John Milikowsky, Founder of Milikowsky Tax Law, often hears the question: “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 Milikowsky, founder of Milikowsky Tax Law explain why he… [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]
How Far Back Can EDD Audit Your Small Business?
Employment Development Department (EDD) performs many services, but their primary role that impacts small businesses is collecting and auditing payroll taxes. Employers pay payroll taxes for W-2 employees, but not for 1099 independent contractors. The line between an independent contractor and an employee was more concretely defined with the implementation… [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]
Five Signs Your Small Business is Prepared for an IRS Audit
Internal Revenue Service (IRS) will flag businesses for an audit when the agency finds suspicious activity in your business’ tax returns. The suspicious activity may be innocent in nature, but IRS performs an audit to ensure your business paid the required taxes. Though, occasionally, the agency will randomly audit businesses…. [Read more]
Ultimate Guide to Tax Law for Small Business Owners
What Taxes Does My Small Business Have to Pay? Small business owners may have to pay additional taxes on top of income taxes depending on if you have employees, how you classify your business, and your business expenses. The various taxes your small business may have to pay include: Income… [Read more]
How to Appeal an SBA PPP Loan Forgiveness Denial
The U.S. Small Business Administration (SBA) is currently going through loan forgiveness applications to approve or deny claims. Businesses that filed for a PPP loan during the COVID-19 pandemic and used the funds correctly can apply for loan forgiveness. According to SBA, the loan is eligible for forgiveness if, “during… [Read more]
What to Do if My PPP Loan is Not Forgiven?
Business owners who applied for SBA PPP loan forgiveness, but were denied have a limited time frame in which to appeal the forgiveness denial. Read on to learn about the process of appeal, what steps you must take, and the strict timeframe in which you must file to appeal a… [Read more]
2022 Tax Season: What to Look Out For
On January 24th, the Internal Revenue Service (IRS) announced the start of tax season. Now, the agency can accept federal income tax returns for 2021. With tax season officially in progress, the April deadline is quickly approaching. Organizing tax filing information well in advance, and understanding any tax changes for… [Read more]
Workers’ Compensation Audits
We partnered with benchmark commercial insurance to discuss how audits relate to workers’ compensation. Benchmark offers a boutique approach to serving their clients through providing and maintaining commercial and personal insurance policies. Their goal is to establish comprehensive risk management and accident-avoidance programs to help prevent claims from arising. Get… [Read more]
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