Two primary tools often come into play in IRS collections: liens and levies. These mechanisms are pivotal in the agency's approach to collecting unpaid taxes. Understanding their nuances makes it easier to navigate tax issues. Liens and levies, although terms used...
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Tax Law
Is innocent spouse relief available in Illinois?
On Behalf of Demetrius J. Karos, Ltd. | Dec 6, 2023 | Tax Law
It is a very common practice to have one spouse manage household finances while the other simply signs the paperwork for taxes and banking. It doesn't technically take two people to file an income tax return, and dividing household work is more efficient when each...
Why might someone with tax debt propose an offer in compromise?
On Behalf of Demetrius J. Karos, Ltd. | Oct 2, 2023 | Tax Law
There are numerous reasons other than intentional fraud that someone could fall significantly behind on their federal income taxes. Perhaps they allowed their spouse to handle their tax return every year and never realized how they manipulated the figures. Maybe they...
What can you do if you owe the IRS money?
On Behalf of Demetrius J. Karos, Ltd. | May 30, 2023 | Tax Law
Owing taxes to the IRS can feel overwhelming. It can trigger stress and uncertainty, especially if the amount seems unmanageable within your current financial situation. However, the IRS offers several repayment plans designed to help taxpayers manage their tax debt...
Self-employed workers can incur major tax debts
On Behalf of Demetrius J. Karos, Ltd. | Apr 30, 2023 | Tax Law
Most people are direct-hire employees and have been classified as such ever since their first teenage jobs. They fill out a W-2 with their employer, receive their paycheck and then file a tax return each year in April to get a refund. The system works well for the...
How to regain control over past-due tax debts
On Behalf of Demetrius J. Karos, Ltd. | Feb 26, 2023 | Tax Law
When someone owes taxes to the federal government, they are at elevated risk of prosecution and incurring financial penalties. Falling behind on taxes can happen for many different reasons, including a sudden loss of income as a self-employed individual or repeated...
Do you have to pay U.S. taxes if you live overseas?
On Behalf of Demetrius J. Karos, Ltd. | Dec 22, 2022 | Tax Law
The shift to remote work has changed life dramatically for a lot of people. While there are still plenty of jobs that have to be done in person, many jobs that are done on computers can be handled anywhere. A company could be based in Illinois and hire workers from...
What can I expect during an IRS audit?
On Behalf of Demetrius J. Karos, Ltd. | Oct 13, 2022 | Tax Law
No one wants to receive a letter from the IRS, but unfortunately, it happens to many people yearly. If you're one of the unlucky few who gets that letter, the prospect of an IRS audit is not pleasant. However, if you know what to expect during an audit, you can make...
What is injured spouse relief?
On Behalf of Demetrius J. Karos, Ltd. | Sep 13, 2022 | Tax Law
Most married couples file joint income tax returns. There are often significant financial advantages to doing so. Moreover, it usually just makes sense and saves time. However, sometimes one person’s individual issues can negatively affect their spouse. When that...
Why make quarterly tax payments for your business?
On Behalf of Demetrius J. Karos, Ltd. | Aug 30, 2022 | Tax Law
As a business owner, you have probably heard of the term "estimated quarterly tax payments." Depending on the type of business you own and how much money you make, you may be required to do this. Not only is this the law, but it's also to your benefit. Here's what...