Every business owner fears the dreaded tax audit. It can be a headache, requiring a lot of precious time to retrace your steps the previous year and provide documentation to support the information on your tax forms. No one can predict an audit, but there are some common factors that… [Read more]
The IRS is Coming After My Closed Business. What Do I Do?
When businesses close, they sometimes do not file taxes for their last year in operation. These taxes are still owed, and if any business has not closed its doors in accordance with state and federal laws, California’s Franchise Tax Board and the IRS will go after the money they’re owed…. [Read more]
Tax Compliance Tips for California Businesses
Whether or not you owe any sales and use tax, California mandates that any business holding a seller’s permit routinely file sales tax returns. Depending on the situation, this may be every month, quarter, or year. Considering the extensive regulations regarding California sales tax, any business, large or small, needs… [Read more]
Sales Tax Audits: What to Know and How to Prepare
When businesses fail to pay taxes in California, the state does not hesitate to aggressively pursue what it’s owed. Most California businesses will have to endure an audit at some point. Even if your business has kept meticulous records and accurate ledgers for years, the audit process can be grueling…. [Read more]
Understanding EDD Obligations as a California Employer
All employers in California have certain state tax requirements on top of their federal tax obligations. California state taxes for businesses fall into four categories: unemployment insurance (UI), employment training (ETT), state disability insurance (SDI) and personal income (PIT). The first two are the responsibility of the employer to pay,… [Read more]
How to Prepare for a Payroll Tax Audit
Like most California business owners, you’ve likely kept diligent financial records and have never tried to defraud the government on your taxes. However, if the state targets you for a payroll tax audit, it may understandably cause you concern. The Employment Development Department (EDD), which oversees the enforcement of California’s… [Read more]
How Can Entrepreneurs Find Trustworthy People?
Trust is an internal barometer that each of us has calibrated over time — yet we sometimes end up disappointed and frustrated with people we thought we could trust. With human behavior as unpredictable as it is, how much trust can you place in trust itself? It all depends on… [Read more]
IRS Appeals: What Are Your Options?
Audits from the IRS are not only stressful, but they can also disrupt your business and force you to change your operating practices. Some companies can afford to absorb the new additional taxes. For others, appealing an audit decision may be the best option to reduce taxes on issues they… [Read more]
7 Things Small Business Owners Should Reconsider Handling Themselves
If you’re a small business owner, you probably consider yourself a jack-of-all-trades. That’s not necessarily a bad thing — it’s a trait that likely got your company off the ground in its earliest phases. Without a full complement of employees, there was only one person to perform the difficult tasks… [Read more]
Small-Business Hiring: Who Should Be Your First Employee?
You’ve decided it’s time you hire some extra help for your business. Congratulations! That’s a big step and a sign of growth. Being a small-business owner means knowing how to do everything yourself. The hours are grueling, and the stakes are high, and yet there is perhaps no more fulfilling… [Read more]
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