How to ANALYZE an IRS Revenue Agent Report Every IRS audit concludes with a Revenue Agent Report which includes all the findings the IRS made based upon the documents and information collected, and the determination IRS has made. An IRS audit starts with a initial audit letter sent to the… [Read more]
How to prepare an IRS Bank Deposit Analysis
The bank deposit analysis is essential to every single IRS audit. A bank deposit analysis is where the IRS will analyze, all the deposits coming into a bank account that you own, either personal or business, and determine whether those deposits are taxable or non-taxable income. As you can… [Read more]
How to Abate an IRS Penalty
There are a lot of different types of penalties IRS can assess. Let’s start with the failure to file. Typically, it’s a firm deadline and when you have to file a return. If you don’t file an extension and your return is late, or you do file the extension and… [Read more]
5 Tips for CPAs to Minimize Audit Risk for Their Clients
If you are a CPA, here are 5 things to help your client reduce the risk of an EDD, IRS, or SBA audit: 1: Confirm that your client’s 1099-K (provided by a merchant processor) does not report gross proceeds from credit card sales that are higher than the amount you… [Read more]
How to Minimize the Risk of an EDD Audit?
Need to review 1099 classification criteria? CLICK HERE: How do you minimize the risk of an EDD Audit? There is no way to eliminate the risk of a government agency audit, audits are performed on a number of criteria, from a site sweep in which contractors are randomly audited by… [Read more]
Additional CA Business Tax Rules
**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]
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