business tax lawyer il
Form 1099-MISC VS Form 1099-NEC 2022 If you are a gig worker or independent contractor, you have probably noticed that you received a different form showing your compensation. Previously, you would receive Form 1099-MISC to show your gig income or compensation. For 2021 income, you will now receive Form 1099-NEC. So what’s…
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What are the payment terms for an IRS Offer-In-Compromise? If you’re filing an Offer-In-Compromise with the IRS, one question you have to ask is: How long do I have to pay the offer? This is our Morning Coffee Series, and we’re going to talk about that. How long can a…
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Can I File an IRS Offer-in-Compromise If My Income Changes? A business’s income changes all the time, and business owners want to know: Can they file an Offer-In-Compromise when there is a change in income? This is our Morning Coffee Series, and we’re going to talk about that. Can a business…
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If you plan to make charitable donations this year, you can’t afford to miss out on the charity donation tax breaks available to you. Learn more about the new tax incentives you could be eligible for, and contact Tax Law Offices today! Why Should I Care? The IRS confirmed that the government is cracking down…
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When it comes to tax debt, surrounding either you or your business, it can be extremely overwhelming to know where to begin. From discussing the legalities and hiring a lawyer to implementing and doing your own research, there are many terms that can pop up that you might not know. Today, we’re going to be…
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Can I Deduct Business Expenses Paid With a PPP Loan? Yes, you can tax deduct those expenses, even if the loan was forgiven. Congress has allowed the Paycheck Protection Program borrowers to deduct expenses paid with the loan. Most PPP loan borrowers used the program funds to pay wages, payroll tax expenses, utilities,…
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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…
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Closing A Business with Payroll Tax Debt (Can We Really Do That?) Clients regularly seek my advice closing their companies when faced with back taxes and interest. In many cases, they want to walk away from the failing business and the unmanageable text debt. One of the most common problems that these companies face is…
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When is the 2017 Tax Filing Deadline? The normal deadline for individual tax returns is extended to Tuesday, April 18, 2017. Individual tax returns are due this year on April 18. Because April 15 falls on a Saturday, the date would normally be extended until the next non-holiday business day. (This is the “Weekend Rule”.)…
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Routine IRS Audits Can Become Complex Situations Imagine that the IRS office in Matteson, IL sent a Notice of Tax Examination to a small, Joliet-area business. For the year under exam (or “audit”), the business reported an operating loss. The IRS tax audit was completed, and from there, all income and expenditures were properly reported…
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