1. Calculating and Paying Taxes for New Business Owners

    If you’ve recently opened a business, then congratulations! We are excited for you to begin this new chapter of your life. However, chances are you’ve just begun to give serious thought to your taxes and how that whole process will work. What are estimated taxes? Who has to pay them, and how do you pay them? Today, we are going to share some information from the IRS Estimated Tax Guide to help…Read More

  2. What Documents Should You Keep for Taxes?

    Most people collect quite a few financial documents during a year, so it’s no surprise that some end up being tossed, others end up stuffed in a drawer, and few actually make it to the filing cabinet. However, if you are trying you couple your tax filing with some spring cleaning, be careful! While many people think that they are done with their taxes from the previous year and they can toss it …Read More

  3. Losing Your Passport for Unpaid Taxes?

    Most Americans have a general understanding of what can happen when it comes to neglecting to pay or file taxes. There are late fees, fines, and possibly even wage garnishment to be concerned about. In more serious cases, there can even be prison time. However, now losing your passport is added to the possible list of taxes punishments! Those citizens who are seriously delinquent in their tax debt…Read More

  4. Top Tax Law Questions

    Tax season can certainly bring some stress, and we understand why. While some people know that they will be receiving a return, for others, this may be far from the case. If you are stressing about tax season, read on to see if we can answer some of the most commonly asked questions about tax law. Here are some of the top questions people like you are trying to find answers for. Who doesn’t file…Read More

  5. Common Myths About Tax Audits – Part Two

    Hello, and welcome back! In our last blog post, we began discussing some of the top reasons why people fear audits from the IRS and common myths folk have about what the IRS does to people who need an audit. Today, we are going to continue discussing these myths. Read on to learn more, and contact Tax Law Offices today for IRS tax attorney assistance if you find yourself facing an audit. Myth: Tho…Read More

  6. Consequences of Misclassifying 1099 Employees

    With freelance work becoming more and more popular each year, we have begun to see an influx of issues with businesses misclassifying their employees as contractors in order to save on their taxes. The cost of doing this can be massive, with some companies owing millions depending on how severe the situation was. And, of course, many companies have begun to face class action lawsuits as a result. …Read More

  7. Common Myths About Tax Audits – Part One

    Many people dread filing their taxes simply because it could end up with the IRS contacting them for an audit. Some have this idea that the IRS will show up on their doorstep and take all their personal assets away. However, what actually happens in these audits is drastically different. Most of the time, only about one percent of people who file their taxes get audited. This is because the IRS us…Read More

  8. Keep All Tax Return Copies

    Mistakes Do Happen (So CYA) It is a good idea to keep everything you or your tax preparer file with the IRS. (Duh.) One of our recent cases gives an example of an IRS problem caused by failing to keep complete and accurate records. This case is being handled out of the Matteson IL office. This IRS location handles most collection cases from cities like Matteson, Frankfort, Mokena, Orland Hills, an…Read More

  9. How Was Rep. Mel Reynolds Convicted for Tax?

    Melvin Reynolds Many of you may remember Melvin Reynolds who represented the Chicago area in the U.S. House of Representatives from 1993 to 1995. We often see tax news about congressmen. He resigned from his position due to his conviction on criminal sexual abuse involving a 16-year-old campaign staffer. Mr. Reynold’s has also, since then, spent several years in jail for federal bank and campaig…Read More

  10. IRS Prosecution for Not Filing Income Tax Return

    Regardless of what you may have heard, it is Constitutional to pay taxes. Unless you make less than the federal exemption amount, everyone is required to file a tax return with the federal government. If you are found guilty of intentionally failing to file your tax return, you can end up with harsh penalties that include prison time and around $100,000 in fines—and that doesn’t even include t…Read More