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Should a Discharged Student Loan Be Treated as Income on Your Tax Return?

Generally speaking, when you are relieved of a debt outside of bankruptcy, such as when a bank forgives a mortgage, you may experience forgiveness of indebtedness income. It is kind of counterintuitive to think that forgiveness of debt can lead…

February 09, 2017

President Trump’s Taxes Continue to Stir Controversy

If you are a regular reader of this blog, you are aware that President Trump has consistently refused to release his tax returns, halting a 40-year trend of Presidents and Presidential candidates who have released their tax returns to the…

February 07, 2017

IRS Becoming More Aggressive Regarding Summons Enforcement

We have a client that has some unpaid assessed liability due to the IRS along with unfiled tax returns.  Our client is working with his accountant to cause the preparation of the unfiled tax returns, but is doing so at…

January 25, 2017

Donald Trump’s Conflict of Interest Issues Continue

On January 11, 2017, then President-Elect Trump stated his intention to turn over management of the Trump Organization to his adult sons in an effort to avoid any conflicts of interest as President. Under the proposed plan, all of the…

January 25, 2017

New Tax Scam Targets Tax Professionals

The IRS has recently warned of a new scam that targets tax professionals where cyber criminals pose as clients soliciting services from tax professionals.  The scammers try to get the tax professional to turn over information to them or installs…

January 25, 2017

IRS Whistleblower Report Lists More Awards Paid than Ever

The IRS Whistleblower Program pays awards to people who provide specific credible information to the IRS regarding taxpayers that have not fully paid their taxes or who have committed fraud or evasion on their tax returns. There are two prongs…

January 25, 2017

Presidential Conflicts of Interest Act of 2017 Aimed Squarely at President Trump

On January 9, 2017, Senator Elizabeth Warren, D-Mass., introduced the Presidential Conflicts of Interest Act of 2017 that, if passed, would require the President, Vice-President, spouses and minor or dependent children to divest themselves of all interests that may or will…

January 23, 2017

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IRS Cracks Down on Unpaid Employment Tax

If you are a regular reader of this blog, you are aware that the IRS and the United States Department of Justice are now vigorously pursuing employment tax violations and are taking a much stricter position on civil and criminal…

January 13, 2017

Chicago Tax Lawyer Patrick T. Sheehan Scores Double Win at the IRS

A recent business client of Chicago Tax Attorney Patrick T. Sheehan & Associates had not filed its Forms W-2 or W-3 with the Social Security Administration for one year.  As a result, the IRS assessed a Civil Penalty against our client…

January 13, 2017

Lawsuit Against IRS Fails Because of Sovereign Immunity

Sovereign immunity is a legal doctrine carried over from the time of Kings in which the King and his court were immune from claims by his subjects because “the King can do no wrong.” Even though we do not have…

January 13, 2017

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