TAX REPRESENTATION FROM A FORMER IRS EMPLOYEE
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It’s not uncommon for people to miss the tax-filing deadline, even though most people know when it is. They might miss it unintentionally or refuse to file for other reasons. If you haven’t filed a tax return for the past year when you were supposed to, then you still...
Estate planning is often thought of as something that's only necessary for those over 60. However, this could not be further from the truth. The fact is that the future is uncertain for everyone. Therefore, anyone who has assets should have an estate plan in place....
The head of the Internal Revenue Service (IRS) issued a stern warning to corporations and individuals of means last week. He noted that they better either pay up the $1 trillion in taxes he alleges that they owe or otherwise prepare themselves to face the...
Bitcoin has been around for more than a decade, but it recently rose to prominence a few years ago when the price started to surge. All of a sudden, it went from a niche concept backed by some people online to a potentially mainstream investment. Although the market...
If there is one thing that strikes fear in the hearts of most Illinois residents, it is receiving notification that you are being audited for your federal income tax returns. Most audits arise from certain red flags, although theoretically, anyone can be the subject...
You're likely aware that you have multiple responsibilities as an Illinois executor. One of those is to inventory all of a testator's assets. Another is to file their final tax return. While some executors are fortunate enough to have testators provide advanced...
Taxes can affect just about every area of your financial life. From your retirement savings and life insurance to the gifts you give to your family members, there are many tax liability issues that are easy to overlook. Those with significant resources can sometimes...
Individuals who have a sizeable estate must consider the tax liabilities that their loved ones might face when they pass away. Estate taxes aren’t something that most people will have to deal with, but those who do have multi-million dollar estates should find out how...
Tax season is upon us once again, but many taxpayers are about to get some very unwelcome surprises when they do their taxes. They may not get much of a return -- or they may even owe taxes this year. While that prospect might be dreaded, it is always best to...
Tax season is here again. For many, that means just adding up their W-2s, filing a quick 1040-EZ form and collecting a return. It’s not quite that easy when you’re a gig worker, an independent contractor or somebody whose side hustle has started to turn a profit....
