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Federal Government Continues to Spend More Than It Takes In

For the first 11 months of fiscal 2017, the Congressional Budget Office estimates that the federal budget deficit was $675 billion, $56 billion more than the shortfall recorded for the same period last year. Although receipts were higher than last…

October 18, 2017

Filed Tax Return Enough to Trigger Assessment Statute of Limitation

When you file a tax return with the IRS, the mere act of filing causes the assessment statute of limitation to begin to run.  The assessment statute of limitation bars the IRS from making any changes to your already-filed tax…

October 18, 2017

IRS Trouble Solvers Warns of Upcoming Tax Deadline

As one of Chicago’s most-trusted tax law firms, the IRS Trouble Solvers would like to take a few moments to remind you of an upcoming important tax deadline.  If you filed an extension of time to file your federal Form…

October 10, 2017

$85,000 Paid to an Employee for Emotional Distress Includible in Income

Generally speaking, damages received by a taxpayer who suffered physical injuries or sickness is excludable under the Internal Revenue Code, meaning that the taxpayer does not have to include any such payments as income on his income tax return. When…

October 05, 2017

Use These Tips to Avoid Hurricane Charity Scams

Americans are known for charitable giving.  In 2016 alone, Americans donated nearly $390 billion to charitable causes — an amazing 4.2 percent increase over 2015.  We are especially giving in times of national tragedy, like the devastating recent hurricanes that…

September 18, 2017

sheehan-announces-irs-trouble-solvers-brand

Patrick T. Sheehan & Associates Also Now Known as IRS Trouble Solvers

Local tax attorney Patrick T. Sheehan is pleased to announce that the law firm he founded in 1991, Patrick T. Sheehan & Associates, will also now be known as IRS Trouble Solvers. This new co-branding effort “allows us to better…

September 07, 2017

Hops for Humanity donation

Hops for Humanity Makes Donation to the Ray Graham Association

Chicago tax attorney Patrick T. Sheehan and his charity, Hops for Humanity, is proud to announce our latest donation to a local worthy nonprofit. At our quarterly summer meeting in July 2017, we awarded a donation to the Ray Graham…

July 25, 2017

Floyd Mayweather Seeking Installment Agreement on 2015 Taxes

As Floyd “Money” Mayweather prepares for his epic battle against UFC superstar Conor McGregor in August 2017, he’s also got something else on his mind — namely some unpaid tax liabilities. According to a petition filed with the US Tax…

July 20, 2017

The Freedom from Religion Foundation Files Suit Against Trump Regarding Executive Order

The Freedom from Religion Foundation filed a lawsuit against President Donald Trump regarding his May 4, 2017, Executive Order that requires the IRS to not pursue churches or religious organizations that engage in political speech. The prohibition against churches or…

June 22, 2017

Court Holds $2.3 Million Tax Shelter Penalty Assessment Not Barred by Statute of Limitation

In a recent case, the United States District Court for the Northern District of Illinois held that a $2.3 million penalty assessed against a tax shelter promoter was not barred by the 3-year statute of limitation for assessing and collecting…

June 22, 2017

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