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IRS to Receive Quick Notice of Businesses Not Paying Federal Taxes

When a business experiences financial difficulties it often stops making federal tax deposits and stops filing tax returns. Federal tax deposits represent the money that an employer withholds from an employees’ pay and turns over to the IRS along with…

February 08, 2016

What Changes Are Being Made to Tax Laws in 2016?

                      With a new year inevitably comes a whole new crop of tax laws. 2016 is no exception, and there are some pretty noteworthy changes this year that could either…

January 11, 2016


Tax Attorney or CPA? Which is Right for You?

Calling a tax attorney is a big step. We’re happy you are at least considering making the call. We want to ease your pain and not make it more difficult. We want to explain what happens when contact a tax…

November 16, 2015


What To Do If You Owe Back Taxes

Courtesy Flickr Creative Commons There are many reasons people owe back taxes. Whether you are a new business owner trying to navigate the tax codes, you didn’t plan for a major life decision that affected your tax rate or you’ve…

November 04, 2015

Tax Court Upholds Failure to File Penalty Against “S” Corporations

If you own an “S” Corporation, your annual Form 1120S tax return is due on or before March 15 of the following year. You can ask for a six-month extension of time to file the tax return IF you filed before…

April 07, 2015

Should Professional Sports Leagues Retain Their IRS Exempt Status?

Currently, professional sports leagues, including the NFL League Office, National Hockey League, Professional Golf Association, Ladies’ Professional Golf Association and Association of Tennis Professionals, all have exempt status before the IRS. Senator Cory Booker recently introduced a bill that would…

December 23, 2014

Should the Owner of the Business be Treated as an Employee of the Business?

The owner and sole shareholder of an automobile business treated himself and two other individuals as independent contractors of the business. As a result, these individuals were paid directly by the business, no taxes were taken out of the money…

December 11, 2014

Permanently Banned From Preparing Tax Returns

The Department of Justice recently announced that the U.S. District Court for the Middle District in Florida has permanently barred Jeanne Cobington and her company from preparing federal income tax returns for others. The lawsuit alleged that Ms. Covington prepared…

December 09, 2014

Can An Individual Be Held Liable For Unpaid Corporate Tax Liability?

In a recent Tax Court case, the sole owner of a corporation took a dividend in excess of $3 million dollars. The corporation’s tax return was audited and additional tax liability was assessed.  Unfortunately, the corporation could not pay the…

November 20, 2014

Financial Institutions Are Not Immune From Scam Artists

The IRS recently issued a fraud alert for international financial institutions.  Scam artists posing as IRS employees have contacted financial institutions seeking account holder identities and financial account information. The IRS reports that the scam artists usually contact the international…

November 18, 2014

Chicago Area Tax Attorneys

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Chicago Tax Attorneys

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Elmhurst, IL 60126
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