A common source of payroll tax disputes is when the IRS disagrees with an employer's decision to classify a worker as an independent contractor as opposed to an employee.In some situations, it may be fairly clear that a worker is an independent contractor, such as in...
Working The Puzzle From All The Angles
Month: May 2019
Is there a tax credit for college tuition?
On Behalf of Demetrius J. Karos, Ltd. | May 23, 2019 | IRS, Tax Law
Most people would agree that going to college is expensive. Even if you, your spouse or one of your children is an Illinois resident and attends a state school, tuition represents a significant expense. Private and out-of-state tuition could reach well into the...
What to know about that forgivable family loan
On Behalf of Demetrius J. Karos, Ltd. | May 10, 2019 | Tax Controversy
Many family members in Naperville and other parts of the Chicago community help their loved ones out by loaning them money. In many cases, these loans are either officially or unofficially forgivable.To give a practical example, few Illinois parents would honestly...