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Taxes Archives |

Cook County Property Taxes

Cook County Assessor Fritz Kaegi has plans to reevaluate every single property in the county in the wake of the coronavirus pandemic. Typically, only a third of Cook County gets reassessed in a given year in what’s known as the triennial assessment. That’s when many...

Illinois does it again

At times I really believe that Illinois Department of Revenue does nothing but think of dirty tricks and schemes to play on its citizens. The most recent case has occurred to two of our clients so far this year.  In both cases the husband and wife both work for the...

Non-filers

High-income individuals who haven’t or refuse to file returns are also finally getting IRS’s scrutiny.  Talk about low hanging fruit. Revenue officers will conduct in-person visits with individuals who received income in excess of $100,000 but didn’t file returns in...

More Scrutiny

Pass-through entities can expect to see more IRS audits in 2020 and more over the next few years. That’s in part because audit rates for pass-throughs have been dismally low in the recent past. The 2017 overall exam rates for partnerships and S corporations were 0.4%...

Deferred Comp

A retired Mary Kay consultant owes self-employment tax on deferred pay that she got after she retired. During her tenure with the company, she was treated as an independent contractor and was compensated with commissions. The payments that she received under the...

Late S-Corp penalties

S corporations that file late returns face a stiff fine $205 for each month late, up to a maximum of 12 months, multiplied by the number of shareholders in the firm. Prior to 2014, the penalty was a mere $195. In this case, in which a nine-owner S corporation lacked...

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