The Illinois 2020 tax expansion may require your business to collect sales tax from your customers for any purchases made through your company's website or the internet. As reported by the Madison record, businesses using online marketplace services such as Amazon,...
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Tips when facing an IRS audit
No business owner wants to receive a tax audit notice in the mail. However, the proper preparation and advice can relieve some of the stress that comes from facing IRS scrutiny. When you learn your business faces an audit, try these four tips to help the process go as...
Understanding the Offer in Compromise
If you are like many residents in Illinois, you may find yourself facing a large federal income tax bill that you are not able to pay in full by April 15. In situations like this, it is important to understand your options in order to avoid amassing a high level of...
Illinois relies on small businesses, treats them poorly
According to Illinois Policy, businesses with less than 50 employees created the vast majority of new jobs in the state of Illinois, accounting for 83 percent of new job growth in 2017. In fact, small businesses, which generated nearly 130,000 new jobs between 2011...
What can I do when I face a business tax audit?
At one point, you may receive a letter from the IRS informing you of an audit on your Illinois business. This can be unnerving, but it does not have to be if you prepare for it. One thing to keep in mind, according to H&R Block, is the process can be lengthy...