1. Handling IRS Audits – IRS Information Document Request (Form 4564)

    As a Certified Public Accountant, you may represent your clients in an IRS tax audit, and you need to know how to handle the IRS Information Document Request (IDR). It’s important to know that there are several different types of IDRs also known as Form 4564. More specifically, each IDR Form 4564 can be different per client due to the IRS requesting specific information per your clients’ tax s…Read More

  2. Handling IRS Audits – Mistakes On Return By Your CPA

    It’s common to assume that when you hire a Certified Public Accountant (CPA) that your taxes are going to be error free. In a large majority of cases, your taxes will be safe in the hands of a CPA. But what happens when you are notified of an error or you discover an error that costs you hundreds or thousands? In this article, Jeffrey Anton Collins, your tax consultant, will be sharing how to ha…Read More

  3. Handling IRS Audits – Employee vs Contractor Issues

    It is your responsibility as an employer to classify your workers, whether they’re an employee or independent contractor. These classifications determine how much you need to withhold as an employer. If you classify an individual as an employee, but you do not withhold and pay your proper employee taxes, the IRS will keep you on the hook for unpaid taxes. Did you know that the IRS assessed 5.9 m…Read More

  4. 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

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 Our Government Has Repealed Obamacare – How Does This Immediately Affect You?

    Our Government Has Repealed Obamacare – How Does This Immediately Affect You?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

  6. 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

  7. 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

  8. 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