business tax lawyer downers grove
Can You Repay Yourself Tax-Free from Business Question from Business Owners: If you made a loan to your new business, can you pay yourself back tax-free? In other words, are you going to be taxed when you pay back the cash that you invested into your small business. What About Me? Did…
Read MoreTell Me About the Employee Retention Credit Tax Law Offices is starting a three-article series on Employee Retention Credit. This will be great information for anyone thinking about applying. Here is what we will cover: Basic qualifications and criteria to apply How to pick the best company to apply with What happens…
Read MoreGood News! IRS Won’t Come Knocking For many individuals and businesses, the mere mention of the Internal Revenue Service (IRS) can cause a sense of anxiety and dread. The IRS is responsible for enforcing tax laws and ensuring taxpayers comply with their obligations. However, recent developments offer a glimmer of relief to taxpayers across…
Read MoreAm I in Trouble Over These Payroll Taxes? When the IRS hired thousands of new agents, officers, and support staff, the government had a specific plan in mind. What Businesses Are Included? One type of targeted situation is any business that is habitually late in reporting or paying its payroll taxes. It could be the business owner that…
Read MoreBars & Restaurants – Do Cash Sales Make You a Target? Have you ever considered using the cash received from daily sales as your “secret profits” from the business? Or even if you pay your employees “cash under the table” or tip them out with the cash sales but never actually count the cash sales,…
Read MoreA Word to Accountants Regarding Sales Tax in Restaurants I take every opportunity to share with accountants and tax professionals my experiences from tax audits. Our tax return preparers and accounting professionals cannot be expected to know every detail about their clients. And so we share knowledge, best practices, and horror stories. …
Read MoreDo You Have to Report Gambling Winnings? Today we are going to talk about whether you must report gambling winnings on your taxes. It’s a simple question, but the answer is a little more complicated. Gambling winnings are reportable on your federal and state income. 1. Can You Deduct Your Losses Against…
Read MoreWhy You Need a Tax Lawyer for Penalty Reduction A potential client once asked us if a tax attorney could help reduce your IRS penalties. The answer is they absolutely can. The IRS assesses taxpayers over $40 million in penalties each year. The most common penalties are for late payment, filing, or tax return…
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