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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
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University of Idaho
J.D. (2013) | Law
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University of Nevada-Las Vegas
B.S. (2006) | Finance
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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
50 Questions Answered

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.
Q. What kind of deduction can I take on rental property improvements?
A: The IRS recently came out with some regulations indicating that if you were doing work on a piece of rental property and the invoice for that work was $2,500 or less, you wouldn't have to do the analysis as to whether that was considered a repair or an improvement. You could always consider it a repair and deduct the whole cost of the repair/improvement. This was to make the audit process more efficient. However, if the invoice was more than $2,500 and the work was considered to be an improvement to the property, or added value, then you would have to depreciate the cost of that improvement over the life of the asset. In a rental property's case, it would be depreciated out over 27.5 years for residential and 39 years for commercial.
Q. I read it's illegal to file separate taxes if I'm married - is that true?
A: It's not illegal to file separate, if you file Married Filing Separately. You would just need to indicate who the spouse is on the return that is filed. There are some rules that you would also need to follow when filing separately, so make sure you file under the guidance of a tax professional.
Q. If I am tax exempt with capital loss outweighing my ordinary income, do I still get money back at the end of the year?
A: You can only use Capital Losses to offset capital gains. If you don’t have any capital gains, you can write off $3,000 per year until you either have enough capital gains to offset the remaining loss or you exhaust the whole capital loss using the $3,000 per year. In your example only $3,000 of the capital loss will be used against that ordinary income with the remaining $21,000 being carried forward to next year. You would still technically have income of $9,000. You may not owe tax because the standard deduction would wipe that gain out.
Q. I work in Kuwait (military contractor) I had to open a salary account & filled out a W9. Will I get a 1099 from the IRS?
A: When a company requires you to fill out a W-9, they typically have you fill out the W-9 so that they have your information to file a 1099 with the IRS for the income that they paid to you. This will affect you for tax purposes because whatever is recorded on the filed 1099 is what you should be filing either in your business return or your Schedule C on your 1040 as an independent contractor. You will be allowed to take any deductions that you incur related to that income on the schedule C or business return that you file (1065, 1120, 1120S), but your Gross earnings will be at least the 1099 that was filed by the company requesting the W-9.
Q. May I prepare I financial statement without a CPA license? Can you show he Indiana Code that supports your answer?
A: I am not an Indiana Attorney, but generally anybody can prepare a financial statement for their business. Where you would need the licensing is if you were preparing financial statements for a publicly traded company or you were Auditing those financial statements.
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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