Menu

Bankruptcy FAQ’s for Individuals

Filing for bankruptcy is a difficult and draining process. People often feel ashamed, scared, or confused. If you find yourself with no other options, bankruptcy can be a good way to clear out old debts, change financial patterns, and most…

August 14, 2020

Considering Bankruptcy to Get Rid Of Your Back Taxes? 3 Alternatives to Explore Before You File

If you are drowning in debt and working harder and harder to make ends meet, you may think a bankruptcy filing is the only way out, but that is not necessarily the case. Filing for bankruptcy is one solution, but…

August 07, 2020

IRS Collections Is Starting Back Up. What To Do If You Owe Back Taxes

2020 threw a huge wrench into everything and the IRS collections proceedings are no exception.  With the tax deadline pushed until July 15th and a lot of the IRS closed under shelter at home orders due to COVID19, to the…

July 24, 2020

How to Handle Your Taxes During an Economic Crisis

Whether it is a global pandemic shutting the economy down for months on end, a stock market crash that leaves formerly giddy investors frightened and nervous or a housing crisis that makes real estate a risky bet, living through tough…

July 21, 2020

IRS Has Unclaimed Tax Refunds Worth More Than $1.5 Billion From 2016

Roughly 1.4 Million Americans Set To Lose Out On Refunds Roughly 1.4 million Americans are set to lose out on unclaimed income tax refunds worth more than $1.5 billion……because they didn’t file their 2016 tax returns. Taxpayers are given a…

July 06, 2020

If You Want to Fight The IRS You Gotta Play by the Rules

If you owe money to the IRS, the IRS has a number of tools in the toolbox to take your wages, money in the bank or assets, such as your car or home to take away from you by force…

July 31, 2020

Married Couple Improperly Deducted Self-Employment Tax

In a recent case before the United States Tax Court, a married couple who improperly deducted one-half of their alleged self-employment tax for two years was denied this deduction.  The husband was a Certified Public Accountant who ran an accounting…

August 14, 2020

If You Make a Decent Income, Watch Out Because the IRS Plans to Audit More High-Income Taxpayers!

If you make a decent income, you better watch out because the IRS is planning to audit more high-income taxpayers according to Treasury Secretary Steven Mnuchin.  During a House Ways and Means Committee Hearing on the president’s 2020-2021 budget, Mnuchin…

July 17, 2020

IRS Budget Increased, IRS Enforcement to Increase

President Trump has requested $12 Billion dollars in funding for the IRS in Fiscal year 2020, an increase of $500 Million dollars over last year’s budget.  $300 Million of this amount will continue the IRS’ modernization efforts, including funding to…

July 10, 2020

Taxpayer Criminally Convicted of Willfully Failing to Disclose His Foreign Bank Accounts on His Tax Returns

If you have one or more foreign bank accounts, you may be required to file a Report of Foreign Bank and Financial Accounts (commonly referred to as an FBAR) with your federal Form 1040 tax returns when they are filed. …

July 03, 2020

Chicago Area Tax Attorneys

Speak With A Tax Attorney

1-877-447-7529


Chicago Tax Attorneys

314 North York Road
Elmhurst, IL 60126
Proud Member of the
American Society of Tax Problem Solvers

© 2021 Patrick T. Sheehan & Associates, Attorneys at Law, P.C. - Privacy Policy - Terms and Conditions
Serving the Chicago Area - Disclaimer