to the person or institution to whom they owe money, which is to be continued until the debt is paid in full. In this blog post, we look at certain rules and procedures governing wage

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Answering 5 FAQs about IRS Payroll Tax Payment

IRS Payroll Tax Payment with The Law Offices of Nick Nemeth

The IRS may seem tough on collecting income taxes, but they are even tougher when it comes to payroll taxes. Payroll taxes the money withheld from employees’ wages, and the employer is required to pay it to the IRS. The money is a trust fund belonging to the federal government, and no matter how good a reason you have for using it for something else, the IRS will hold you liable for non-compliance. If you, like many others, have any doubts about the process of paying payroll taxes, we can clear up any confusion by answering five FAQs. 1. What

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