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Home > Archives for IRS

Tax Season is Over, EDD Audit Season Begins

June 12, 2022

Now that the April filing deadline has passed, small business owners may be asking: what’s next? 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 California’s Employment Development Department (EDD) audit. Read on how… [Read more]

Filed Under: Blog, EDD, IRS Tagged With: 1099, 1099 worker, AB-5, AB-5 LAW, ABC test, Attorney, California Taxes, EDD, EDD Audit, independent contractors, Tax Attorney, Tax audit, Tax Season, taxes, W-2, W-2 Employee

SBA PPP Loan Forgiveness Denial: The Ultimate Guide

June 5, 2022

SBA PPP Loan Paperwork

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]

Filed Under: Blog, CPA, IRS, PPP Loans Tagged With: Audit, Business Owners, ppp loan, ppp loan forgiveness, SBA, SBA PPP, Small business

5 Misconceptions of Independent Contractors

May 29, 2022

Independent Contractor

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]

Filed Under: Blog, EDD, IRS, News Tagged With: 1099, 1099 independent contractors, EDD, Independent Contractor, IRS, misclassification, Misclassification of 1099 Workers, W-2, W-2 employees

How to Respond to an IRS Audit in 2022: Part 3

May 22, 2022

IRS Audit Letter

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]

Filed Under: Blog, IRS, News, Video Tagged With: Audit, Audit Letter 6323, IRS, IRS Audit, IRS audit letter, Letter 6323

How to Respond to an IRS Audit in 2022 Part 2

May 15, 2022

Bank Deposits

IRS Letter 6323 and Bank Deposit Analysis In part two of our three-part series “how to respond to an IRS Audit in 2022” we discuss IRS letter 6323 and the bank deposit analysis. For every audit IRS opens, they conduct a bank deposit analysis to determine whether you correctly reported… [Read more]

Filed Under: Blog, IRS, News, Video Tagged With: Bank Deposit, Bank Deposit Analysis, IRS, IRS Audit, IRS audit letter, IRS Letter

How to Respond to an IRS Audit in 2022 Part 1

May 8, 2022

Tax Calculation

IRS Letter 6323 and What to Do Before Contacting IRS Small business owners should be prepared in case the Internal Revenue Service decides to audit your business. Watch part one of our three part series for advice on how to defend your business against a battle with IRS.  In this… [Read more]

Filed Under: Blog, IRS, News Tagged With: Audit, Audit Deadline, IRS, IRS Audit, IRS audit letter, IRS audit triggers, IRS Response, Revenue Agent, Taxpayer

Five Signs Your Small Business is Prepared for an IRS Audit

March 27, 2022

follow our five steps to make sure your business is ready 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]

Filed Under: Blog, IRS, News Tagged With: Audit, audit prep, IRS, IRS Audit, Small business

Ultimate Guide to Tax Law for Small Business Owners

March 13, 2022

use our small business tax guide to help you this season

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]

Filed Under: Blog, IRS, News Tagged With: business taxes, employment taxes, income taxes, quarterly taxes, self-employment taxes, Small business, small business owner, small business taxes, tax deduction tips, tax guide, taxes, ultimate tax guide

2022 Tax Season: What to Look Out For

January 30, 2022

As you prepare your tax returns, stay up to date on when taxes are due, child tax credit payments, economic impact payments, and charitable contributions.

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]

Filed Under: Blog, IRS, News Tagged With: 2022 tax season, charitable contributions, deductibles, IRS, IRS Audit, ppp loan, ppp loan deductible, tax, tax day, Tax Season, tax updates

How Build Back Better Bill will Affect Business Owners in 2022

January 2, 2022

Business owners should be aware that IRS audits in 2022 will increase as the government tries to find funding for the new trillion dollar Build Back Better Act.

The Build Back Better Bill, also known as the Build Back Better Act, is structured to support the middle class and expand the economy. It states that taxes for those with an income under $400,000 will not change. But the funding for this trillion-dollar act needs to come from somewhere. … [Read more]

Filed Under: Blog, IRS, News Tagged With: Audit, Audit Criteria, Audit Letter, Build Back Better, Build Back Better Act, Build Back Better Bill, business owner, IRS, IRS Audit

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