Legal Question in Tax Law in Illinois

I owe the state $27,000 on my sales taxes because of my accounting errors. How do I go about this? What should I do?


Asked on 3/22/10, 1:42 pm

1 Answer from Attorneys

Adam S. Tracy Securities Compliance Group Ltd

Thank you for your question. There are a few ways you can go with this. First of all, were you audited by the state or are you just assuming you owe?? You can challenge the amount you owe with the state to reduce that amount (provided such a reduction is justified). If not, you have a few paths for reducing the amount or paying it over time. Finally, you could also look at a business bankruptcy. Please let me know if you would like to discuss in detail: [email protected]

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Answered on 3/27/10, 1:48 pm


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