Category: Taxation

President Trump’s Proposed Cuts to the IRS Budget

Treasury Secretary Supports Increased IRS Hiring New Treasury Secretary Steven Mnuchin has advocated for increased hiring at the IRS. During his confirmation hearings, he expressed concern that the IRS, a government agency tasked with collecting revenues, has seen its’ number of employees decline almost 30% over several years. He testified that he would tell President  … Read more

Understanding Estate Taxes in Illinois

Planning for federal estate taxes with a large estate can be incredibly challenging. Attorneys spend years learning and mastering the various approaches to helping clients maximize their estates and leveraging tax advantages. This is so that their loved ones can benefit as much as possible. The state of Illinois adds an additional layer to this  … Read more

The Tax Lien Powers of the IRS

Are you unable or unwilling to pay your high tax bill to the IRS? If your answer is yes, I’m sure that you have legitimate reasons for not paying. However, if you have already received a demand for payment from the IRS, I would suggest that you immediately contact an attorney. The reason I say  … Read more

What You Need to Prepare for Your Tax Appeal

Tax Appeal

  If you have been audited by the IRS and they raised your tax obligation, you have probably received a notice of your right to appeal the auditor’s report. These appeals go through the IRS Tax Appeals office, which is a separate office from the one that conducted your audit. The tax appeal officer who  … Read more

An Overview of Estate Tax Returns

  Whether you are estate planning or trying to petition an estate through a probate court, taxes are constantly at the forefront of your thoughts. Estate taxes are taxes collected on the transfer of a deceased person’s estate. There is a federal estate tax levied by the IRS, and there are several states that collect  … Read more

Why Are My Wages Being Garnished?

Have you been having problems with the IRS? Have you noticed that you are consistently taking home a smaller paycheck? If your answer to both of those questions is “yes”, there is a good chance that the IRS is garnishing your wages. Further, it probably does not come as much surprise to you, as the  … Read more

The Pitfalls of Tax Forgiveness

The Pitfalls of Tax Forgiveness

Do you owe the IRS more money than you can pay? Are you at risk of a tax lien? Would a fresh start sound nice? Well, the IRS literally offers a “Fresh Start program” to settle your IRS debt through a tax forgiveness program. If this sounds too good to be true, your instincts may  … Read more

Is a Tax Appeal Right for Me?

Is a Tax Appeal Right for Me

Tax season is well underway, which means that you are in the process of preparing your taxes, if you haven’t already filed. Unfortunately, it also means that a new audit season has opened for the IRS. If you or your business is being audited and you ultimately receive a higher tax bill, I highly recommend  … Read more

Birth Of A Child Could Allow A Taxpayer To Receive Proceeds From The Sale Of Their Residence Not Subject To Taxation

The IRS determined that a taxpayer was entitled to a partial gain exclusion even though the taxpayer used the property for less than two years. The taxpayer did not meet the requirements of the IRS code, however, they sold the residence due to an unforeseen circumstance which allowed them to qualify for the partial exclusion  … Read more