**UPDATE: 2021** Additional CA Business Tax Rules going into effect affecting states outside CA Tax season is upon us and the newest revisions to the California tax codes affect not only residents of the state but those who do business with CA (the 5th largest economy in the world). For… [Read more]
SBA Audits Have Begun
Did you receive an SBA PPP loan? We have up to the minute details about SBA’s criminal investigations of businesses who applied for the PPP loan. A couple of months ago, we released a video confirming that SBA had started reviewing loan applications. We recently learned from a credible source… [Read more]
AB-5 Exemptions: Your Comprehensive Guide
California Assembly Bill 5 (AB5) has built-in exemptions for many businesses. We say “Not So Fast”! Even exempted industries have to adhere to the old 13 point Borello criteria for classifying 1099 contractors. So, while many business owners are celebrating the free pass the AB-5 exemptions seem to offer, take… [Read more]
Stop an EDD Audit of Your 1099s in its Tracks
How to navigate AB-5 Assembly Bill 5, which required companies to reclassify most independent contractors as employees, is hurting employees. California’s new AB-5 and Gig Workers Bill has employers concerned since it is unknown what EDD will do next. The bill that passed a few months back was already affecting… [Read more]
What Does Prop-22 Mean for You?
Do you rely on Lyft, Uber, or other rideshare services to take you to and from locations regularly? Or do you rely on a paycheck from a ride-sharing business as an independent contractor? If you fall into either of these two groups, here’s what Prop-22 means for you. New legislation… [Read more]
Lauren’s Spotlight
What do you value most in others? How is that element present in your business? This month we are introducing you to one of Milikowsky Tax Law’s Senior Attorneys, Lauren Suarez. Lauren Suarez is a San Diego native with a passion for tax. She has worked on the tax controversy… [Read more]
What is the False Claims Act
Business owners who received PPP funds are largely through the period in which they used those funds to cover payroll and other business operating expenses. If you applied for, received, and have used your PPP funds, likely, you are readying to ask for forgiveness. The SBA and the chairman of… [Read more]
IRS Audits are on the Rise
On July 15, 2020, the Department of Justice (“DOJ”) charged Andrew Marnell with bank fraud in connection with $8.5 million worth of Paycheck Protection Program (“PPP”) loans he obtained for fake business expenses, that were then spent on gambling and stock market bets, incurring millions of dollars in losses. See… [Read more]
Automatic forgiveness for the PPP
A new bill before the Senate proposes to allow anyone who applied for a PPP loan under $150,000 to get automatic forgiveness. On Monday, July 27th Marco Rubio and Susan Collins proposed an act called the “Continuing Small Business Recovery and Paycheck Protection Program Act.” CSBR&PPPA. Among concerns over documentation… [Read more]
EDD confirms it has resumed tax audits
CA EDD confirms it has resumed tax audits relating to the misclassification of 10 million contractors. Until September 2nd, 2020, CA EDD auditors had put audit cases on hold in order to assist the agency with the unemployment insurance benefits process. With the onset of the COVID-19 layoffs and the… [Read more]
