1. Closing A Business with Payroll Tax Debt (Can You Really Do That?)

    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 wrestling with payroll taxes. Payroll tax complicates business closures. We'v…Read More

  2. When is the 2017 Tax Filing Deadline?

    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”.) But Monday, April 17, 2017, is Emancipation Day, a legal holiday recogni…Read More

  3. Surprise Visits from IRS?!

    Surprise Visits from IRS!! IRS Revenue Officers, whose responsibility is the collection function, may sometimes make visits completely unannounced to both individuals and businesses that owe back or unpaid taxes. Also, they may also call on businesses that have stopped making their federal tax deposits. How Does One Validate an IRS Official? A few years back, we had a person in Schaumburg IL that …Read More

  4. IRS-Audit-Passive-Loss-Active-Participation

    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 on the business’s tax return. This business is owned by…Read More

  5. 3 Basics the Smartest Tax Preparers Know About Bankruptcy

    Tax Preparers always manage to know something about everything in business. Take it from an experienced IRS tax attorney, extensive business knowledge is part of the tax profession. But what about bankruptcy for clients? You already heard that it’s bad for business! Right? And that bankruptcy is not even relevant to your clients? Any, isn’t bankruptcy like … financial ruin? Like a “last re…Read More