The Nevada Department of Taxation is responsible for collecting Nevada taxes and enforcing state tax laws.
If a taxpayer cannot pay the full amount of taxes owed the state of Nevada will consider a payment plan to allow the taxpayer to pay back the taxes in monthly installments. Once entered into an installment agreement the penalties on the liability will stop but the interest will continue to accrue on the outstanding tax liability.
It is a good idea to consider other payment options before entering into a payment plan because the Nevada Department of Revenue requires that a lien be placed on your assets until the entire balance is paid back. A tax lien could hurt your credit and prevent you from getting any other financing that you may need while entered into the payment agreement.
First thing you need to do is contact your Revenue Officer at your local office to schedule an appointment. The Revenue Officer will help you through the process of filing the following documents:
Nevada tax law allows the Nevada Department of Taxation to reduce or waive penalties and/or interest that have accrued on unpaid tax balances if the taxpayer can prove that the circumstances for them not being in compliance were out of their control.
To request the department to waive penalties it is required to fill out the Nevada Request for Waiver of Penalty and/or Interest form and provide name, address, tax ID, tax periods and a description of the reason(s) why the penalties should be waived.
With an offer in compromise, the state of Nevada will accept an amount that is less than the full liability and the entire liability would be considered to be paid in full. These types of agreements are mainly accepted in situations where a collection of the tax would cause severe individual financial hardship or would cause a business to go insolvent.
Nevada will allow tax liabilities to be compromised for the following three reasons:
A taxpayer wishing to file for an Offer in Compromise will be given 30 days to complete the OIC form and required documentation. If it is not completed in 30 days then further collection activity will continue from the State of Nevada. The following documents must be filed:
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