Tax debts can be very intimidating financial obligations. Those who fall behind on their income taxes are often unsure of what to do next. After all, the Internal Revenue Service (IRS) is quite assertive about obtaining payments in full for any amount owed. Not only...
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Tax Controversy
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...
How can people resolve a major mistake on a tax return?
On Behalf of Demetrius J. Karos, Ltd. | Apr 3, 2024 | Tax Controversy
Tax law is very complex, and the rules for tax returns change regularly. The value of different credits, the way the Internal Revenue Service (IRS) taxes certain assets and various other income tax rules fluctuate based on current policy rules and economic trends....
Resolving unpaid taxes as a small business owner
On Behalf of Demetrius J. Karos, Ltd. | Mar 22, 2024 | Tax Controversy
Falling behind on business taxes can be stressful for any small business owner. Whether due to unexpected financial hardship, bookkeeping mistakes or simply being overwhelmed, neglecting tax obligations can lead to a stack of overdue returns and a growing sense of...
Tax controversies that small business owners may face
On Behalf of Demetrius J. Karos, Ltd. | Mar 11, 2024 | Tax Controversy
Owning a small business is often a rewarding journey filled with challenges and triumphs. One of the most significant challenges entrepreneurs face is navigating the complex world of taxes. Unfortunately, even with the best intentions, misunderstandings or unforeseen...
What should you do if you face a tax lien?
On Behalf of Demetrius J. Karos, Ltd. | Mar 4, 2022 | Tax Controversy
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...
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...
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