Working The Puzzle From All The Angles
On Behalf of Demetrius J. Karos, Ltd. | Aug 16, 2019 | IRS
Contrary to popular perception, it is not illegal to pay an employee in cash per se.However, it is a risky move for a number of reasons. The big issue with so-called under the table, that is, cash, payments is that it is quite easy to fall short in one's legal...
On Behalf of Demetrius J. Karos, Ltd. | Aug 2, 2019 | Estate Planning
A power of appointment is an estate planning device, used in a will, with which many people in the greater Chicago area may not be familiar.Basically, a power of appointment confers on another person the ability to give to a third party some portion of a decedent's...
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...
On Behalf of Demetrius J. Karos, Ltd. | Jul 17, 2019 | IRS, Tax Law
If you started a business in 2019, you probably heard that you wouldn't get many tax breaks because of the 2017 Tax Cuts and Jobs Act. While some self-employment deductions have gone away, some only temporarily, you still have others you can take advantage of when you...
On Behalf of Demetrius J. Karos, Ltd. | Jul 5, 2019 | Estate Planning
When people think of setting up a limited liability corporation, or LLC, it is usually for business reasons. For example, a businessperson may like the idea of having some degree of legal protection like what an LLC offers. Moreover, an LLC also offers important tax...
On Behalf of Demetrius J. Karos, Ltd. | Jun 21, 2019 | Tax Evasion
A businessman in another state recently pled guilty to federal charges alleging that he engaged in a rather elaborate scheme to avoid paying taxes. The man was involved in supplying building materials as well as other businesses, some of which he operated with his...
On Behalf of Demetrius J. Karos, Ltd. | Jun 7, 2019 | Tax Evasion
Taxing authorities in the United States, in Illinois, and even throughout the world are reportedly cracking down on wealthy individuals and others who are using cryptocurrency to avoid taxes.The authorities in several countries, including the United States, see these...
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...
On Behalf of Demetrius J. Karos, Ltd. | May 23, 2019 | IRS, Tax Law
Most people would agree that going to college is expensive. Even if you, your spouse or one of your children is an Illinois resident and attends a state school, tuition represents a significant expense. Private and out-of-state tuition could reach well into the...
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...
