1. What Does IRS Consider in Assessing the Trust Fund Penalty?

    When taxes are taken out of an employee’s paycheck, they should be immediately paid over to the IRS and state tax departments. Those paycheck withholdings are collectively referred to as the “trust fund” taxes.    One of IRS’s greatest priorities is the collection of paycheck withholdings that were never paid to the government. In doing so, IRS will determine whether someone within t…Read More

  2. What Does IRS Consider in Assessing the Trust Fund Penalty?

    When taxes are taken out of an employee’s paycheck, they should be immediately paid over to the IRS and state tax departments. Those paycheck withholdings are collectively referred to as the “trust fund” taxes. One of IRS’s greatest priorities is the collection of paycheck withholdings that were never paid to the government. In doing so, IRS will determine whether someone within the busine…Read More

  3. The Best Way to Remove IRS Tax Liens

    HOW DOES A FEDERAL TAX LIEN AFFECT ME?   A federal tax lien is an instrument used by the IRS. The Illinois Department of Revenue and other state tax departments have similar liens.    This federal IRS tax lien is not just a document. Instead, it is a claim of IRS’s financial interest in all assets that the lien attached. The tax lien actually attaches to all the assets of the person w…Read More

  4. How to Eliminate Taxes in Bankruptcy (Six Basics)

    Sometimes taxes can be discharged in bankruptcy. The rules are technical. There are six basic rules that govern whether the tax can be dischargeable. We will simplify each basic rule, so that you may better help your clients. CPA’s Must Understand Bankruptcy Options For people with serious debt problems, bankruptcy helps, not hurts. So very often, bankruptcy improves a person’s credit rating, …Read More

  5. HOW TO AVOID SUSPENSION OF PROFESSIONAL LICENSE DUE TO UNPAID ILLINOIS TAXES

    HOW TO AVOID SUSPENSION OF PROFESSIONAL LICENSE DUE TO UNPAID ILLINOIS TAXES Illinois professional licenses can become suspended or revoked, related to unpaid Illinois income tax. This article is about how to deal with the Illinois Department of Revenue, and how handle suspension of professional licenses to enforce Illinois tax collection. This also focuses on how people with tax liens and profess…Read More

  6. Guaranteed IRS Payment Plan for Freelance Gig Workers

    Guaranteed IRS Payment Plan for Freelance Gig Workers Gig workers’ earnings are reported on Form 1099. Because there are typically no taxes withheld, it is common among these workers to have tax debt or related problems. Sometimes their IRS tax liability can be substantial, sometime incredible! Gig workers are those individuals that consider themselves self-employed or independent contractors. T…Read More

  7. How Tax Non-Filers Apply for COVID-19 Stimulus Payment

    How Tax Non-Filers Apply for COVID-19 Stimulus Payment UPDATE: U.S. residents will receive the Economic Impact Payment, due to the financial domino effects of COVID-19 pandemic. Typically, receiving the payment requires filing a 2019 or 2018 tax return. Here is how to get COVID-19 stimulus payments for people that do not file tax returns. QUICKLY, THE BASIC RULES Just a quick refresher on the rule…Read More

  8. Tax Law Offices: What to Expect During COVID-19

    Tax Law Offices: What to Expect During COVID-19 A lot has changed over the recent weeks. At Tax Law Offices, we are still here for you, just as before. Here's the IRS business you should know right now: 1) IRS has not frozen direct debit payments during COVID-19. IRS will continue to debit payments from your bank for Direct Debit Installment Agreements (DDIAs) during the COVID-19 suspension period…Read More

  9. Top 5 Tips – How to Get $1,200 Coronavirus Relief Payment

    How Do I Get My $1,200 Coronavirus Relief Check? (Best Tips) The Internal Revenue Service’s big headline read, “No action needed by most people at this time”. But we now have more information that our earlier blog on the $1200 checks. The IRS says that the first of the $1,200 Coronavirus relief payments will be sent sometime during the next 21 days, presumably by April 20, 2020. According to…Read More

  10. Do I Have to Pay My Student Loans During COVID-19 Disaster?

    Do I Have to Pay My Student Loans During COVID-19 Disaster? Many are now eligible to pause payment on their federal student loans. The Department of Education announced that you may be able to pause your payments for 60 days or more. To take advantage of the payment waiver, you must take steps – the relief is not automatic to everyone. Here’s how: Call your loan servicing company to check your…Read More