1. IRS Audits for Cash Intensive Businesses: Part 1 – Minimum Income Probes

    What does an IRS Revenue Agent look for when auditing a cash-intensive business? The short answer is this: correct gross receipts and reasonable accuracy of deducted expenses. But this article focuses more specifically on how IRS examines for unreported cash. You will want to understand that the IRS tax audit process is not set in stone, even though it follows a general path each time. A number of…Read More

  2. Exclusion of Tort Damages from Taxation

    As a tax lawyer, personal injury attorneys ask me whether the non-economic damages from a tort claim are excludable from taxable income, under 26 USC § 104. The most recent inquiry came regarding an award from a hospital near both Orland Park IL and Joliet IL. Internal Revenue Code Sec. 104(a)(2) allows an exclusion for the amount of any damages received on account of personal injuries, whether b…Read More

  3. Our Government Has Repealed Obamacare – How Does This Immediately Affect You?

    Our Government Has Repealed Obamacare – How Does This Immediately Affect You? The biggest change to our current health-care system, which will affect the majority of Americans, is the repeal of the IRS tax penalty for the health insurance mandate. One outcome of the repeal is that some employers are no longer providing health insurance benefits. Another effect is that healthier Americans are cho…Read More

  4. Why Should I Have This Tax Bill?

    Why Should I Have This Tax Bill? We regularly speak with hard-working, wage-earning people in tax trouble. They often call into our IRS tax attorney office because their employer failed to deduct enough income taxes from their paycheck, and therefore they are forced to somehow pay a tax bill that they did not expect to pay. We know that the IRS can be very aggressive, and that makes the process v…Read More

  5. Former Congressman Charged with Tax Fraud, Filing False Income Tax Returns

    Failure to report income received is a common criminal tax investigation matter. We counsel our existing and prospective clients on the after-investigation process once a tax-related investigation has begun. Lately, most of our inquiries have come from Joliet, IL; Aurora, IL; and in the Naperville, IL general area. But also, because we regularly speak with special agents in the Downers Grove offic…Read More