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...
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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...
Lots of tax changes to ring in the new year
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...
Overview of more routine tax penalties
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, Naperville,...
What can I do if I do not agree with my IRS audit?
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...
As the year comes to an end, you may be looking to save on taxes
On Behalf of Demetrius J. Karos, Ltd. | Oct 11, 2018 | IRS, Tax Law
It seems as though the months tend to go by faster each year. Before you know it, it's already October, and the holidays are just around the corner. Also just around the corner is the end of the year, which means that you may be running out of time to reduce your...
Some statistics on federal income tax audits
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...
Various types of business taxes
On Behalf of Demetrius J. Karos, Ltd. | Aug 17, 2018 | IRS, Tax Law
Owning a business can be a satisfying experience. You may have had many goals throughout your life all leading up to the owning and operating of your company that you recently started. While you may have considered various aspects of the business from start-up costs...
What are my chances of facing an IRS audit?
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...
IRS audit appeal may begin at the Office of Appeals
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 in...