A previous post on this blog talked about how likely it is for a resident of the greater Chicago area to face an IRS tax audit. The likelihood of an IRS audit depends heavily on how much money a person makes, and it can also depend on a number of other factors that the IRS generally keeps tight-lipped about.
As this blog has reported on previous occasions, several people and businesses in the greater Chicago area are going to face a tax audit from the IRS in the upcoming weeks and months, assuming they have not done so already. It may leave an Illinois resident wondering what their chances of getting audited really are.
Owning a business can be a satisfying experience. You may have had many goals throughout your life all leading up to the owning and operating of your company that you recently started. While you may have considered various aspects of the business from start-up costs to employment contracts, you also need to make sure you understand the tax implications.
Previous posts on this blog have discussed some of the many services our law office offers to those in the greater Chicago area who are trying to plan what will happen to their assets when they die.