1. What is the IRS “Trust Fund Recovery Penalty?”

    The name might imply that a trust fund recovery penalty only affects the elite, but it actually has nothing to do with trust funds.  All businesses go through hard times now and then. When things start to get really bad, business owners might be tempted to cut corners to ensure that they keep their sinking ship afloat. One final, or desperate, act might be to stop paying employee taxes to the gov…Read More

  2. How to Resolve a Federal or Illinois Tax Lien Before Selling A Home

    If you have gotten behind on your taxes, you may have a federal tax lien or Illinois tax lien on your home. If you want to sell your home to get out of tax debt, you’ll need to resolve your federal or state lien first.  While you can contact the IRS or state of Illinois by yourself, you’ll get faster results by working with a lawyer to remove an IRS tax lien. Working with the IRS can be chall…Read More

  3. Resolving Federal or Illinois Tax Liens Before Selling a Business

    When businesses get behind on their tax payments, the IRS and state can put a tax lien on the company. Your personal finances may be impacted, depending on how your business is structured. That’s why it’s vital to resolve business tax liens as quickly as possible, especially when you want to sell your business.    The IRS might grant approval for you to sell your business if you can use …Read More

  4. Is Tax Law Offices Right for You?

      Is TAX LAW OFFICES the Right Firm for You?   Tax Law Offices has handled some of the most threatening tax audit, collection and investigation cases. We see more emergency tax cases because Tax Law Offices is more specialized: Our typical case involves liability greater than $50,000 in tax and penalties.  We focus on state and IRS tax problems that involve businesses and self-employed …Read More

  5. What is the Equifax Tax Lien Settlement?

    WHAT IS THE EQUIFAX TAX LIEN SETTLEMENT? WHAT IS THE EQUIFAX TAX LIEN SETTLEMENT ($1500)   Many people are surprised to learn they have tax liens. Unfortunately, those liens are public information, and are even reported by credit bureaus. This story relates to problems that our clients see every day. That is – incorrect or outdated federal tax liens.   The Good News: People with old t…Read More

  6. When Your Boss is Evading Taxes

    Most of the private companies in the U.S. are formed as pass-through entities. This means that the income received goes to the owners, and this income is taxed as personal income tax. Depending on where you live, these income tax rates can get as high as over 50 percent. With that said, these high taxes cause some business owners to do all that they can to reduce the amount they need to pay to the…Read More

  7. Getting Ready for Tax Season – Part Two

    Tax season is just around the corner, so it’s time to start thinking about what you’ll need to ensure that this tax return time is smooth and easy. In our last blog post, we mentioned three of the top ways to prepare for the upcoming tax returns. For example, make sure to include your Social Security numbers when you file. Include your income tax forms, and make sure to keep track of all of yo…Read More

  8. Getting Ready for Tax Season – Part One

    Tax season is almost here! Are you ready? Many people forget about it until it’s too late and spend their days scrambling to collect all the necessary paperwork. However, you don’t need to be frazzled and frustrated with a little bit of planning ahead! The key to successful tax reporting (and avoiding audits!) is to have everything at your fingertips. By preparing ahead of time, you’ll be re…Read More

  9. 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

  10. 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