Frankfort Legal Issues Blog
Planning for unexpected health issues
Unexpected health issues may become more common as you grow older. You can’t predict when these issues may strike or exactly what challenges you will face, but we do know that aging takes a toll and that some issues -- cancer, strokes, etc -- are more common in the...
Tax fraud requires intent
Feeling nervous about filing your taxes? Feeling stressed as you fill out the paperwork? Maybe you think that you have done it all correctly, but you’re just worried. It’s the same fear you feel when you pass a police car on the road. You know that the tax authorities...
The IRS has extended the 2020 tax filing deadline to July 15
Traditionally, April 15 is tax day. Prior to the rise of digital filings, the post office would often have long lines on the 15th or the next business day if the 15th fell on a weekend. The Internal Revenue Service (IRS) expects that all Americans file an annual...
Will your attempts to limit your taxes constitute tax evasion?
For many successful people, limiting the amount that they pay in taxes is a point of personal pride. Tax avoidance is as American as apple pie in the eyes of many people, including workers, investors and business owners. What you don't pay in taxes goes back into your...
What if you can’t pay your taxes this year?
Tax season produces a lot of anxiety for small business owners and freelancers alike. You know that, unless you managed to guess your profits very closely, the odds are high that you owe the taxman a pretty big check. What if you can’t pay? First: Don’t panic. You...
There is more than one way to pay back taxes to the IRS
The stress alone of owing back taxes to the IRS is enough to drive you crazy. When you add in the fact that you have to eventually pay your balance, it’s difficult to imagine a way out. However, even if you don’t have the money to pay your balance in full, there are...
The numbers show why business succession planning is important
According to some statistics, fewer than 1 out of 3 family-owned businesses actually make a successful transition in ownership from one generation to the next.The prospects of a family-owned business making it down to the fourth generation or further are quite slim,...
Civil audit, fishy statements, lead to reality stars’ indictment
A couple made famous by their reality television show is now facing several years or even decades in federal prison on tax evasion charges. The couple's accountant also faces charges and has been accused of lying to IRS investigators.For their part, the couple claims...
Your budget is stretched thin and you can’t pay your taxes
Most people would agree that owing the IRS money is not a position you want to be in. If it does happen, odds are that you may not have the funds readily available to pay what you owe.If you are like other people across the country, including many here in...
We can help put an estate plan in to effect
Previous posts on this blog have discussed how our law office can help clients in the Chicago area plan to pass their wealth down to the next generation. Indeed, careful estate planning can ensure that a family receives their loved one's property with as little...
