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Home > Archives for CPA

California CPA’s: Questions to ask your Clients to Reduce EDD Audit Risk

January 16, 2022

California CPAs should ask their clients who hire 1099s if they have a contractual agreement, invoices, licenses, insurance, and an EIN.

Certified Public Accountants (CPAs) have the most insight into their business owner clients’ daily transactional history. You may find that your clients who have 1099 contractors are now in the grey area of worker classification since it was redefined by AB-5 in January 2020.   Under the new bill, all workers… [Read more]

Filed Under: Blog, CPA, EDD Tagged With: 1099, Audit, Audit Risk, California CPA, California EDD, Clients, CPA, EDD, EDD Audit, EDD Audit Risk, Independent Contractor, Reduce Audit Risk, W-2

How to Respond to IRS Letter CP 2000

November 14, 2021

Do you know how to Respond to IRS Letter CP 2000

What is a CP 2000? Watch our video below: IRS sends audit letters to taxpayers when tax returns and reported data from employers or banks do not match. This specific letter is IRS letter CP 2000. It is not a formal audit letter notice. However, it does notify the taxpayer… [Read more]

Filed Under: Blog, CPA, IRS Tagged With: Attorney, Audit, audit triggers, CP 2000, IRS, IRS Audit, IRS Audit letter CP 2000, Letter CP 2000, Tax Attorney

What Should You Pay for a Tax Attorney?

November 7, 2021

What should you pay for a tax attorney?

  How much should you pay for a tax attorney? It depends on the issue you’re facing. If you’re a business owner, you can expect to pay a little bit more because these cases tend to have more complicated issues. Sometimes, cases can cost $2,000 to $3,000, but it depends… [Read more]

Filed Under: Blog, CPA Tagged With: Attorney, Audit, audit triggers, case study, contractor, Independent Contractor, IRS, Tax Attorney

What Every Business Owner Needs to Know

October 17, 2021

What Every Business Owner Needs to Know:

Starting a business rarely begins with a strategic checklist of all of the resources necessary to run and scale successfully. Rather, many, if not most businesses start because the founder has a passion or skill that is exceptional and in-demand and they grow from there.  Because of this, many business… [Read more]

Filed Under: Blog, CPA Tagged With: Attorney, Audit, audit triggers, bookkeeper, business checklist, business owner, contractor, CPA, cslb, EDD, general contractor, HR, Independent Contractor, Insurance Provider, Payroll provider, site sweep

Top 7 Most Common Questions About IRS Audits

August 8, 2021

Top 7 Most Common Questions About IRS Audits

Anytime you file taxes, there is a chance that your tax return might be audited by the Internal Revenue Service (IRS). The agency conducts standard procedures to find any errors or discrepancies among taxpayers. The audit process is meticulous and, should you find yourself under the scrutiny of IRS, will… [Read more]

Filed Under: Blog, CPA, IRS Tagged With: Audit, Business Owners, California Taxes, Filing taxes, IRS, IRS Audit, Small business, Tax Attorney, Tax Preparation, Tax Season, taxes

Form 5472 Foreign Owned Company Filings

May 30, 2021

Form 5472

One important aspect of being a business owner is ensuring that you keep up with changing laws and regulations that may be applicable to your business. There are consistent changes and updates being made to various legal requirements and ignoring those changes or failing to recognize them could result in… [Read more]

Filed Under: Blog, COVID-19, CPA, Form 5472, News Tagged With: Audit, Business Owners, California Taxes, Corporate Tax Compliance, EDD, Filing taxes, International Law, International Tax, IRS, IRS Audit, Small business, Tax Attorney, Tax Preparation, Tax Season, taxes

Why IRS is Planning to Audit More Small Businesses This Year

May 23, 2021

Insights for CPAs to Minimize Audit Risk for Their Clients

Late in 2020 IRS announced that they intended to increase audits of small businesses by 50%. This news came as a shock to many small business owners who were still attempting to recover from the economic downturn brought on by the COVID-19 pandemic. While many businesses have struggled to hold… [Read more]

Filed Under: Blog, COVID-19, CPA, IRS, News Tagged With: Audit, Business Owners, California Taxes, Corporate Tax Compliance, EDD, Filing taxes, International Law, International Tax, IRS, IRS Audit, Small business, Tax Attorney, Tax Preparation, Tax Season, taxes

Insights for CPAs to Minimize Audit Risk for Their Clients

May 16, 2021

Insights for CPAs to Minimize Audit Risk for Their Clients

If you are a CPA, here are 4 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]

Filed Under: Blog, COVID-19, CPA, News, PPP Loans Tagged With: Audit, Business Owners, California Taxes, Corporate Tax Compliance, EDD, Filing taxes, International Law, International Tax, IRS, IRS Audit, Small business, Tax Attorney, Tax Preparation, Tax Season, taxes

5 Tips for CPAs to Minimize Audit Risk for Their Clients

May 5, 2021

CPA Tips

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]

Filed Under: Blog, CPA, News, PPP Loans Tagged With: Audit, Business Owners, California Taxes, CPA, CPAs, EDD, Filing taxes, IRS, IRS Audit, Small business, Tax Attorney

Additional CA Business Tax Rules

February 11, 2021

Prop 19

**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]

Filed Under: Blog, CPA, News Tagged With: Business Owners, California Taxes, Corporate Tax Compliance, Filing taxes, International Tax, IRS, IRS Audit, Small business, Tax Attorney, Tax Preparation, Tax Season, taxes

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