Small and midsized businesses in Illinois and across the country will still be able to take advantage of key provisions of tax law affecting pass-through income in 2021. Despite the apprehension many may have felt at changes to current tax law to pay for major...
Experienced Representation In Business Law, Estate Planning And Tax Law
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Experienced Representation In Business Law, Estate Planning And Tax Law
Experienced Representation In Business Law, Estate Planning And Tax Law
How current estate tax law may change
When we think of taxes, sales or income tax is what usually comes to mind. But capital gains and estate taxes are in the news a lot these days as the current administration seeks ways of paying for top dollar initiatives such as infrastructure, social services and...
Tax audits may ramp up in the coming months
Paying taxes is a necessary evil for individuals and businesses in Illinois. The main objective is to ensure that the required amount is paid in state and federal taxes while finding as many strategies as possible to mitigate it. In recent years, corporate tax rates...
What can be done if people cannot pay their taxes to the IRS?
The tax season is wrapping up in Illinois. Many people completed their tax returns months ago and filed them with the IRS as many people are expecting returns or do not expect to owe anything more than they have already paid throughout the previous year. There are...
What happens if the IRS audits you?
Individual taxpayers and business owners may feel anxious or fearful after receiving an IRS audit notice. However, preparing for an audit can help streamline this process and help you fulfill IRS requirements. Take these steps if you have learned that the IRS plans to...
Could innocent spouse relief save you from tax debt?
Getting a tax bill can be frightening, especially when it’s unexpected. Sometimes a request for payment comes as a result of a minor miscalculation on your part or even an error made on behalf of the IRS. But sometimes a tax liability is so large and out of left field...
Potential changes to Illinois tax law up for vote
For Illinois residents, taxes can be confusing. In recent years, there have been drastic changes to the federal tax law. Depending on the political climate and philosophies of those controlling the levers of power, it is common for there to be different templates as...
The right approach to complex tax law issues
Tax laws – federal, state or even local – can oftentimes be quite complex. If Illinois residents are depending on the appropriate tax entity, such as the Internal Revenue Service, to guide them through the steps of making sure they are paying the right taxes, and in...
Tax debt relief for small businesses
You may worry that because you cannot pay your full tax debt, you have no recourse. However, you cannot put off dealing with the matter. The IRS may resort to tax liens, levies and garnishments that lead to the closure of your business. Options for relief are...
Dealing with estate taxes
Death and taxes. Many people in Godfrey not only view those as the two basic inevitabilities in life but also two things that are inextricably linked; when you die, you (or more appropriately, your estate) will have to pay taxes on the assets that you earned during...
