Randolph Law Firm, P.C.

May 2014 Archives

IRS tax revenues come mainly from individual income taxes

Now that tax season has gotten over the hump, it may be useful to understand the different sources of tax revenues that are collected by the government. The IRS collects income taxes from businesses, employers, estates, and individuals. There are also gift taxes and excise taxes. These are common to the residents of Nevada and every other state.

Taxpayers may want to settle with the IRS before new procedures

There is a continuing heated debate about whether the Congress should reinstitute a prior practice of hiring private companies to collect back taxes owed. According to an article in Forbes, there are over five million people in the country, including a fair share in Nevada, who owe back taxes to the IRS. There are fairly pointed arguments on both sides of the debate.

Wage theft against employees hurts both workers and the IRS

One question frequent issue regarding taxes is whether an individual has been properly classified as an independent contractor or should instead be listed as an employee. The problem affects the worker and it also impacts the Treasury Department and the IRS because the improper classification of workers as independent contractors robs the federal coffers of billions each year. Obviously, the practice takes place throughout the country, including in Nevada.

Confront IRS issues for a smaller tax bill and fewer headaches

A recent article in Bloomberg Businessweek indicates that some people may actually forget to file their tax returns. It seems more likely that the non-filing is due to a lack of funds to pay what is owed to the IRS. As suggested on this blog in the past, the best procedure is to file the executed tax return, even without enclosing the amount due or by enclosing a check for a partial amount. Whether the taxpayer is in Nevada or another state, this procedure may stop certain penalties and will be at least be a showing of good faith.

Budget cuts weigh heavily against IRS collection abilities

The Government Accountability Office (GAO) recently reported that the substantial budget cuts suffered by the Internal Revenue Service in the past few years has resulted in staff reductions and "uneven performance." The GAO reports that the IRS budget cuts total $900 million since the 2010 fiscal year. The government may in a sense be cutting off its proverbial nose to spite its face sequester cuts of $500,000 last year are associated with a dip in tax revenue of more than $2 billion. The impact on IRS personnel and on taxpayers is felt in Nevada and throughout the country.

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