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...
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Year: 2018
What are my chances of facing an IRS audit?
On Behalf of Demetrius J. Karos, Ltd. | Aug 17, 2018 | IRS
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...
How we can help our clients protect their legacy
On Behalf of Demetrius J. Karos, Ltd. | Aug 3, 2018 | Estate Planning
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.The goal of many of these people is to pass as much of their wealth on...
IRS audit appeal may begin at the Office of Appeals
On Behalf of Demetrius J. Karos, Ltd. | Jul 20, 2018 | IRS
Facing an audit of one's federal tax returns is rarely a pleasant experience and is more often than not downright stressful.To make matters worse, an Illinois resident may find at the end of an audit that the IRS believes he or she owes a lot of additional money in...
Worker classification and payroll tax disputes
On Behalf of Demetrius J. Karos, Ltd. | Jul 5, 2018 | Tax Controversy
The distinction between and employee and an independent contractor is an important one for business owners to keep in mind, as it has all sorts of legal implications that cover a number of issues, including workers' compensation, employee benefits and the like.This...
Let’s look at the upcoming tax changes
On Behalf of Demetrius J. Karos, Ltd. | Jun 28, 2018 | IRS, Tax Law
Beginning on Jan. 1, 2019, many of the tax law changes passed in Dec. 2017 go into effect. Many people have heard some of what will happen, but it may still not be clear enough. This article looks at those upcoming changes, but exactly what they will mean for a...
The benefits of a special needs trust
On Behalf of Demetrius J. Karos, Ltd. | Jun 22, 2018 | Estate Planning
In in general, trusts can be a beneficial component of an estate plan. A trust is an arrangement wherein property is managed for the benefit of another party. The party managing the property is referred to as the trustee and the party receiving the benefit is referred...
Understanding the importance of a will
On Behalf of Demetrius J. Karos, Ltd. | Jun 8, 2018 | Estate Planning
Having a validly executed will is the basic foundation of a good estate plan. A will provides a cornerstone for the estate planner's overall estate plan and directs how property will be divided to beneficiaries. Personal property that may be distributed in a will can...
Payroll tax basics for employers
On Behalf of Demetrius J. Karos, Ltd. | May 25, 2018 | Tax Controversy
Payroll taxes are taxes that are withheld and paid by an employer on behalf of an employee. Failure to properly handle payroll taxes can result in serious consequences and potential penalties which is why it is important to be familiar with the requirements associated...
The basics of estate planning
On Behalf of Demetrius J. Karos, Ltd. | May 10, 2018 | Estate Planning
Estate planning can be intimidating if the estate planner is not familiar with the process or what to expect but if they understand the process and know what to expect, they will also understand the benefits. The estate planning process can provide peace of mind for...
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