Randolph Law Firm, P.C.

December 2013 Archives

Take care of all tax debt when closing down a business

Closing a business is not always a sign of disaster. In Nevada as well as everywhere else, it may instead signify closing out an old approach and entering into new financial vistas and opportunities. In any event, it's not possible to shirk the business's tax responsibilities simply because it's closing down. When closing the company, all tax debt should be resolved and paid. Remember to notify the IRS of the closing and the termination of the company's tax identification number.

IRS seeks $18.4 million in taxes from world champ Pacquiano

It's most always better to deal with the IRS then to try to avoid the problem. It's when the IRS receives no responses to its initial battery of bills and notifications, that it usually escalates its approach. Ironically, during that long first phase of collections, it's reportedly extremely difficult to establish personal contact with an agent to discuss an agreement. Under procedural patterns similar in Nevada and other states, the visit from a collections agent usually comes much later, when it may be too late to obtain favored terms.

Personal tax debt can be best handled by settlement with IRS

It's a fairly well-known fact that if one owes the IRS back taxes and doesn't pay immediately, the penalties assessed are enormous. Thus, what seemed like a minor annoyance when first announced will eventually grow into a huge mountain of tax debt that could crush anyone's ability and resolve to pay. It doesn't matter if you reside in Nevada or somewhere else. The federal tax rules relative to tax penalties are the same everywhere.

State tries to collect tax debt paid in full years ago

Taxpayers can face some particularly egregious problems when county or state governments hire outside collectors to go after late payers. These problems can occur in Nevada and in every other state. Some governmental agencies have a tendency to hire their collection agents without checking their credentials or history for improper tactics. Thus, in some cases, collectors seeking to recover an alleged tax debt can present a real problem to taxpaying citizens.

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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
Fax: 702-233-5597
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