Gordon Law Group

05/20/2025

The IRS is coming after crypto investors—hard.

But here’s the catch: most agents don’t understand how crypto works. And yet, they’ll still calculate your gains, assign penalties, and decide what you owe.

That’s how one client ended up with a $250,000 bill—until we proved the IRS had it completely wrong.

The cryptocurrency landscape is full of complex data and legal gray areas that make tax reporting a challenge. You need a team that knows the technology and the tax code like the back of their hand.

At Gordon Law, we’ve handled dozens of these cases and know exactly how to challenge faulty calculations and reduce exposure. Whether you're facing an audit or want to prevent one, reach out today!

05/15/2025

If you forgot to file the FBAR, don’t panic! The Delinquent FBAR Submission Procedures are one way to fix this mistake without penalties.

05/09/2025

If you haven’t fully reported your crypto in the past, here’s what you need to know:

🚨 The IRS can go back 6 years or more if they believe you substantially underreported
🚨 Penalties range from 20% for negligence to 75% for fraud
🚨 Falsely answering “no” to the crypto question on your return is a major red flag—and yes, you can be criminally charged for it

The earlier you act, the better your options. If you take steps now to correct your back taxes, the IRS is far more willing to negotiate.

Crypto tax problems don’t get better with time, but they can be solved. Give us a (confidential) call if you need help!

05/08/2025

Thinking about buying a business? A lot of people rush the Letter of Intent, thinking it's just an informal first step. In reality, the terms in this document set the stage for the entire deal, and you should have your attorney prepare it—not a broker who's rushing to push the deal through.

Learn why the LOI is so important and what most business owners & investors get wrong.

The Letter of Intent (LOI) is a vital component in any M&A deal. Learn how to craft the ideal LOI today with the team at Gordon Law.

05/07/2025

When was the last time you updated your business contracts?

If it’s been a while, you could be operating with outdated terms, exposing your business to unnecessary risk, and limiting your profits.

Here are a few signs it’s time to review your contracts:
✔️ You started out with a cheap template, but now you're making stable profits
✔️ You now have a closer relationship or more leverage to negotiate terms
✔️ You’ve updated your terms over time without an attorney review
✔️ You’re working with partners or collaborators without formal agreements
✔️ You’ve had a client dispute that wasn’t covered in your contract

Strong contracts don’t just protect you in court—they help you avoid problems before they start.

Need a contract review or update? Our team can help. Reach out for a quick consult to make sure your business is protected.

05/06/2025

Think marketing compliance doesn’t apply to you because you’re “just” a small business?

Think again.

The FTC is cracking down on:
❌ Affiliate marketing without disclosures
❌ Testimonials that sound like guarantees
❌ Fake reviews
❌ Ads that don’t match what the product delivers

If you’re running paid ads, affiliate programs, or social media content, it’s time for a compliance check.

05/05/2025

If you're a U.S. taxpayer who works in Australia, you probably have a superannuation account.

Even though these retirement accounts are common, the U.S. tax implications are anything but simple. Get the details on our blog:

As most U.S. expats living in Australia already know, Australia has a unique retirement system that’s quite different from the United States. […]

05/02/2025

Crypto tax enforcement is stepping up. If you’re behind on your crypto reporting, you could be exposing yourself to:
• Multi-year IRS audits
• Penalties for substantial underpayment
• Potential criminal investigation, especially if the IRS believes you intentionally concealed crypto

Here’s the good news:
✔️ Voluntary disclosure goes a long way
✔️ The earlier you act, the more options we can help you explore
✔️ In many cases, we can reduce penalties—or avoid them altogether

You’re not the only one who's behind. But if you want to protect yourself, now’s the time to act. Call (847) 580-1279 today for a confidential case assessment.

05/01/2025

Forgot to file your FBAR? Not sure what an FBAR is? You may have made a mistake—but there’s still time to fix it.

FBAR is a tax form you must file if you had over $10,000 total in foreign accounts at any point during the year. That includes:
• Foreign bank or brokerage accounts
• Business bank accounts
• Retirement accounts, mutual funds, and certain insurance policies

The penalties for missing it can be steep—up to $10,000 per violation for non-willful cases.

FBAR filings are technically due April 15, but you get an automatic extension to October 15 each year.

That means:
✅ You still have time to report your foreign accounts
✅ If you missed prior years, you have a limited window to catch up
✅ You may avoid serious fines—but only if you act now

If you think you missed the requirement, don't panic. Just take the next step. Learn more about FBAR filing requirements here:

Confused about your FBAR filing requirements? Learn who needs to file FinCEN Form 114 and what to do if you have unfiled FBARs.

04/30/2025

If your business has more than one founder or investor, you need a written ownership agreement. Period.

We’ve seen six-figure businesses implode because they never clarified:
• Who owns what %
• How profits are split
• What happens if someone leaves
• How decisions are made

Verbal agreements and handshake deals don’t hold up when money’s on the line.

If you’re building something worth protecting, put it in writing.

04/29/2025

Are you struggling to keep up with your tax bill? Every day, we talk to clients whose tax debt is spiraling. They're overwhelmed and they just want this issue to go away once and for all.

If that sounds like you, you're not alone, and you have options. Here are some tips from our Chicago tax attorneys.

Do you owe tax? Don’t panic. Here are 5 tips for handling back taxes and advice on how to avoid future tax debt.

04/28/2025

"Hey Google, is 'S-tier' a good thing?" 😅

Thanks to our client Richard for this great review!

"Max Markoff and Gordon Law Group are S-tier lawyers. I would highly recommend them if you are planning any legal action against any legal entity."