Debt Settlement and Its Implications on Taxes

Posted by The Law Offices of Nick Nemeth on October 19, 2021

Debt Settlement: A Guide for Negotiation

Getting overwhelmed by debts and tax dues is quite a common issue faced by millions of people in the country. People facing a difficult time paying what they owe the IRS or some other creditor can turn to a debt settlement facility, which can help them clear all dues in a very short period. For tax debts, this can be in the form of an IRS installment agreement. While debt settlement is an excellent solution when looking for debt relief, there are some implications to availing this option. Let’s take a closer look at some of them. What is meant

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Important Tax Debt Relief Strategies to Consider

Posted by The Law Offices of Nick Nemeth on October 12, 2021

Tax debt is the difference between the tax someone owes to the state and what they have actually paid. Every year, thousands of Americans end up in IRS debt exposing themselves to a range of IRS problems. In 2019, the national average tax debt was at USD 16,849. Left unresolved, it could lead to a host of complex IRS issues ranging from hefty interest, seizing of assets, or even an international travel ban. Tax debt could further require you to deal with IRS revenue officers or debt collectors continually, which can be a cumbersome experience for anyone. While the implications

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Guide To Requesting IRS Penalty Abatement

Posted by The Law Offices of Nick Nemeth on October 6, 2021

Although the Internal Revenue Service (IRS) is extremely strict when it comes to paying taxes and filing returns, it understands the possibility of taxpayers encountering unavoidable issues that render them incapable of managing these essential tasks. It is always recommended to inform the IRS about your situation and apply for abatement before being considered as a potential tax evader and attracting several penalties. Here is a guide to help you when requesting IRS penalty abatement. Avail of First Time Penalty Abatement Whether you qualify for reasonable cause abatement or not, you are allowed and should prefer availing first time penalty

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Spotlight on IRS Interest & Penalty Abatement

Posted by The Law Offices of Nick Nemeth on August 30, 2021

Paying taxes and filing returns is a responsibility that must be taken care of timeously to avoid any issues with the IRS. Action that can be taken against defaulters include the charging of interest and penalties. While the government agency is quite determined about collecting taxes from defaulters, it offers several options to help taxpayers avoid any severe action that might potentially be taken against them. One of the avenues is IRS interest and penalty abatement. What is IRS Tax Abatement Tax abatement refers to getting exemption from penalties that have been levied against you for missing out on payments

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How Much Do You Actually Pay For IRS Offer In Compromise

Posted by The Law Offices of Nick Nemeth on August 24, 2021

When taxpayers are incapable of paying their tax dues through their monthly income and assets by the end of the given time period, the IRS may consider them eligible for the “Offer In Compromise” program. Under this program, eligible candidates can settle their tax dues by paying a fraction of the actual amount. The IRS also allows people to go with this option if paying the due amount can potentially create financial hardships or the total amount is somehow found to be unfair and unreasonable. Very Few Applications Are Approved Although there are unsurprisingly millions of people that face IRS

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When to Hire a Tax Attorney

Posted by The Law Offices of Nick Nemeth on August 10, 2021

Hiring an IRS tax attorney is the best way to escape harsh penalties and collection action by the IRS. There are, however, instances where you can deal directly with the IRS, especially when the errors or omissions that are at issue pertain to an amount that has little to no impact on the gross income that you reported. It is advisable to always hire an IRS tax attorney when there are chances things could go south. In this blog, we look at some of the scenarios where you need to hire an attorney to help with IRS tax problems. When

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Guide to Preparing a Request for Appeal

Posted by The Law Offices of Nick Nemeth on August 3, 2021

Every year, millions of tax accounts are audited by the IRS. An IRS audit is a result of a mistake in a taxpayer’s return or suspicion of potential tax fraud. Sometimes, you may receive an unfavorable ruling after a tax audit. If your tax account was audited recently and you are not satisfied with the outcome, you have the option to request for appeal in the IRS appeal office. The IRS appeals phone number is inundated with calls from taxpayers seeking to get decisions against them assessed. In many cases, the IRS office of appeals may overturn or at least

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All You Need to Know about Tax Payment Plans

Posted by The Law Offices of Nick Nemeth on July 26, 2021

Many times taxpayers find themselves in a situation where they owe taxes and are unable to pay at once. The IRS takes strict action when it comes to collecting back taxes and enforcing tax laws. If you find yourself in a situation where you can’t pay your taxes all at once, you can apply for various IRS payment plans that can help you pay your back taxes in a convenient way. In this blog post, we will discuss the different payment plans offered by the IRS and how they can help you clear back taxes. Read on. What is an

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How Tax Debt Can Impact Unemployment Tax Refunds

Posted by The Law Offices of Nick Nemeth on July 22, 2021

A tax debt can have far-reaching consequences in a variety of ways. That is why it is important to do all you can to pay outstanding taxes as soon as possible. One of the ways tax debt can negatively impact taxpayers is by interfering with unemployment tax refunds. According to the IRS, Unemployment Tax Refunds are subject to normal offset rules, which means they can be seized on account of unpaid federal tax, state income tax, state unemployment compensation debts, child support, spousal support or student loans. Tax attorneys can help taxpayers seek IRS debt relief on favorable terms that

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Tax Liens: What is a Tax Lien Certificate?

Posted by The Law Offices of Nick Nemeth on July 19, 2021

A tax lien certificate is a legal document that is issued against a taxpayer’s property that has a lien placed on it due to unpaid taxes. Tax lien certificates are sold to investors through an auction process, allowing the tax authorities to recover the tax amount along with penalties and interest. Taxpayers that are the subject of tax lien should immediately seek tax lien assistance from seasoned tax attorneys. Read on as we discuss various aspects of a tax lien certificate. Definition of a Tax Lien Certificate According to National Tax Lien Association (NTLA), a tax lien certificate is an

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Kristi Thompson

19:31 21 May 18

Making a call to Nick Nemeth was the best decision I ever made. After years of fighting the IRS myself and getting deeper and deeper into debt with interest adding up to more than I owed to start with I had to do something. Nick's office got the IRS to settle with me for 10% of what they said I owed. Although it took a little over a year it was worth it in the long run. Elizabeth is in my opinion one of the best employees that Nick has. She stayed in touch with me and explained everything every step of the way. I totally recommend them to help with IRS issues. Thank you again Kristi Thompson

Peter Demusz

11:38 29 Jun 18

Best choice possible. Great attorney. And the staff there are amazing. From the front desk to the back of the back office they are professional, knowledgeable, and compassionate.

Steve Foose

11:14 19 Jun 18

Sherry and I just wanted to say Thank You to everyone at the Law Offices of Nick Nemeth! From the very beginning the staff has always been very personable and of course professional. The payment terms up front were very helpful and the communication was always prompt. The most important item we want to make clear was the level of commitment and services provided on the firms part never dwindled from the beginning to the end, long, long after the payments were made by us. Also the prediction of the settlement was very close to what we were told from the very start. At one point the IRS claimed we owed almost $10,000,000 in taxes!!! Through the firms hard work and extensive experience our case has been settled and we will have paid $88,469 total. Thank you very much...Promises Made, Promises Kept, Steve and Sherry Foose May 29th, 2018

J Baker

03:11 08 Feb 18

We enjoyed working with Nick and his staff. They are very professional, courteous and timely. The main thing I appreciate about Nick is that he will tell you upfront whether or not he can help you. While our situation was unique to us--we were not able to get much relief from the IRS. However, Nick was able to help us manage our way through the extremely untimely, inefficient, and non-compassionate IRS. We are very thankful for Nick's help with this process. There is no way we would have been able to figure out the IRS process on our own. If you think you can do it on your own--good luck--but I would recommend giving Nick a call.

Jay Goodart

20:04 13 Jun 18

NIck and his team were very helpful in resolving an ongoing issue with the IRS. The team was great at keeping me current on all correspondence and brought a long outstanding issue to a quick and equitable close. Highly recommend them.

Robert Woodward

01:36 21 Sep 19

We owed the IRS a tax debt we could not even possibly begin to pay. We had tried dealing with the IRS directly and had talked with another attorney and had been given a dire picture of what would ensue, and were more confused and fearful than when we started. We walked into The Law Offices of Nick Nemeth full of fear and trepidation, not knowing what to expect. The front desk staff were relaxed and professional, and assured us that if anybody could help us, it would be Nick Nemeth. Nick walked into the conference room and was confident and friendly. After talking with us at length and reviewing our files, he told us that we qualified to obtain the rare and coveted Offer in Compromise, which would, if approved by the IRS, result in a one-time payment of a small fraction of our tax debt. We met with Brittney, our case manager, who clearly explained what we would need to do, and that we would be working with Brad and Elizabeth as well. All three were readily available to communicate with us via telephone or email and met with us in person as needed. They helped us complete all the necessary documentation for submission to the IRS, and were very reassuring during the long wait for the IRS to come to a decision. Much to our surprise and delight, our Offer in Compromise was accepted by the IRS, reducing our tax debt from well over $100,000 to just over $1,300! This would never have happened without the assistance and knowledge of Nick Nemeth, Elizabeth, Brittney, Brad, and the other staff of Nick’s law office. We would highly recommend retaining their services to anybody who feels overwhelmed and hopeless due to a huge tax debt. Don’t give up! Nick and his staff will not give up, and will fight the IRS for you to the end! The relief of having such a huge weight lifted off our shoulders was indescribably relieving. Christy and Bob Woodward

David Tracy

12:52 04 Jul 19

Nick and his staff were so helpful and informative. Although he could not assist me me at this time, he did refer me and his assistant Joanne was more than willing to help me find a to a CPA that he was was confident with and believed he could help solve the problem I am facing. The staff was friendly and eager to help in any way they could. Kudos to all the people at his office. Great people!

mike swope

16:49 17 May 19

Nick was not our first foray into this, the previous others had either just stolen our money or taken our money and closed their business without any refund, and we were left hanging. Not Nick Nick is the real deal, he has the knowledge both legal and practical to help you find a way back above the water. His team is rock solid and they answer your calls and email every time. Not only did Nick do what he said he would do, which is rare in today business world, he also helped us learn and grow so were better prepared for any future issues too. When I say trust I mean Trust Nick!

Stinson Bland

20:22 20 Mar 19

I spoke to Chase about hiring him to help me with my back taxes. He took his time to understand my situation and gave me honest feedback. He truly put my interest first and didn't try to sell me anything. He simply gave me a few options and told me what he thought made the most sense in my current situation. I highly recommend speaking to him if you have questions or concerns associated with the IRS and taxes.

Victor Arroyo

17:50 23 Jan 19

Nick, I am really glad we had a mutual friend who knew you. From the first consultation, which was real and genuine, to meeting everyone that was on my team, I really felt you all understood my situation. I was seven years behind on filing my taxes and all the sudden I get hit with a tax lien. That woke me up! I really felt Nick and his team understood and cared about my IRS problem. Brittney was phenomenal! Your process of time lines and check points made it challenging for me, however, it provided me an easy path and simplified it in a way that I could understand. Thank you for all your support. I am very thankful that when I shared my painful and embarrassing situation with my friend that he recommended you. I didn’t have to look over all town and waste my time and money with an organization that doesn’t have a face behind the name. I know I made the right decision. My recommendation to every one, HIRE THE EXPERTS!