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Eric Steven Day

Eric Steven Day

Day & Associates
  • Tax Law, Estate Planning, Elder Law...
  • Nevada
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Summary

As an ex-IRS agent, I have developed over the years and in-depth knowledge of the IRS system and the processes that they use to conduct audits and collections of taxpayer accounts. With this knowledge I can provide expert representation to taxpayers throughout the nation by using their processes against them. With my help we can take care of anything that is consuming your mind and help put it to rest. Let me help you take care of your IRS issues and get you back to living life to the fullest. Call us at Day & Associates today!

Practice Areas
  • Tax Law
  • Estate Planning
  • Elder Law
  • Business Law
  • Personal Injury
Fees
  • Free Consultation
  • Credit Cards Accepted
  • Contingent Fees
    When representing individuals involved in an accident we accept a contingency fee based form of payment.
Jurisdictions Admitted to Practice
Nevada
US Tax Court
Languages
  • English: Spoken, Written
Professional Experience
Tax Attorney
Day & Nance
- Current
I am a tax attorney assisting clients with their disputes against the IRS. This involves both audits and IRS debt negotiations.
Attorney at Law
Day & Associates
- Current
We represent taxpayers in audits, tax appeals, tax court petitions, federal court and IRS debt negotiations. We have ex-IRS agents that know the process and are better qualified to provide expert representation.
Tax Attorney
Anderson Business Advisors
-
Intern/Office of Chief Counsel
Internal Revenue Service
Tax Compliance Officer
Internal Revenue Service
Education
Loyola Law School, Los Angeles
LL.M. (2014) | Taxation
-
University of Idaho
J.D. (2013) | Law
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University of Nevada-Las Vegas
B.S. (2006) | Finance
-
Professional Associations
Nevada State Bar
- Current
American Bar Association
- Current
Certifications
LL.M. - Master of Laws in Taxation
Loyola Law School, Los Angeles
Websites & Blogs
Website
Day & Associates
Legal Answers
55 Questions Answered

Q. I got whiplash as a result of a rear-end accident. Can I sue for pain and suffering?
A: Yes, you will have to retain an attorney to file a complaint against the individual driving the other car. However, you will need to get the treatment needed as soon as possible and probably wait until treatment is done in order to know what the value of your case is before filing the Complaint.
Q. Taxation of an LLC owned by non USA residents
A: If the income is earned within the U.S., the taxpayers always have to file a US tax return to pay taxes on the income that they generate in the U.S. They may also have to file the income in the foreign country that they reside in, but they will likely get a credit for any income taxes that they pay to the U.S. on the same income. A lot of this depends on the country and whether the U.S. has any treaties with the foreign country.
Q. My daughter received a settlement from a personal injury lawsuit when she was a minor. We put it in a trust for her.
A: If the awarded damages were the result of physical injury, then she will not have to pay any taxes related to the judgment award. The only time you will have to pay taxes on the judgment is if there is any part of the judgment that is related to non-physical type pain and suffering damages. (ie. lost wages, damaged property, etc.)
Q. Capital Gains tax on living in new home 9 months or less.
A: You will still be able to take the exemption from gain on the sale of a personal residence under certain circumstances. It's called the 50 mile rule. If the location of the new job is 50 miles or further away you will be able to take the exclusion of the 2-year rule and the entire transaction would be tax free
Q. Will I have to pay additional tax and do I have to pay the 20% tax now on a beneficiary 401k
A: When you withdraw funds from an inherited IRA, the money is subject to income tax to the beneficiary that withdraws the IRA. However, you should not be required to pay the 10% penalty for the early withdrawal of these funds. Therefore, the first 10% withholding would be a good idea in case you owe taxes after deductions on the distribution, but the additional 10% which would be to cover the penalty if there was one is not necessary. I would have them withhold the first 10% even though you may owe no tax based on your income levels.
Q. Would the IRS call me and tell me that I need to make arrangements to pay monies that I owe?
A: If the IRS has called you and indicated that they are coming to arrest you, this is just a scam and you should ignore the call. They are just trying to get some money out of you. The IRS starts the process of collecting on individuals by sending out mail correspondence.
Q. What's the penalty for not filing taxes on time?
A: The failure to file penalty with the IRS is 5% of the unpaid taxes for each month or part of the month that the return is late up to a maximum of 25%. If you don’t owe the IRS anything, then there is no penalty for filing late, but if you wait too long you may not be able to get a refund. If you owe money, that is when the penalty applies. Many taxpayers will not file because they don’t have the funds to pay their liability, however, the failure to pay is only .05% of the liability per month or part of the month so it will cost you less to just file and pay when you can.
Q. I have a parent that wants to pay my loans of in one lump sum. Is it possible to avoid Gift Tax on the excess over 15k?
A: You can avoid paying any tax, but you will be required to file a gift tax return, Form 709, along with your normal 1040 tax return you file annually. When you pay more than the 15K allotted for individuals to gift on an annual basis, you have to file the Form 709 to record the excess gift. However, over an individual's lifetime, they are also allotted $11.2 million of unified gift and estate tax exemptions (at least until 2025 when the amount will revert back to 2017 numbers or whatever Congress determines then). Essentially, if you pay someone $30K to pay off their loans, you will file a Form 709 at which time you will indicate that the additional $15K is going to be tapping into the $11.2 million you are afforded to gift at death without tax consequences.
Q. Need help filing Taxes for past 3 years, and best way to get help???
A: We can help you get your taxes filed and deal with some of the penalties depending on your filing history. Just give us a call.
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Contact & Map
Tax Attorney
1060 Wigwam Parkway
Henderson, NV 89074
USA
Toll-Free: (702) 710-8233
Telephone: (702) 710-8233
Cell: (702) 525-3858
Fax: (702) 309-1085