For decades, offshore banking has been synonymous with tax avoidance, if not outright tax evasion, by wealthy people and corporations. People with significant resources may have funneled them into accounts held in countries that did not report those accounts to the...
What’s the difference between a lien and a levy?
People who owe money to the Internal Revenue Service (IRS) will often try to get it paid as quickly as possible. Most individuals know how serious the consequences are if you don’t pay and just ignore the IRS. This is a ruthless agency that’s going to do anything...
Not paying the IRS can lead to hash actions
The Internal Revenue Service is one of the most aggressive creditors that some individuals will face. This is because the government entity has very harsh penalties that it can use for individuals who don’t pay their income taxes as they should. The easiest way to...
Do you owe money to the IRS? You have options
No one wants to learn that they owe money to the IRS, but this could become your reality at some point in the future. If it does, the first thing you should do is keep calm. This isn’t a time to panic, as there are options available to you. Once you come to grips with...
Taking, paying in cash not illegal per se, but risky
Contrary to popular perception, it is not illegal to pay an employee in cash per se.However, it is a risky move for a number of reasons. The big issue with so-called under the table, that is, cash, payments is that it is quite easy to fall short in one's legal...
How can I be penalized following an IRS audit?
With April 15 coming up quickly, most residents of Frankfort 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...
Lots of tax changes to ring in the new year
With the Tax Cuts and Jobs Act taking effect, 2019 is going to mean a lot of changes to the way people report, calculate, and pay their federal income taxes. Some of these changes will affect a broad range of people, while others may affect residents of the Chicago...
Overview of more routine tax penalties
Previous posts on this blog have talked about how people accused of tax evasion and other serious malfeasance with respect to their tax obligations may face severe penalties, including the possibility of criminal charges being filed against them.However, Frankfort,...
What can I do if I do not agree with my IRS audit?
There are probably very few people in the greater Chicago area who really want to go through an IRS audit of their federal tax returns, even if it is simply a desk audit involving an exchange of correspondence.The process will involve time and resources, and it may...
Some statistics on federal income tax audits
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...
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