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If You Prepaid Your Real Estate Taxes in 2017, Are They Still Deductible on Your Tax Return for 2017?

The new tax law recently signed by President Trump limits annual itemized deductions for all non-business state and local taxes, including property taxes, to $10,000.00 after 2017. Because many people’s property taxes are greater than $10,000.00 per year, many individuals…

February 14, 2018

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Report: New Tax Law Could Mean Future Headaches

Most American workers may be pretty excited about the fact that the tax cuts passed by Congress in December 2017 will mean more money in their paychecks.  However, a new report from Fox Business states that the withholding amounts for…

February 07, 2018

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Restaurant Owners Charged With Hiding Cash Receipts

Owners of a popular River Grove, Illinois Italian restaurant were recently charged with tax evasion after not reporting hundreds of thousands in cash receipts. According to a report in the Chicago Tribune, the father and son owners of Da Luciano…

January 10, 2018

Can I Avoid Paying Back Taxes by Declaring Bankruptcy?

There are several different types of bankruptcies, including a Chapter 13 (repayment plan for individuals), a Chapter 11 (repayment plan for businesses) or a Chapter 7 (liquidation). In a Chapter 13 or a Chapter 11, the taxes are typically paid…

November 21, 2017

Can I Go to Jail for not Paying my Taxes?

Absolutely yes you can go to jail for not paying your taxes! Failing to file a tax return is a misdemeanor punishable by imprisonment for up to one year in jail. Filing a tax return that you know is not…

November 21, 2017

What is a Final Notice of Intent to Levy?

When you owe money to the IRS, the IRS typically sends a series of four notices to you, each of which gets progressively nastier. The fourth notice, a Notice of Intent to Levy, is typically sent to you via certified…

November 21, 2017

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What Should I Do If I Haven’t Paid My Taxes in Years?

I haven’t paid my taxes in several years. What should I do? Is the IRS asleep and has not contacted you? Is the IRS actively taking enforced collection action against you such as levying on your wages or bank accounts?…

November 21, 2017

IRS Halts Substitute for Return Program for Non-Filers

If you do not file a tax return, and if you are required to file a tax return, the IRS typically sends a series of letters asking you to file a tax return for the year in issue. If you…

November 06, 2017

Frivolous Tax Return Penalties against Protester Sustained by U.S. Tax Court

Mary Anne Valentine-Whitaker and her husband filed a tax return with the IRS for 2012 claiming a refund in the amount of $3,094.00 stemming from a distribution from her retirement plan in the amount of $15,469. Attached to the tax…

November 06, 2017

New IRS Commissioner to Begin in November

Regular readers of our blog will know that Internal Revenue Service Commissioner John Koskinen has not had an easy run as the head of the government’s tax enforcement and collection agency. For the past two years, members of the U.S….

October 30, 2017

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