Jun 3, 2015 | Federal Income Tax, IRS Audit, Payroll Tax Problems
June 3, 2015 Some of the most challenging issues we handle as small business accountants in Chicago are IRS Tax Problems. These issues come in many shapes and sizes, But primary among them are unpaid payroll and income tax problems. New clients coming into the...
Jun 2, 2015 | Federal Income Tax, Illinois Department of Revenue, IRS Audit, Record Keeping / Bookkeeping
How long should I keep my Tax Records Chicago Illinois? June 2, 2015 You should keep a copy of your Federal Income Tax Returns and the related documents supporting income and deductions for seven years. Under other circumstances, the period is unlimited. If you filed...
May 26, 2015 | Federal Income Tax, IRS Audit
Can the IRS audit you two times in two years Chicago Illinois Certainly. There is no restriction in between years. If an IRS Audit has been finished and closed out on one year, they cannot audit the same year twice under the rules of double jeopardy. But they...
Oct 26, 2014 | IRS Audit, Tax Planning
We have seen a large increase in the number of sales tax audits occurring not just in Chicago, but the entire State of Illinois. It seems that whenever the State runs out of money, they simply increase the number of audits. This in turn, increases their revenues. The...
