Certain individuals and businesses within the disaster area declared by the Federal Emergency Management Association (FEMA) will have a new deadline of February 23, 2023, to file their taxes. The Internal Revenue Service (IRS) has postponed certain tax-filing and...
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
Pass-through entity tax has consequences for partnerships
Recent data from the Internal Revenue Service reveal that limited partnerships provide much of the economic horsepower for the nation. Nearly 4 million partnerships filed taxes in 2019. As a rule, general partnerships function as pass-through entities. Partners report...
What does it mean to be audited by the IRS?
In today’s economy, working gig jobs as an independent contractor or even being the sole proprietor of your own small business is becoming increasingly popular. It can be rewarding to work on your own terms. As a business owner or independent contractor, you have...
What is key man life insurance?
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...
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...
