Today's financial landscape is complex for individuals and businesses alike, and tax laws can make things even more complicated, especially because they change very often. In this ever-evolving field, having additional knowledge about taxation has become critical. One...
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Preparing for an IRS tax audit as a small business owner
On Behalf of Demetrius J. Karos, Ltd. | Sep 25, 2024 | IRS
Running a business is no easy task, and the thought of an IRS tax audit can be a source of anxiety for many business owners. However, being prepared and organized can make the process more manageable and streamlined. A tax audit isn’t necessarily a sign of wrongdoing,...
What happens if I miss tax payments?
On Behalf of Demetrius J. Karos, Ltd. | Sep 17, 2024 | IRS
The Internal Revenue Service (IRS) is strict about taxes. It expects taxpayers, individuals and businesses alike, to pay their bills and pay them on time. Failure to do so can result in serious ramifications, including financial penalties and possible legal...
What exactly is tax evasion?
On Behalf of Demetrius J. Karos, Ltd. | Jul 19, 2024 | IRS, Tax Evasion
You've probably heard of this term used in movies and television, but perhaps you don't know anyone who had experienced it. That's good -tax evasion is a serious crime- but what most people do not realize is that it's much more common than people think. What is tax...
I received a notice from the IRS for my business. Now what?
On Behalf of Demetrius J. Karos, Ltd. | Jul 3, 2024 | IRS
Receiving an Internal Revenue Service audit notice can be stressful. The IRS selects companies for audits for various reasons. Here are the most common: Random selection: Sometimes, the IRS selects businesses randomly based on statistical formulas. Document...
Overcoming 1099 tax issues
On Behalf of Demetrius J. Karos, Ltd. | Jun 12, 2024 | IRS, Tax Controversy, Tax Law
Contract work offers flexibility in your work schedule, leading to better work-life balance. It can also provide diverse experiences, higher pay and the freedom to choose projects of interest. However, 1099 workers, often called independent contractors or freelancers,...
Michigan Supreme Court will rule on controversial tax cut
On Behalf of Demetrius J. Karos, Ltd. | Jun 4, 2024 | IRS, Tax Controversy, Tax Law
A three-judge panel on the Michigan Appeals Court ruled that the recently triggered income tax cut to 4.05% from 4.25% is not permanent. Last year, the reduction was triggered under a law requiring the tax rate to go down if state revenue rises significantly faster...
Collection attempts by the IRS
On Behalf of Demetrius J. Karos, Ltd. | Mar 5, 2024 | IRS
The Internal Revenue Service (IRS) collection process is a structured procedure for recovering unpaid taxes. When a taxpayer fails to pay their tax debt, the IRS sends a notice of the outstanding amount, including any penalties and interest accrued. This initial...
3 factors that increase someone’s risk of an audit
On Behalf of Demetrius J. Karos, Ltd. | Nov 2, 2023 | IRS
Undergoing a tax audit is one of the most stressful “everyday” experiences a person could ever endure. Knowing that the Internal Revenue Service (IRS) takes issue with one's tax return and that there are possible financial or criminal consequences possible is not an...
Are you in trouble if the IRS wants to audit you?
On Behalf of [email protected] | Jun 14, 2023 | IRS
Receiving a notice from the Internal Revenue Service (IRS) about an audit is not the most calming situation. Tax issues carry significant consequences, which you may have seen from your loved ones or celebrities. However, an IRS audit does not always mean you are in...
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