Complex Tax Return Preparation
565 West Adams Street, Suite 600, Chicago, IL 60661
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The Tax Practice of IIT Chicago-Kent College of Law
The Tax Practice of IIT Chicago-Kent College of Law

312-906-5041

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Chicago Tax Preparation Lawyers

chicago IRS tax preparation lawyer

Complex Tax Return Preparation in Illinois

The Internal Revenue Code (IRC) is one of the most complicated sets of rules and regulations in the world. Spanning nearly 80,000 pages, the complexity of the IRC is enough to confuse even many tax professionals. In general, the more complicated your life becomes, the more complicated your tax situation becomes as well. And if your tax returns are complex, there is a good chance you are not taking advantage of all the tax savings you may have available to you.

At the Tax Practice of IIT Chicago-Kent College of Law, we help Illinois taxpayers that need help maximizing their credits and deductions while remaining in compliance with the Internal Revenue Service (IRS). Here are some examples and tax situations that may require our assistance:

Filing returns in multiple states due to shared residency, out-of-state rental properties, or out-of/multi-state partnership interests;

  • Filing returns with passive real estate partnership interests;
  • Self-employed individuals, including those requiring the filing of multiple Schedule Cs;
  • Receiving Foreign Tax Credits;
  • Holding a foreign bank account (or multiple accounts) with an average balance of at least $10,000;
  • Being the beneficiary of a trust or heir to an estate;
  • Selling stocks and struggling to process the thousands of transactions included in a single Form 1099-B;
  • Operating a business that necessitate employee payroll filings;
  • Running a business out of a home office and struggling to maximize deductions without throwing up a red flag; or
  • Having paid the Alternative Minimum Tax (AMT) on last years return and trying to process AMT credits for this year.

If you find yourself with any of the above circumstances or your return is just too complicated for you to figure out on your own, we offer a cost-effective solution for your tax preparation needs. Our practice is led by Chicago tax attorney and Professor Jonathan Decatorsmith. Before becoming an educator and taxpayer advocate with Chicago-Kent, Decatorsmith was an instructor within the IRS and a successful trial lawyer in the area of tax law. His in-depth understanding of the Internal Revenue Code helps ensure that our clients pay the minimum amount of taxes they are legally required to pay.

The Critical First Step: Preparation

The most important part of preparing a complex tax return is preparation. In order to fully optimize your tax deductions and put you in the best financial position possible, we must prepare ahead of time by properly structuring your financial life and keeping accurate records in the event of an examination or audit down the road. That said, the IRS also allows taxpayers to amend their returns for up to three years after the date the original tax return was due. We will look over your past returns to identify any mistakes, missed deductions or any other inaccuracies. If we find that it would be to your benefit to file amended returns for any of the past three tax years, we will prepare those for you as well.

Complex tax return preparation is something many individual and business taxpayers struggle with. If you are having trouble trying to maximize your deductions without raising a red flag with the IRS, contact us today at 312-906-5041 for a free consultation. We will review your situation and show you how we can help keep your tax burden low. Our practice represents clients for IRS tax issues and commercial disputes in Chicago.

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