You dutifully pay your taxes every year, but some workers can find the process more challenging than others. This is especially true for those who are self-employed and receive a 1099, rather than traditional employees who receive a W-2. If you are self-employed and...
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
tax law
Deadline approaches for 2022 fourth quarter tax payments
The IRS issued a reminder to those who make quarterly estimated tax payments. In order to avoid unexpected potential tax bills or penalties in 2023, the agency encouraged those who paid insufficient taxes last year to make a fourth-quarter payment by January 17....
Federal tax deadline extended for St. Clair County
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...
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...