Randolph Law Firm, P.C.

Las Vegas Tax Law Blog

Are my tax obligations nullified after I die?

You may have avoided filing a tax return for the last few years. No one’s come to haul you off to jail yet, so maybe you’re thinking you can just ride this out until the end. If you pass away without having paid off your tax debt, does it really hurt anybody?

The answer is yes. After you die, your tax debt lives on—and it will continue to follow whoever’s next in line until it gets settled. Here’s how it works:

Tips to protecting yourself against identity theft

Identity theft is a growing concern around the world. If your credit card number falls into the wrong hands, your bank account could be wiped clean without you even noticing. If your Social Security Number (SSN) is stolen, the results can be even more devastating.

If an identity thief gets a hold of your SSN, they can use it to gain other personal information about you. Equipped with this information, they can fraudulently open credit cards in your name—spending to the limit on each one. You may not even realize that any of this has happened until you notice that your credit rating has suddenly dropped or you begin receiving harassing phone calls from creditors.

Do you have reason to apply for an offer in compromise?

When you must contend with any kind of debt, you can easily begin to feel overwhelmed. When the debt relates to back taxes owed to the Internal Revenue Service, you may not only feel overwhelmed by the remaining balances but also stressed about potential consequences. As a result, you may wonder what options you could have.

Finding the right way to address tax debt issues can be a tedious and sensitive affair. You may worry that the IRS will immediately punish you if you attempt to address those issues. However, ignoring the problem will not make it go away. Therefore, you may want to learn more about options such as offers in compromise.

What documentation do I need to provide in an audit?

A tax audit can happen to anyone. However, if you’re self-employed, you might have claimed deductions for your home office and a bunch of work-related expenses on your tax return. While these deductions could all be legitimate, they will likely give the IRS pause and force them to examine your tax return more scrupulously.

If you get audited by the IRS, you need to be able to prove that you are eligible for all the credits and deductions you claimed. This is achieved by thorough recordkeeping. Today we examine the documentation you’ll need to be able to supply to the IRS to prove your case.

Tips for Nevada taxpayers with income from multiple states

One point of confusion for many tax payers is how to handle their taxes if their work is located in a different state than where they live. The specifics of your work arrangement—as well as state-specific laws—determine how to proceed. Today we examine the various geographic scenarios that affect your tax filing process if you live in Nevada.

Nevada is one of seven U.S. states that do not have a state income tax. Therefore, the tax requirements when other states become involved are a bit unique:

Bankruptcy ban on marijuana businesses

For many business owners, filing bankruptcy can offer real benefits. If your business is hurting, bankruptcy can give it a much-needed second chance. Bankruptcy can eliminate your old tax liabilities and facilitate the rebuilding of your credit.

However, if you're a marijuana business owner-or even if you're involved in a business only loosely connected to marijuana-bankruptcy relief is not an option for you.

IRS may implement automatic tax penalty forgiveness program

Seventeen years ago, the IRS created a program designed to remove certain tax penalties for late payment or late filing. Individuals with no tax penalties for their previous three tax returns could be eligible. The program is called the First-Time Penalty Abatement program (FTA). This year alone, more than 1.35 million Americans could stand to benefit from it.

The problem, since the program’s inception, has been that only a fraction of the tax payers who are eligible for FTA even know about it. Many tax professionals, too, are unaware of this abatement option.

How do I catch up on my unfiled taxes?

Paying taxes is something most people grumble about. While some tackle their returns on their own, others rely on professionals, especially if they have complicated finances. However, you may be among those who has put off filing your returns until you are several years behind. Sooner or later, the IRS will catch up with you, and it may be a wise idea to take care of the situation before then.

Resolving your delinquent taxes may be as easy as filing those late returns. Unfortunately, if you owe back taxes, your situation may be more complicated. Nevertheless, you may have options, and with the advice of a legal professional, you may be able to minimize any negative consequences.

When you have IRS trouble: 3 reasons to hire a tax attorney

Being in trouble with the IRS can be a stressful time for anyone. You may not be familiar with tax law, and you may not know the most cost- and time-efficient way to resolve your tax issues. It can be extremely useful to hire a tax expert to help you through the process. But why hire a tax attorney? Today we provide three key benefits a tax attorney can offer:

Is it ever acceptable to not pay my taxes on time?

Sometime tax payers fail to file their returns—or pay the amount they owe in taxes—by the deadline. Today we examine common instances under which this behavior may not be subject to a penalty.

The IRS may forego a penalty for late filing or late payment if you have what is known as “reasonable cause.” If you were hospitalized for an extended period of time, you may have been unable to file your return. If certain events led to financial hardship, you may have been unable to pay your taxes. Under such conditions, the IRS may elect to reduce or remove your tardiness penalty.

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

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