Randolph Law Firm, P.C.

September 2014 Archives

You may owe a penalty to the IRS for not getting health coverage

Whether you reside in Nevada or another state, it's advisable to not opt out of the Affordable Care Act without first investigating the financial impact of such a decision. Harsh penalties may apply in some instances. At the highest tax bracket, the penalty could be as high as $12,240 for 2014 and progressively higher in later years. When you file a return with the IRS in April of 2015, you will be required to report your status pursuant to the Individual Shared Responsibility Provision.

IRS tax lien prevents taxpayer from disposing of real estate

Both here in Nevada and elsewhere, it's difficult to know in advance when the IRS will file a tax lien against a taxpayer and his or her property. The head of a major state agency in another state can attest to that fact. He reports that he was paying on a tax installment agreement with the agency, and was therefore surprised to learn that an IRS tax lien had been filed against him and his wife.  

Class action suit against the IRS seeks refund for tax preparers

Pursuant to regulations issued by the IRS in 2010, tax preparers in Nevada and all of the states must pay a fee and obtain what is called a preparer tax identification number (PTIN). The IRS takes in a handsome sum of money with its PTIN program. The anticipated income is from 51 million to $77 million per year. To date, it's estimated that tax preparers have paid over $150 million to the agency.

The IRS may be there to collect taxes if you lose your job

A Nevada citizen who loses his or her job can actually need some beefed-up tax counseling after that dreaded event occurs. It may at first blush seem unlikely, but losing your job can ultimately result in several taxable events. First, severance pay and benefits received are taxable, according to the tax code and the IRS.

Nevada residents can successfully file a tax appeal

Everyone wants to do their part to keep the country running, but sometimes tax issues can simply be overwhelming. Taxes are a part of life that most people dread. This is particularly true if an audit is requested by the IRS. Nevada residents who have been audited and don't agree with the outcome can file a tax appeal.

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

Toll Free: 800-547-8465
Phone: 702-570-3211
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