1. Tax Resolution for Business: 3 Secrets About the IRS Offer in Compromise

    Offer in Compromise is an opportunity offered by the IRS to help anyone who is behind on taxes — individuals or businesses —to get caught up. While it may sound like an ideal way to handle back taxes, penalties, and interest while also getting square with the IRS, it is not as straightforward as that. Ideally, Offer in Compromise is a way to help individuals and businesses reach solvency witho…Read More

  2. Tax Resolution for Business: Planning the Offer in Compromise (OIC)

    An Offer in Compromise is a good way to potentially reduce how much you or your business owe to the IRS in taxes, interest, and fees. Of course, it is not as simple as simply shooting off a quick application and watching your tax woes disappear. The Offer in Compromise is a good option to find tax resolution if you qualify, but the process is a bit more in-depth than an online application. Here’…Read More

  3. 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

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 Our Government Has Repealed Obamacare – How Does This Immediately Affect You?

    Our Government Has Repealed Obamacare – How Does This Immediately Affect You?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

  5. Independent Contractor Classification in Home Care Businesses

    Independent Contractor Classification in Home Care Businesses Home care agencies frequently mislabel their employees, causing major payroll tax problems. The agency may list the employees as independent contractors, rather than employees of the company, unknown to the home health aides and nurses. These employees would, in turn, file the incorrect documents when filing their taxes. And worse, the …Read More

  6. Chicago: You Cannot Tax Business in the Suburbs

    Supreme Court Shuts Down Chicago’s Bullish Tax on Car Rentals Up to now, Chicago mandated that car rental companies in nearby suburbs like Oak Lawn, Cicero, and Burbank collect a tax for the city of Chicago. The Illinois Supreme Court ruled this tax unconstitutional. That’s right, unconstitutional! The city collects tax on cars rented within its city limits. Recently, though (in 2011), Chicago…Read More

  7. 5 Ways Businesses Can Get Tax Relief

    Hear the TV Interview TV TALK SHOW - SPECTACULAR CHICAGO INTERVIEW with TAX ATTORNEY JEFFREY ANTON COLLINS Interview with Jim Baltzer, host of Spectacular Chicago, and from the Naperville, Illinois area, Jeffrey Anton Collins, a tax lawyer, accountant, and former IRS agent. They discuss what to do involving serious IRS problems.   IRS Collection Notices All right. So what happens when the IRS is…Read More