Nemeth IRS News

Nick Nemeth and Jamie Flores

Every year the IRS sends millions of notices and letters to taxpayers for a multitude of reasons. We understand that seeing an envelope from the IRS can cause fear and anxiety! But, take a deep breath and recognize that taking care of the problem is likely a straightforward solution. Welcome to Nemeth IRS News, featuring Nick Nemeth, Founder, of the Law Offices of Nick Nemeth, and Jamie Flores, a Managing Attorney at the firm, for in-depth tax talk! Join us for each episode as Nick Jamie explore the world of tax law and offer solutions for resolving a variety of issues with the IRS. Every episode will feature a new topic and draw upon real examples of Nick and Jamie's client cases.

Nemeth IRS News - Episode 5 (Ever Wonder How IRS Debt Settlement Really Works)
Feb 18 2022
Nemeth IRS News - Episode 5 (Ever Wonder How IRS Debt Settlement Really Works)
People often think of the IRS as a ruthless government agency, however, there are circumstances in which the IRS will actually allow you to settle your debt for less than the total amount you owe, if you meet certain criteria. It is important to understand all the options and pick a strategy that works best for you, and working with a tax attorney may be the best move. In the latest installment of Nemeth IRS News, Nick and Jamie highlight how the debt settlement process with the IRS actually works. Plus, they'll explore the various strategies at your disposal and how they can be utilized in various circumstances. Sit back, relax, and enjoy another informative episode that's bound to leave you with considerations for your own tax debt situation. Timecodes: 0:06 - Introduction and overview on the topic of the day 1:56 - What is IRS debt settlement overall? 2:47 - The usual options a taxpayer has for settling their tax debt 3:52 - A partial pay installment plan with the IRS 5:37 - How to qualify for a partial pay installment agreement 8:09 - An offer in compromise and how your debt is settled with this strategy 10:20 - Who is eligible for an offer in compromise? 12:08 - How the amount is determined when dealing with an offer in compromise 13:40 - The fees associated with the offer in compromise 15:42 - Start taking action now and look into both these strategies 18:03 - Closing remarks Connect with Nick Nemeth and Jamie Flores: (Website) (Facebook) (YouTube) (LinkedIn)
Nemeth IRS News - Episode 3 (When IRS Abatement of Penalties is Possible)
Nov 19 2021
Nemeth IRS News - Episode 3 (When IRS Abatement of Penalties is Possible)
Falling behind on paying your taxes to the IRS will result in penalties and interest charged by the government agency. And the longer your tax debt goes unpaid, the higher the interest and penalties will go. Fortunately, there are IRS penalty abatement options available to select people and situations, though many people are not aware of this possibility. In the latest installment of Nemeth IRS News, Nick and Jamie explore who can benefit from IRS penalty abatement and how to take advantage of the benefit. Keep in mind, applying for IRS penalty abatement is a complex process that requires professional help to stop the IRS collection process. Luckily, we have Nick and Jamie to share their valuable insights on the matter! Timecodes: 0:06 - Overview on the topic of the day 1:59 - What is an IRS penalty abatement? 2:58 - Examining the different penalty abatement options available 4:40 - Reasonable cause and how this option comes into play 6:20 - What to do if you don't qualify for any of the options listed 8:32 - An example of a case Nick worked on in the penalty abatement process 10:12 - How much money can be abated and is there a limit to that amount? 11:58 - How someone goes about requesting a penalty abatement 14:15 - Additional considerations when applying for IRS penalty abatement 15:41 - Closing remarks and how to get in touch with their team Connect with Nick Nemeth and Jamie Flores: (Website) (Facebook) (YouTube) (LinkedIn)
Nemeth IRS News - Episode 2 (Bad Things That Can Happen When You Owe Taxes)
Oct 1 2021
Nemeth IRS News - Episode 2 (Bad Things That Can Happen When You Owe Taxes)
In the latest installment of Nemeth IRS News, Nick and Jamie explore the wide variety of of tools the IRS has at their disposal should you neglect to pay your tax debt. It's never a good thing when the IRS comes knocking, but it's important to understand that strategies and solutions exist for dealing with tax-related issues. Thankfully, Nick and Jamie provide an overview on the various processes that can help you depending on your own personal tax issue. This is an episode full of important information that you won't want to miss! So sit back, relax, and enjoy another enlightening conversation surrounding the different tactics you have at your disposal to help deal with tax debt. Timecodes: 0:07 - Welcome to the show and overview on today's topic 2:22 - What happens to someone who doesn't file your tax return or pay your taxes? 3:51 - The repercussions of a tax lien and how it impacts the taxpayer 5:21 - What the Law Offices of Nick Nemeth can do to assist with a tax lien 6:51 - Worst case scenario for someone who repeatedly fails to pay or file their taxes 9:33 - The common situations that lead people to accumulate tax debt in the first place 11:08 - What happens during these situations and how issues stacked up 13:44 - Recommendations on how to approach taxes if you can't file by the due date 16:14 - How someone can make progress on taxes even if they don't have the money to cover their tax bill 17:43 - Closing remarks Connect with Nick Nemeth and Jamie Flores: (Website) (Facebook) (YouTube) (LinkedIn)
Nemeth IRS News - Episode 1 (Got an IRS Problem? We've Got Solutions)
Aug 9 2021
Nemeth IRS News - Episode 1 (Got an IRS Problem? We've Got Solutions)
Welcome to the inaugural episode of Nemeth IRS News, featuring the bright minds over at the Law Offices of Nick Nemeth. In the spirit of kicking off our new show, we introduce you to the Founder, Nick Nemeth, and our Managing Attorney, Jamie Flores, and showcase their extensive experience in dealing with tax law. Listen as Nick and Jamie dive into the most pressing IRS topics their office faces on a daily basis. From tax mitigation strategies to solutions on failing to make tax payments, Nick and Jamie have seen it all. So sit back, relax, and enjoy a provoking conversation surrounding the options you have at your fingertips should the IRS come knocking. Timecodes: 0:08 - Welcome to the show and introducing our stars 3:00 - The most common IRS tax problems people may face 4:45 - The issues surrounding mismatched or unreported income 6:27 - Issues facing people that don't file a tax return at all 8:05 - What happens at the beginning of the process when the IRS notices an issue 9:36 - A simple tip for taxpayers on checking their withholdings 10:54 - What options are available for taxpayers when they can't afford an IRS bill 12:52 - The misconceptions surrounding extensions when filing returns 14:30 - The consequences of ignoring an IRS letters or failing to pay an IRS debt 18:15 - Don't ignore an IRS problem 19:37 - What people should consider when receiving an audit notice from the IRS 21:52 - Changes in 2021 that could lead to issues within people's tax returns 23:16 - Closing remarks Connect with Nick Nemeth and Jamie Flores: (Website) (Facebook) (YouTube) (LinkedIn)