Frankfort Legal Issues Blog
What are the odds of a tax audit these days?
Whether you run a business or have complicated investments, it’s normal to worry about the possibility of a tax audit -- and the potential consequences. Tax laws have grown increasingly complex over the years, so the chances that you’ve made a mistake somewhere have...
Will your Illinois estate be subject to taxation after you die?
Some people refer to estate taxes as death taxes. While it is true that these taxes occur after someone dies, what the government taxes isn't the act of dying so much as it is the transfer of assets that someone leaves behind to their loved ones. Once your total...
What’s the difference between a lien and a levy?
People who owe money to the Internal Revenue Service (IRS) will often try to get it paid as quickly as possible. Most individuals know how serious the consequences are if you don’t pay and just ignore the IRS. This is a ruthless agency that’s going to do anything...
The American tax system: A complex, complicated program
If there is one thing that is clear, it’s that the American tax system is complex. It’s complicated to do your own taxes, and even those who train to do your taxes could find some trouble when working on them. In the U.S., the government requires you to figure out...
Not paying the IRS can lead to hash actions
The Internal Revenue Service is one of the most aggressive creditors that some individuals will face. This is because the government entity has very harsh penalties that it can use for individuals who don’t pay their income taxes as they should. The easiest way to...
Tell your children what they’ll inherit
Americans often feel like financial details are very private and personal. They don’t like to talk about them, even with members of their own family. This extends to estate planning. While just how much you tell anyone is up to you, of course, there are actually some...
Do you owe money to the IRS? You have options
No one wants to learn that they owe money to the IRS, but this could become your reality at some point in the future. If it does, the first thing you should do is keep calm. This isn’t a time to panic, as there are options available to you. Once you come to grips with...
The intent behind tax evasion
If you find yourself accused of tax fraud of tax evasion, there is one simple question to ask: Did you intend to do it? What you’ll find is that the exact same outcome can have two very different sets of legal ramifications, all depending on what you meant to do. For...
What happens if you die without a last will in Illinois?
Putting off the creation of a last will is a very common behavior, and most people don't want to really think about their own death. Many people will choose to wait until they're ready to retire or even later in life before they sit down to create an estate plan. ...
What should you do when you find out you’re being audited?
When you received a notice that you were going to be audited, you were concerned. While you had filed your taxes in the past several years, you did them yourself. You know that there could be errors to worry about. If an audit has you worried, it may be time to talk...
