On Sunday, August 7th of 2022, the Senate passed the Budget Reconciliation Bill, or the Inflation Reduction Act, which includes nearly $80 billion in funding for IRS. More than half of the funding is set for enforcement. IRS aims to collect more from corporate and high-net-worth tax dodgers. What will… [Read more]
What to do if IRS Audits Your Business
Business owners may not be sure where to start if IRS audits their company. However, an IRS audit doesn’t have to feel stressful or disorganized. In this article, we’ll discuss a set of steps business owners can take if they find out they are being audited by IRS. Familiarize Yourself… [Read more]
California EDD Audits and Independent Contractor Classification
The California Employment Development Department (EDD) conducts audits to determine if businesses are: Correctly classifying their contractors and employees, and Paying the full taxes due under California law It’s important to note that EDD is actively targeting independent contractor misclassification, which could result in a six-figure penalty per employee for… [Read more]
CSLB Site Sweeps and EDD Audits
CSLB site sweeps and EDD audits can cost business owners delays, fines, stop-work orders and even potential jail time. In 2019 and 2020, CSLB’s Statewide Investigative Fraud Team (SWIFT) responded to 855 leads, conducted 52 sting operations and 216 sweep days. These efforts led to the issuance of 260 Notices… [Read more]
IRS Audits: Your Ultimate Guide
IRS audits can be a business owners’ worst nightmare: the hassle, the heaps of paperwork, the potentially hefty bill. However, with the right preparation and resources, an IRS audit doesn’t have to be a stressful event. Read on for our ultimate guide to IRS audits. We answer all the most… [Read more]
Assembly Bill 5 (AB-5): Your Ultimate Guide
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? Insert EDD audit season. 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 audit from the California… [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]
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