Key man life insurance helps to protect a business’ most important asset: human capital. A business purchases this specific policy to insure the life of a company employee. Specifically, the insurance is designed to insulate the company from the losses of an employee...
Experienced Representation In Business Law, Estate Planning And Tax Law
Experienced Representation In Business Law, Estate Planning And Tax Law
Experienced Representation In Business Law, Estate Planning And Tax Law
What is subordination of an IRS tax lien?
Though it’s never a welcome experience, complications with your taxes do happen. If you fall behind and find yourself unable to pay all of your taxes, the IRS will take steps to collect them. When this occurs, you will have options but they will vary based upon the...
Businesses getting paid online should know about tax changes
For many businesses in Godfrey and throughout Illinois, the methods in which they are paid for their goods and services have changed dramatically in recent years. Whereas in the past, people paid using cash, checks or credit cards, the new template includes...
My business is being audited. What happens now?
An IRS audit is one of the most stressful situations you can face as a business owner. You may be concerned that the audit will affect your bottom line or even the viability of your business as a whole. It is important to understand your rights and options when it...
The QBI and who it will affect in 2021
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...
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...