Working The Puzzle From All The Angles
On Behalf of Demetrius J. Karos, Ltd. | Mar 6, 2023 | IRS
Accounting for digital assets or income on a tax return is still new to the Internal Revenue Service (IRS). The current laws regarding digital property with material value are somewhat lax, but you must still report these assets to the IRS. Taxpayers must answer a...
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...
On Behalf of Demetrius J. Karos, Ltd. | Feb 22, 2023 | Tax Evasion
During a presidential debate against then-opponent Hillary Clinton, former president Donald Trump famously observed that not paying his full tax liability “makes me smart.” There are certainly times when not paying one’s full tax liability is a savvy approach to...
On Behalf of Demetrius J. Karos, Ltd. | Feb 4, 2023 | Estate Planning
Estate planning is the preparation for the distribution of your estate in anticipation of your passing. An estate plan is made during the testator's life. Typically, an estate plan includes a will, trust, beneficiaries, executor of the estate and power of attorney....
On Behalf of Demetrius J. Karos, Ltd. | Jan 18, 2023 | IRS
You may have heard people talking about how the IRS is expanding due to new funding that they received. They are going to hire around 19,000 new workers over the course of 2023, these reports continue, which is roughly the same amount of people who are hired in 2022....
On Behalf of Demetrius J. Karos, Ltd. | Jan 9, 2023 | Estate Planning
A last will is a crucial legal document that lets you distribute your assets to the people and causes you care about when you die. Without one, Illinois intestacy laws would dictate who gets what, and you might not like this. However, you cannot include everything in...
On Behalf of Demetrius J. Karos, Ltd. | Dec 27, 2022 | IRS, Tax Evasion
If your tax returns have sufficient indications of fraud, the IRS will conduct a civil examination to uncover the truth, commonly known as an eggshell audit. As the name suggests, you must take great care to avoid facing criminal consequences. For instance, you may...
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...
On Behalf of Demetrius J. Karos, Ltd. | Dec 11, 2022 | Estate Planning
Sometimes when a couple who has been married for many years embarks on their estate planning, they initially plan to have a joint will. They share their assets and agree that whoever is the first to go will leave everything to the other. Then, when they’re both gone,...
On Behalf of Demetrius J. Karos, Ltd. | Nov 28, 2022 | Tax Evasion
Tax evasion and avoidance sound almost similar, but they are like day and night. While one is perfectly legal and widespread, the other is unlawful and could land you in trouble with the IRS. Understanding the differences between the two will ensure you stay on the...
