Most professionals don't have to worry much about taxes. They fill out basic paperwork with their employers when they start new jobs. Those documents may include tax paperwork identifying their dependents for tax withholding purposes. For most employees, their...

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Tax Law
Can people ever settle their tax debts for less than the full amount?
On Behalf of Demetrius J. Karos, Ltd. | Nov 27, 2024 | Tax Law
Tax debts are notorious for inspiring financial hardship. The Internal Revenue Service (IRS) can be a very aggressive collection agency. People who underpay their federal income taxes or fail to file tax returns may end up owing substantial debts that amount to more...
What is a Master of Science in Taxation (M.S.T) is and how can my attorney having one help me?
On Behalf of Demetrius J. Karos, Ltd. | Nov 22, 2024 | IRS, Tax Law
Today's financial landscape is complex for individuals and businesses alike, and tax laws can make things even more complicated, especially because they change very often. In this ever-evolving field, having additional knowledge about taxation has become critical. One...
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...
Is it possible to settle income tax debt instead of paying it all?
On Behalf of Demetrius J. Karos, Ltd. | Apr 29, 2024 | Tax Law
People filing their annual income tax returns often expect to receive a refund. It is common for employers to withhold more than is actually necessary to cover state and federal income tax obligations. Many people look forward to receiving their refunds and may intend...
Exploring offers in settlement for your small business
On Behalf of Demetrius J. Karos, Ltd. | Apr 2, 2024 | Tax Law
Running a small business is often a rewarding experience, but tax season can inspire a wave of stress. If your business finds itself facing a hefty tax bill you can't seem to manage, it can feel like the end of the road. Thankfully, the IRS offers a program called...
What are IRS liens and levies?
On Behalf of Demetrius J. Karos, Ltd. | Jan 5, 2024 | Tax Law
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...
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...
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