http://https://www.caltaxadviser.com/blog/2020/05/1099s-and-sba-ppp-video/ It’s safe to say that everyone has been impacted by the COVID-19 pandemic, but small businesses have been hit especially hard by consequential long-term closures and plummeting sales. While it’s important you are creative when cutting costs in times like these, it’s equally pertinent to keep… [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]
The Golden Screw
The story of the golden screw. I’d like to set the scene… Come back in time with me, if you will. Back in the Day It’s 1987 and I’m 10 years old. I’m sitting in a windowless supply room in the back of my parents’ lighting store on a stool… [Read more]
Minimize the Risk of an IRS or CA Tax Audit
EO Lunch & Learn: Minimize the Risk of an IRS or California Tax Audit Before Filing Your Tax Return “The hardest thing in the world to understand is the income tax.” — Albert Einstein Founder, John Milikowsky presents to the EO Accelerator group on common red flags, tax filing do’s… [Read more]
What is the Average Jail Time for Tax Evasion?
The average jail time for tax evasion ranges from 3 to 5 years. It varies on a case-by-case basis, but jail time for tax evasion occurs more often than one would think. What other penalties exist for tax evasion? According to the IRS; “Any person who willfully attempts in any manner… [Read more]
Tax Avoidance vs Tax Evasion
What is Tax Avoidance vs Tax Evasion exactly? There are two things you can be sure of. Death & Taxes. No one likes either. The US Tax system was predicated on the idea that every tax paying citizen would accurately and fairly assess and pay their tax burden for the… [Read more]
Entity Formation and Business Planning
The decision about what business entity to select for a new venture has critical implications for liability and tax consequences. This can affect the stakeholders of the entity as well. There are different rules and regulations that apply to each business form. Here are four of the most common to help… [Read more]
How could my PPP loan have exposed my company to criminal liability?
How could my PPP loan have exposed my company to criminal liability? Now that your small business has a PPP Loan, it is time to consider how this may have exposed your company to criminal liability. Since the US government does not give out loan money without a loan audit… [Read more]
How to respond to an IRS Audit Letter
Did you receive Letter 6323 initiating an IRS Audit for your income taxes? The same letter comes for businesses or individuals. IRS Audits ARE picking back up. The moratorium on audits ended on July 15th and IRS is actively sending out these letter 6323 notices right now! If you receive… [Read more]
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