Taxing authorities in the United States, in Illinois, and even throughout the world are reportedly cracking down on wealthy individuals and others who are using cryptocurrency to avoid taxes.The authorities in several countries, including the United States, see these...
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Year: 2019
Review of the independent contractor designation
On Behalf of Demetrius J. Karos, Ltd. | May 24, 2019 | Tax Controversy
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...
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...
Why would I want to create an irrevocable trust?
On Behalf of Demetrius J. Karos, Ltd. | Apr 26, 2019 | Estate Planning
Trusts are popular among residents of Naperville and other parts of the greater Chicago area primarily because they can keep a person's estate out of probate and greatly simplify the process of passing along property to loved ones after the person dies.In most cases,...
How can I be penalized following an IRS audit?
On Behalf of Demetrius J. Karos, Ltd. | Apr 12, 2019 | IRS
With April 15 coming up quickly, most residents of Naperville and the other Chicago suburbs are looking forward to filing their taxes, paying what they owe or collecting their refund and being done with income taxes for the year.However, some residents of Illinois and...
Ignoring tax debt could have dire financial consequences
On Behalf of Demetrius J. Karos, Ltd. | Apr 4, 2019 | IRS, Tax Controversy, Tax Law
The last thing anyone wants to see when doing their income taxes is that they owe money to the IRS. It can be tempting to just ignore the situation. After all, there is no debtor's prison in the United States. However, the IRS is not powerless when it comes to...
When might a family need a guardianship for a loved one?
On Behalf of Demetrius J. Karos, Ltd. | Mar 28, 2019 | Estate Planning
People who are disabled either due to an illness or injury or simply on account of condition they have had since early childhood may require a lot of care and support. Likewise, an Illinois resident getting along in years may suddenly find himself no longer capable of...
Alleged college admission fraud could mean tax trouble
On Behalf of Demetrius J. Karos, Ltd. | Mar 15, 2019 | Tax Evasion
As many people who follow the news know, a large group of well-connected and wealthy people face multiple criminal charges for their role in a scheme to get their children in top schools.The point of the scheme, according to federal prosecutors, was to get their...
Not-for-profit status can lead to tax disputes
On Behalf of Demetrius J. Karos, Ltd. | Feb 28, 2019 | Tax Controversy
Many Illinois not-for-profit corporations, both in the Chicago area and in other parts of the state, may wish to try to take advantage of a special tax-exempt status awarded by the Internal Revenue Service, or IRS.Not only does this status give oftentimes critical tax...
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