Willi Law Office, LLC https://www.willilaw.com Willi Law Office, LLC Tue, 18 Feb 2025 23:03:51 +0000 en-US hourly 1 https://wordpress.org/?v=6.6.1 https://www.willilaw.com/wp-content/uploads/sites/1404562/2020/02/cropped-logo-512-32x32.jpg Willi Law Office, LLC https://www.willilaw.com 32 32 Should you represent yourself against the IRS? https://www.willilaw.com/blog/2025/02/should-you-represent-yourself-against-the-irs/ Tue, 18 Feb 2025 22:40:20 +0000 https://www.willilaw.com/?p=52737 The IRS may notify you of an audit, tax dispute or collection action. These issues, if not resolved quickly, can lead to serious complications and financial risks.  It is important to understand why you may need to defend against the IRS’s allegations and whether self-representation is the right choice. Here is what you should know: Why the IRS may be…

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]]> 3 reasons taxpayers need representation during an audit https://www.willilaw.com/blog/2025/01/3-reasons-taxpayers-need-representation-during-an-audit/ Tue, 14 Jan 2025 22:47:56 +0000 https://www.willilaw.com/?p=52739 Receiving a letter from the Internal Revenue Service (IRS) stating that an audit is imminent can be a frightening experience. Many taxpayers initially panic. Then, instead of taking every reasonable action they can to protect themselves, they may rush through the process of responding and put themselves in a more perilous position. Technically, every person facing an audit has the…

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]]> Why IRS audit representation is essential https://www.willilaw.com/blog/2024/12/why-irs-audit-representation-is-essential/ Fri, 20 Dec 2024 23:00:00 +0000 https://www.willilaw.com/?p=52734 The mere thought of a tax audit can send chills down most people’s backs — and there’s no question that the Internal Revenue Service (IRS) audit process is stressful, complicated and overwhelming for most people. Audits can happen for all kinds of reasons. You can be randomly chosen, or discrepancies in your reported income and excessive deductions can trigger the…

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]]> How can you settle your tax debt for less? https://www.willilaw.com/blog/2024/09/how-can-you-settle-your-tax-debt-for-less/ Fri, 27 Sep 2024 18:54:51 +0000 https://www.willilaw.com/?p=52729 Tax debt can create serious financial stress, especially if you’re unable to make full payments. For Ohio residents facing significant tax debt, the Internal Revenue Service offers a potential solution: the Offer in Compromise (OIC) program.  This arrangement allows taxpayers to settle their debt for less than the total amount they owe. Although not everyone qualifies, exploring this option can…

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]]> How to prepare for an IRS audit https://www.willilaw.com/blog/2024/06/how-to-prepare-for-an-irs-audit/ Fri, 28 Jun 2024 13:50:07 +0000 https://www.willilaw.com/?p=52727 Facing an IRS audit can feel overwhelming, but preparation can make the process smoother. Follow these steps to get ready and ensure everything goes as smoothly as possible. Gather all necessary documents According to the IRS, the agency closed more than 582,000 field audits in 2023. The first step in preparing involves collecting all relevant documents. The IRS may request…

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]]> Deciphering employment taxes for sole proprietors https://www.willilaw.com/blog/2024/04/deciphering-employment-taxes-for-sole-proprietors/ Tue, 02 Apr 2024 14:39:58 +0000 https://www.willilaw.com/?p=52725 Although operating a business on your own has a lot of upsides, taxation is not one of them. All sole proprietors must pay both income taxes and self-employment taxes on the total income of their businesses. Understanding these tax obligations is necessary for sole proprietors so they do not run afoul of the IRS. Payroll tax This is a tax…

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]]> Joint tax troubles: the 3 types of Innocent Spouse Relief https://www.willilaw.com/blog/2024/01/joint-tax-troubles-the-3-types-of-innocent-spouse-relief/ Fri, 19 Jan 2024 16:15:54 +0000 https://www.willilaw.com/?p=52708 Imagine you and your spouse file taxes jointly but your spouse does the filing and either makes a significant mistake, fails to report income or claims deductions that are not accurate. You might think that because you filed jointly, you are liable equally and if your spouse is at fault, you are also at fault, right? Not necessarily. Sometimes, a…

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]]> New IRS Voluntary Disclosure Program Lets Employers Pay Back Employee Retention Credits at A Discounted Rate https://www.willilaw.com/blog/2024/01/new-irs-voluntary-disclosure-program-lets-employers-pay-back-employee-retention-credits-at-a-discounted-rate/ Thu, 11 Jan 2024 21:14:18 +0000 https://www.willilaw.com/?p=52703 The IRS has launched a new Voluntary Disclosure Program aimed to help businesses that want to pay back the money they received after filing erroneous Employee Retention Credit (ERC) claims. Employers will only be required to repay 80% of the credit they received, but they must must disclse information about any advisors or tax preparers who advised or assisted them with their claim.

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]]> IRS Delays Revised 1099-K Reporting Another Year – Planned $5,000 Threshold for 2024 https://www.willilaw.com/blog/2023/11/irs-delays-revised-1099-k-reporting-another-year-planned-5000-threshold-for-2024/ Tue, 21 Nov 2023 21:38:00 +0000 https://www.willilaw.com/?p=52674 The IRS announced a delay of the new $600 Form 1099-K reporting threshold for third-party settlement organizations for calendar year 2023. A threshold of $5,000 for tax year 2024 is being planned as part of a phase-in. The IRS will make updates to the Form 1040 and related schedules for 2024 that would make the reporting process easier for taxpayers.

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]]> Have Your Cake and Eat it Too! Use SGOs to Direct Your Ohio Tax Dollars to Education https://www.willilaw.com/blog/2023/11/have-your-cake-and-eat-it-too-use-sgos-to-direct-your-ohio-tax-dollars-to-education/ Tue, 14 Nov 2023 19:27:02 +0000 https://www.willilaw.com/?p=52672 Ohio taxpayers filing form IT-1040 can receive a dollar-for-dollar reduction in their Ohio tax liability via a non-refundable tax credit for contributions to eligible Ohio scholarship granting organizations (SGOs). The tax credit is the lowest of 1) $750 ($1,500 if filing jointly); 2) the total amount donated to the SGO during the tax year; or 3) your Ohio income tax liability before refundable credits

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