Randolph Law Firm, P.C.

July 2012 Archives

Man loses fight with IRS; highlights law for Nevada residents

A former senior executive at Mobil Oil has lost his fight with the IRS. The man is accused of not disclosing over $7 million in funds allegedly hidden in overseas bank accounts. A decision from a federal appeals court ruled in favor of the IRS recently. This case has implications in Nevada and the rest of the country and has been watched to see how federal courts would rule concerning someone who apparently knew that the money in their foreign accounts had to be disclosed to the IRS and yet did not do so.

Tips for Las Vegas business owners to avoid a tax audit

It's a nightmare scenario for most Law Vegas small-business owners. A notice comes in the mail for a tax audit, causing a business owner to begin to panic. Although tax season is officially over for this year, taking precautions to avoid a tax audit is always smart business. During the past 10 years, the IRS has scrutinized corporations with less than $10 million in assets. In 2011, the IRS performed more small-business tax audits than in any other year over the past decade, examining 19,697 tax returns.

Las Vegas tax liens can be detrimental to homeowners

A sad report recently issued by the National Consumer Law Center offered some startling news that could affect Las Vegas homeowners. Tax debts of as little as $400 could cause elderly citizens and other homeowners to lose their homes. The report states that outdated laws in a number of states allow the purchase of those homes for sometimes meager sums of money. Banks and other investors buying tax liens can later resell them, likely at a huge profit, if the tax debt remains unpaid.

Legislation offering tax debt relief set to expire at end of 2012

The nation's struggling economy has hit homeowners especially hard over the past few years. Many in Nevada and across the country have had to make the tough choice to either default on their home mortgages or agree to a short sale in order to get out from under a house payment they can no longer afford. Unfortunately, legislation offering relief from tax debt related to home loan forgiveness and short sales is set to expire at the end of 2012 unless Congress intervenes.

IRS extends Fresh Start initiative in Las Vegas and rest of U.S.

The IRS has extended its "Fresh Start" initiative in an effort to help Las Vegas and other U.S. taxpayers who may be struggling with the amount of taxes they owe. The penalty relief initiative will give taxpayers who qualify a six-month extension to pay off their 2011 taxes. The IRS will still require that interest be applied on those taxes from April 15, 2012 until they are paid, but certain taxpayers won't face any penalties relating to failure to pay if the tax, interest and any other required penalties are paid in full by October 15, 2012.

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Randolph Law Firm, P.C.
6260 N. Durango Drive
Las Vegas, NV 89149

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