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...
Working The Puzzle From All The Angles
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Tax Controversy
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...
Overview of the United States Tax Court
On Behalf of Demetrius J. Karos, Ltd. | Jan 30, 2019 | Tax Controversy
When a person runs into a controversy over how much they owe in taxes to the United States, he or she, personally or in the name of a business, may take the matter before the United States Tax Court.This type of court is a little different than the more widely-known...
When am I obligated to file a 1099 for payments I make?
On Behalf of Demetrius J. Karos, Ltd. | Sep 14, 2018 | Tax Controversy
Previous posts on this blog have talked about how businesses of all sizes in Illinois have an obligation to withhold federal and state payroll taxes from employees. They do not have to do so with respect to independent contractors who work for their business on...
Worker classification and payroll tax disputes
On Behalf of Demetrius J. Karos, Ltd. | Jul 5, 2018 | Tax Controversy
The distinction between and employee and an independent contractor is an important one for business owners to keep in mind, as it has all sorts of legal implications that cover a number of issues, including workers' compensation, employee benefits and the like.This...
Payroll tax basics for employers
On Behalf of Demetrius J. Karos, Ltd. | May 25, 2018 | Tax Controversy
Payroll taxes are taxes that are withheld and paid by an employer on behalf of an employee. Failure to properly handle payroll taxes can result in serious consequences and potential penalties which is why it is important to be familiar with the requirements associated...