California Assembly Bill 5 (AB-5) took effect on January 1, 2020, and is the new standard by which employers must classify employees. Small business owners (SBOs) should familiarize themselves with AB-5 and the ABC test to avoid employee misclassification and potential penalties from the Internal Revenue Service (IRS). What is… [Read more]
Tax Season is Over, EDD Audit Season Begins
Now that the April filing deadline has passed, small business owners may be asking: what’s next? As tempting as it may be to put off thinking of taxes until next year, some small business owners may be required to respond to an California’s Employment Development Department (EDD) audit. Read on how… [Read more]
SBA PPP Loan Forgiveness Denial: The Ultimate Guide
The Small Business Administration (SBA) has forgiven over 98% of the total Paycheck Protection Program (PPP) loan value that borrowers requested them to forgive; recently, however, SBA has begun to issue more forgiveness PPP loan forgiveness denials. Many of these recent denials issued by the SBA are not consistent with… [Read more]
5 Misconceptions of Independent Contractors
New classification guidelines between W-2 employees and 1099 independent contractors place stricter rules for businesses looking to hire. Common misconceptions about independent contractors can lead to businesses misclassifying workers and paying high penalties and fines. Avoid these consequences by understanding the regulations your business must follow when hiring independent contractors. Let’s… [Read more]
How to Respond to an IRS Audit in 2022: Part 3
In the final part of our three-part series “how to respond to an IRS audit in 2022,” we’re focusing on the actual response to Internal Revenue Service (IRS). Watch the video below to learn more from Milikowsky Tax Law’s Founder and Managing Attorney, John Milikowsky, as he explains how to… [Read more]
How to Respond to an IRS Audit in 2022 Part 2
IRS Letter 6323 and Bank Deposit Analysis In part two of our three-part series “how to respond to an IRS Audit in 2022” we discuss IRS letter 6323 and the bank deposit analysis. For every audit IRS opens, they conduct a bank deposit analysis to determine whether you correctly reported… [Read more]
How to Respond to an IRS Audit in 2022 Part 1
IRS Letter 6323 and What to Do Before Contacting IRS Small business owners should be prepared in case the Internal Revenue Service decides to audit your business. Watch part one of our three part series for advice on how to defend your business against a battle with IRS. In this… [Read more]
Why We Do Tax with Entrepreneurial Operating Systems
John Milikowsky, Founder of Milikowsky Tax Law, often faces these questions: “why do you do what you do?” and “why are you a tax attorney?” To him, the answer is simple, “I really enjoy keeping businesses in business.” Listen to John himself explain why he does what he does- defend… [Read more]
Tax Benefits of Different Types of Business Formations
Different business models are able to take advantage of tax benefits based on their structure. Business owners should keep in mind that the type of business formation chosen impacts costs, liability, and team configurations. Choosing the right model can set your business up for success because you understand the lay… [Read more]
SBA Loan Forgiveness Denial Appeal Process
During the COVID-19 pandemic, the Small Business Administration (SBA) doled out Payment Protection Program (PPP) loans to qualified businesses. Over the course of the program, SBA granted over $809 billion in loans. SBA is currently processing loan forgiveness and loan denials. Businesses that meet SBA PPP loan forgiveness terms are… [Read more]
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