When The California Employment Development Department, EDD did a site sweep, Ryan Brown found himself facing an audit. As he did research on his own as to what the ramifications of an EDD audit might be, he saw steep fines, jail time and high conviction rates reported time and time… [Read more]
8 Red Flags That You May Be Headed for an IRS Audit
Chag Sameach! In the spirit of Hanukkah, we’re gifting you some insight into the 8 most common red flags that could trigger an IRS audit. 1. Having a higher than average income Having a significantly above average annual income has the potential to serve as a red flag for IRS… [Read more]
CPA’s: Who should you call when your client is being audited?
As a CPA you are an expert at advising your clients in tax optimization, business transactions, and all elements of their financial health and well-being. But, what do you do when your client is being audited? If you need a good haircut you go to an experienced barber, if your… [Read more]
Top 10 Worst Celebrity Tax Cheats in History
Celebrities really are just like us. Just because they live in the public eye doesn’t make them exempt from the rules the rest of us have to live by too. As Benjamin Franklin once said, “in this world, nothing can be said to be certain, except death and taxes.” This… [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]
EDD Freezing Thousands of Unemployment Debit Cards
The Employment Development Department (EDD) has recently begun freezing unemployment debit cards due to suspected fraud. Debit cards have been frozen for a variety of reasons including a number of claims at the same address. EDD has said they have frozen over 350,000 debit cards. They are currently unsure how… [Read more]
What Trump’s Taxes Reveal About IRS Audits of Small to Mid Sized Businesses
Written for Milikowsky Tax Law. Originally published by freelegalaid.com on October 13, 2020. Recent revelations of President Trump’s income tax payments have brought to light the capacity of wealthy individuals to fight the IRS when that agency audits their Federal Income Tax returns. While the amounts on the line for… [Read more]
How your PPP loan can create criminal exposure
In the midst of the Coronavirus pandemic, the CARES Act provided the funding for the SBA to implement the Paycheck Protection Program (PPP) to provide financial assistance to businesses. While many jumped at the opportunity to receive financial support, the aftermath of business audits has made some regret they did. … [Read more]
Top 4 EDD Audit Triggers
California business owners are familiar with the ever-present threat of an EDD audit. EDD audits businesses for a variety of reasons. In some cases, they may have suspicions of a business using incorrect filing practices, in other cases, EDD may audit businesses because of contractors who filed for unemployment insurance… [Read more]
How to Prepare for an EDD Misclassification Audit
As a business owner the best way to prepare for, or avoid entirely, an audit from the Employment Development Department (EDD), is to make sure that you’re correctly classifying your employees. Whether your employees W-2 or 1099 employees or a combination of both, it’s important to ensure that they are… [Read more]
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