A lien is a legal method for someone who is owed money to lay a claim on the property of the person that owes them. One entity that can place them is the Internal Revenue Service (IRS). A lien does not give the IRS the right to take your assets outright. Think of it...

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Tax Controversy
Can the Audit Technique Guides help your business avoid an audit?
| Oct 29, 2021 | Tax Controversy
As a business owner, the last thing you need to land on your doorstep is a tax audit. Even if you’re absolutely certain that you’ve paid every penny in taxes that the government is due, an audit is time-consuming and stressful -- and it eats away at the resources you...
What are your rights when undergoing a tax audit?
On Behalf of Demetrius J. Karos, Ltd. | Jul 14, 2021 | Tax Controversy
Tax audits occur less frequently than most people believe they do, and most of them are conducted by mail. However, some Naperville, Illinois residents may face an in-person tax audit at some point, and it is wise to prepare for this procedure. According to H&R...
Is it tax fraud or accidental employee misclassification?
| Jun 1, 2021 | Tax Controversy
Running your own business is hard. It seems like there’s always a ton of rules to wade through when it comes to every aspect of your business, including when it comes down to hiring employees and independent contractors. Misclassifying an employee as an independent...
Can an offer in compromise help your tax situation?
On Behalf of Demetrius J. Karos, Ltd. | May 15, 2020 | Tax Controversy
A person who owes considerable money to the Internal Revenue Service knows how stressful the situation can be, especially if you don’t have the means to pay what the agency says you owe. For some people, being able to enter into an offer in compromise can help to take...
A proposed adjustment can be the death knell for a business
On Behalf of Demetrius J. Karos, Ltd. | Jul 19, 2019 | Tax Controversy
Especially when one is self-employed in a business, getting a notice of a proposed adjustment to taxes can mean a lot more than just having to come up with some extra money to pay the IRS, or the state taxing authorities, for back taxes. Indeed, sometimes these...
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...
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...
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...
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...