IRS enforcement is largely on hold. If you have tax problems, you may be tempted to wait and see if your tax issues will escape notice. But there are several reasons to resolve your tax issues now and not wait for the IRS to begin collections again. First, the IRS may still take collection action in some cases. While the…
Professional But Personal Legal Services To Give You Peace Of Mind In Your Business And Tax Matters
Year: 2020
IRS Help for Employers/Small Businesses Suffering Economic Impacts Due to Coronavirus
News is coming out daily, and it can be hard to keep up. While IRS, Department of Labor and Department of Treasury are all scrambling to try to help businesses in this uncertain climate, the piecemeal releases of information can be overwhelming and confusing. Here I’ve compiled a summary of the tax credits available for businesses as of now: Employee…
What You Want to Know About Economic Impact Payments
Let me begin by saying that the information contained in this blog is the most current information available at the time of publication. I will do my best to post updates if and when they are released by the Department of Treasury or IRS. For the latest information, you can also go to irs.gov/coronavirus. Q: Do I need to “sign…
IRS “People First Initiative” Relaxes Collection Threats
First, in an effort to protect both their employees and the public, the IRS announced that it would be limiting all in-person contact. For taxpayers who owe a delinquent liability, this means there is less likely to be a knock at the door from the IRS. That is likely a big relief to many since the IRS announced prior to…
Settling Your IRS Debt
This is the first in what I intend to be a series on the different options to resolve your tax liabilities. The Offer in Compromise program through the IRS is the most desired resolution option for back tax liabilities. However, the IRS Offer in Compromise program is not a “let’s make a deal” program similar to negotiating the price of…
City of Chicago, State of Illinois and Federal Government Trying to Help Businesses During Pandemic
Illinois Department of Revenue is waiving penalties and interest that would have been imposed for late Sales Tax payments for businesses that are designated as eating and drinking establishments that incurred a Sales Tax liability of less than $75,000 in 2019. Currently, this applies to Sales Tax payments due in February, March or April 2020. The Department of Revenue will…