Welcome back to the latest installment of Nemeth IRS News, where we address the common issues surrounding IRS tax debt and the steps you can take to solve this problem.

In today's episode, we're showcasing the importance of using a proven tax professional to work alongside as you take on the IRS. Don't let your tax debt keep you up all night! Lean on the experts at the Law Offices of Nick Nemeth for guidance through these tough times.

Timecodes:

0:06 - Introduction and overview on the topic of the day

1:30 - Welcoming Jamie Flores to the show

2:37 - Is there a difference between tax debt and back taxes?

3:45 - The difference between an IRS tax attorney and an attorney

4:45 - Specific ways an IRS tax attorney can help someone with tax debt

7:00 - You should always deal with your tax debt immediately!

9:21 - What could happen if you don't pay your taxes

10:25 - Collectors can seize bank accounts and passports

11:36 - Closing remarks

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No one enjoys paying taxes. Plain and simple. But as the saying goes, there are two certainties in life: death and taxes. So, taxes are an inevitable part of life.

If you don’t pay your taxes, something called “back taxes” accumulate. And as time passes, penalties and interest also pile on, making the overall debt snowball in size. Rest assured however, that if you are struggling with growing back tax debt, there are many ways to regain control over the situation.

In the latest installment of Nemeth IRS News, we're covering the various strategies at your disposal should you fall into a situation where you owe back taxes to the IRS.

Timecodes:

0:06 - Introduction and overview on the topic of the day

2:36 - What are back taxes?

3:06 - What to know if you can't pay your back taxes

4:26 - The penalty for not filing your tax returns

6:09 - What if you don't have the accurate and detailed records needed to prepare your tax returns

7:48 - The six year rule

9:10 - What happens when you can't pay your back taxes?

10:45 - Additional advice for someone who can't pay their full tax bill

11:55 - There are options and solutions available for you!

13:22 - Closing remarks

Connect with Nick Nemeth and Jamie Flores:

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Owing taxes to the IRS is no laughing matter. Between the penalties and other fees that add up, you may find yourself facing a bill larger than you’d imagine.

In the latest installment of Nemeth IRS News, we’re going to discuss what steps you can take if you find yourself owing taxes. And as always, if you find yourself facing this issue, we encourage you to contact the Law Offices of Nick Nemeth. Our IRS tax attorneys can help!

So sit back, relax, and enjoy another informative conversation!

Timecodes:

0:06 - Introduction and overview on the topic of the day

1:50 - Jamie Flores sets the scene

2:24 - The most common reasons someone might owe money to the IRS

4:20 - How your tax bill can grow and worsen as time goes on

7:00 - The recommended steps to take if your tax bill is higher than you anticipated

8:03 - The penalties for not filing your tax return on time

12:00 - Installment agreements and an offer-in-compromise

14:45 - How an offer-in-compromise can be achieved and who qualifies for this

17:27 - Closing remarks

Connect with Nick Nemeth and Jamie Flores:

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People often think of the IRS as a ruthless government agency, however, there are circumstances in which the IRS will actually allow you to settle your debt for less than the total amount you owe, if you meet certain criteria. It is important to understand all the options and pick a strategy that works best for you, and working with a tax attorney may be the best move.

In the latest installment of Nemeth IRS News, Nick and Jamie highlight how the debt settlement process with the IRS actually works. Plus, they'll explore the various strategies at your disposal and how they can be utilized in various circumstances.

Sit back, relax, and enjoy another informative episode that's bound to leave you with considerations for your own tax debt situation.

Timecodes:

0:06 - Introduction and overview on the topic of the day

1:56 - What is IRS debt settlement overall?

2:47 - The usual options a taxpayer has for settling their tax debt

3:52 - A partial pay installment plan with the IRS

5:37 - How to qualify for a partial pay installment agreement

8:09 - An offer in compromise and how your debt is settled with this strategy

10:20 - Who is eligible for an offer in compromise?

12:08 - How the amount is determined when dealing with an offer in compromise

13:40 - The fees associated with the offer in compromise

15:42 - Start taking action now and look into both these strategies

18:03 - Closing remarks

Connect with Nick Nemeth and Jamie Flores:

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If you don’t pay your taxes—then what are called ‘back taxes’ begin to add up. Basically, back taxes are any taxes that you have failed to pay over time. And the more time that passes, the more penalties and interest that will accrue, making your overall debt bigger.

In the latest installment of Nemeth IRS News, we're diving into several options available for people struggling with back tax debts. This can get complicated, so we always suggest you work with a tax professional!

Timecodes:

0:07 - Introduction and an overview on the topic of the day

1:37 - Jamie joins the show and introduces herself

1:54 - Should you file your late tax returns even if you can't pay them?

2:40 - A Substitute for Return and the details behind it

4:48 - The options for people that aren't able to write a check and clear the debt

7:33 - What is an offer in compromise?

9:50 - Payment plans with the IRS and how they work

13:45 - The consequences people can face by ignoring their tax debt

14:39 - How bankruptcy filing works

16:21 - Closing remarks

Connect with Nick Nemeth and Jamie Flores:

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Falling behind on paying your taxes to the IRS will result in penalties and interest charged by the government agency. And the longer your tax debt goes unpaid, the higher the interest and penalties will go. Fortunately, there are IRS penalty abatement options available to select people and situations, though many people are not aware of this possibility.

In the latest installment of Nemeth IRS News, Nick and Jamie explore who can benefit from IRS penalty abatement and how to take advantage of the benefit.

Keep in mind, applying for IRS penalty abatement is a complex process that requires professional help to stop the IRS collection process. Luckily, we have Nick and Jamie to share their valuable insights on the matter!

Timecodes:

0:06 - Overview on the topic of the day

1:59 - What is an IRS penalty abatement?

2:58 - Examining the different penalty abatement options available

4:40 - Reasonable cause and how this option comes into play

6:20 - What to do if you don't qualify for any of the options listed

8:32 - An example of a case Nick worked on in the penalty abatement process

10:12 - How much money can be abated and is there a limit to that amount?

11:58 - How someone goes about requesting a penalty abatement

14:15 - Additional considerations when applying for IRS penalty abatement

15:41 - Closing remarks and how to get in touch with their team

Connect with Nick Nemeth and Jamie Flores:

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In the latest installment of Nemeth IRS News, Nick and Jamie explore the wide variety of of tools the IRS has at their disposal should you neglect to pay your tax debt.

It's never a good thing when the IRS comes knocking, but it's important to understand that strategies and solutions exist for dealing with tax-related issues. Thankfully, Nick and Jamie provide an overview on the various processes that can help you depending on your own personal tax issue.

This is an episode full of important information that you won't want to miss! So sit back, relax, and enjoy another enlightening conversation surrounding the different tactics you have at your disposal to help deal with tax debt.

Timecodes:

0:07 - Welcome to the show and overview on today's topic

2:22 - What happens to someone who doesn't file your tax return or pay your taxes?

3:51 - The repercussions of a tax lien and how it impacts the taxpayer

5:21 - What the Law Offices of Nick Nemeth can do to assist with a tax lien

6:51 - Worst case scenario for someone who repeatedly fails to pay or file their taxes

9:33 - The common situations that lead people to accumulate tax debt in the first place

11:08 - What happens during these situations and how issues stacked up

13:44 - Recommendations on how to approach taxes if you can't file by the due date

16:14 - How someone can make progress on taxes even if they don't have the money to cover their tax bill

17:43 - Closing remarks

Connect with Nick Nemeth and Jamie Flores:

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Welcome to the inaugural episode of Nemeth IRS News, featuring the bright minds over at the Law Offices of Nick Nemeth. In the spirit of kicking off our new show, we introduce you to the Founder, Nick Nemeth, and our Managing Attorney, Jamie Flores, and showcase their extensive experience in dealing with tax law.

Listen as Nick and Jamie dive into the most pressing IRS topics their office faces on a daily basis. From tax mitigation strategies to solutions on failing to make tax payments, Nick and Jamie have seen it all.

So sit back, relax, and enjoy a provoking conversation surrounding the options you have at your fingertips should the IRS come knocking.

Timecodes:

0:08 - Welcome to the show and introducing our stars

3:00 - The most common IRS tax problems people may face

4:45 - The issues surrounding mismatched or unreported income

6:27 - Issues facing people that don't file a tax return at all

8:05 - What happens at the beginning of the process when the IRS notices an issue

9:36 - A simple tip for taxpayers on checking their withholdings

10:54 - What options are available for taxpayers when they can't afford an IRS bill

12:52 - The misconceptions surrounding extensions when filing returns

14:30 - The consequences of ignoring an IRS letters or failing to pay an IRS debt

18:15 - Don't ignore an IRS problem

19:37 - What people should consider when receiving an audit notice from the IRS

21:52 - Changes in 2021 that could lead to issues within people's tax returns

23:16 - Closing remarks

Connect with Nick Nemeth and Jamie Flores:

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Facebook

YouTube

LinkedIn