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Las Vegas Tax Law Blog

What to do if you missed the 2016 tax deadline

We always have the best intentions to meet deadlines, particularly ones related to taxes, but sometimes life gets in the way.

If this happened to you with regard to your 2016 tax returns, don't panic. Whether you are receiving a refund or owe taxes, you have options.

Those who own rental property must proceed with caution during tax season

Given that we are now mere days away from Tax Day 2017, those sitting down in their kitchens and home offices to finish their tax returns at the eleventh hour will want to make sure that they proceed with the necessary diligence.

In other words, they should be doubly careful to ensure that they didn't overlook anything in their haste and that their return is substantiated by good records. Indeed, any failure to do the latter can pose major problems in the event their return is selected for an audit by the Internal Revenue Service.

One way or the other, the IRS gets its money

Being behind on your taxes is nothing to take lightly, and the consequences of non-payment can be harsh. In fact, the Internal Revenue Service has privileges for collecting delinquent debt that few other creditors share.

If you owe money to the IRS, any delay in payment is likely to mean interest and penalties added to the total. However, that may be just the beginning of the burden an unpaid tax bill can cause.

Can't pay right away? You can still meet the tax-filing deadline

The tax-return filing deadline is fast approaching, with April 18 now only about a week away.

If you need more time to file, remember you are entitled to an automatic six-month extension. All you have to do to get another six months is request it by submitting Form 4868.

But an extension of time to file does not remove the obligation to pay tax. And so, if you can't pay, or can't pay right away, it's time to consider your options.

Tax season means the possibility of an audit

It’s tax season. Some people are already done with their taxes while others are still compiling all their documentation. Most people take quite a bit of care when filing their taxes because they care about accuracy. It’s important to be diligent and take your time when sifting through your financial life during the last year. A small discrepancy somewhere could mean you receive an audit notice.

Some people get an audit notice even if there isn’t a discrepancy, but in many cases that is what triggers the IRS to audit your numbers. So what kind of mistakes could lead to issues?

How do tax liens affect on credit scores? Credit bureaus announce a change

You’ve probably heard that failing to pay taxes or set up a payment plan for doing goes on your credit report and hurts your score.

This is one reason why it makes sense to consider all of your options when facing tax debt. As we noted in an earlier post, those options include filing bankruptcy.

Surviving an IRS audit

There are two types of people in Nevada: those who dread tax time and those who work for the Internal Revenue Service. You probably fall into the former category, especially if you have received a notice in the mail that the IRS is going to audit your tax return. This means that the IRS is checking to make sure that the financial information you reported to the government is accurate.

Many times, audits are electronically triggered when computers determine your credits and deductions exceed what they consider normal. If the IRS is auditing someone close to you - for example, a business partner - the IRS may look into your accounts as well. On the other hand, you may be one of the lucky few whom the agency randomly selects for an audit.

Private tax collectors, part 2: cases of financial hardship

Next month the IRS will begin a program for using the private debt collection industry to go after people with certain types of tax debt.

In part one of this post, we noted that this could hurt the IRS's efforts to prevent scams whereby fraudsters pose as IRS agents. This is because the IRS has repeatedly said that it does not initiate contact with taxpayers by phone- yet the private debt collection program (PDC) would include phone calls by private collectors claiming to be from the IRS.

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