On behalf of Demetrius J. Karos, Ltd. | Aug 31, 2020 | IRS
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...
On behalf of Demetrius J. Karos, Ltd. | Aug 5, 2020 | IRS
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...
On behalf of Demetrius J. Karos, Ltd. | Jul 15, 2020 | IRS
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...
On behalf of Demetrius J. Karos, Ltd. | Aug 16, 2019 | IRS
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...
On behalf of Demetrius J. Karos, Ltd. | Apr 12, 2019 | IRS
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...
On behalf of Demetrius J. Karos, Ltd. | Jan 4, 2019 | IRS
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...
On behalf of Demetrius J. Karos, Ltd. | Dec 7, 2018 | IRS
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,...
On behalf of Demetrius J. Karos, Ltd. | Oct 12, 2018 | IRS
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...
On behalf of Demetrius J. Karos, Ltd. | Aug 30, 2018 | IRS
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...
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...
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...
On behalf of Demetrius J. Karos, Ltd. | Mar 2, 2018 | IRS
Every year around this time Illinois residents begin scraping together their W-2s, donation receipts and other tax documentation so that they can submit their state and federal tax returns. Most of the time this is a boring and somewhat straightforward process,...
On behalf of Demetrius J. Karos, Ltd. | Jan 29, 2018 | IRS
The IRS has stated that, for federal tax purposes, virtual currency or cryptocurrency investments are treated as property, with general tax principles applying. For people in the business of trading or mining these virtual currencies, any gains will be treated as...
