It can be extremely frustrating and even frightening to receive a notice from the IRS that there’s an issue with your tax return from a previous year, or maybe multiple years, that needs resolution. The notice may say that you need to provide additional documentation...
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Do cryptocurrency transactions get taxed?
There is no doubt that cryptocurrency has taken the financial world by storm. From Bitcoin to Ethereum, these modern currencies have become a popular choice not just for investments but even as a mode of payment. So, how is our tax system adjusting to this seismic...
IRS audits: What to expect
Your first instinct when you learn that the IRS is auditing you may be to panic. An IRS audit might sound intimidating, but it is actually straightforward. Understanding the process could help ease your anxiety and prepare you for what will come. It is essential to...
Legal tools to help you minimize the tax burden on your estate
You worked hard to build up your assets over the course of your entire life, and you want as much as possible of that legacy to make it into the hands of your family and friends without the government taking an inordinate bite out of it first. That can seem easier...
How does the IRS choose returns for audits?
Whether you are an individual or a business owner, going through the IRS audit process can be nerve-wracking. You might feel anxious because of a problem or missed items that might cost you more in the long run. These are typical assumptions after receiving the audit...
I am the subject of an IRS audit – now what?
Ideally, only a small percentage of taxpaying Americans need to worry about the IRS auditing their tax returns. It can be unsettling to find out that you are the subject of an audit. It may cause stress and anxiety, and for good reason. You may find some relief in the...
What documents are needed for a tax audit?
The Illinois Department of Revenue can perform a tax audit to determine if you have reported your taxes accurately for a given period. This process can be highly stressful, especially without the proper preparations. As a business owner, you should keep crucial...
Understanding estate tax returns
Many responsibilities come with acting as someone’s estate executor. Illinois residents who are tasked with executing an individual’s estate after that person’s death should be aware of the tax issues that must be resolved. One of these issues is filing a final tax...
Dealing with an error on a tax return
Filing income tax returns in Illinois often comes with much paperwork, which can leave one feeling overwhelmed. Some individuals and small business owners may choose to complete their tax returns without professional assistance. While many individuals can complete...
Filing for an income tax return extension in Illinois
Filing one’s tax return on time can sometimes come with challenges. Delays in getting the proper documentation and other incidents can lead to delays in completing one’s Illinois income tax return. For those who are facing delays, there are options in filing for an...