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]

Owing Back Taxes: How to resolve an IRS tax balance: Does your business owe taxes to IRS – payroll taxes, income taxes? Did IRS file a federal tax lien against your business that is preventing you from getting a loan? Founder, John Milikowsky discusses your options:

What Tax Credits and Changes Could Affect Your Businesses 2020 Tax Filing? The U.S government works to pass legislation to help reduce the damage caused by the shut down of our global economy in the face of this novel coronavirus. The CARES Act and the FFRCA are in place to… [Read more]

Coronavirus has caused companies of all sizes to take a hit. To help your businesses that need extra funds, the federal government came out with a few funding options. The Main Street Loan Program was intended to serve larger businesses like the SBA PPP served smaller businesses. But, as of… [Read more]

Organization is Key: Were Your Finances in Line Before You Applied for Your SBA PPP Loan? The SBA relaxes the loan forgiveness criteria in mid June allowing you 24 weeks to use SBA funds and to allocate 60% of funds to payroll. This is replacing the previous amount equal to… [Read more]

Small businesses continue to struggle to acquire SBA PPP funds, as a few larger companies refuse to return the funds they have received. Though these larger publicly traded companies could face severe consequences, the threat is not causing any movement towards these companies returning their funds. While the Trump Administration… [Read more]

What Criminal Exposure Could You Be Subject to Because of your SBA PPP Loan? After Mnuchin, the Treasury Secretary announced that all SBA PPP loans of $2 million are guaranteed an audit, and smaller loans may be audited as well, there has been concern surrounding potential criminal exposure. How can… [Read more]

The potential penalties that arise when borrowers apply for the SBA PPP loan has business owners questioning whether or not they should keep their loan funds. Borrowers must consider their individual circumstances to make this decision, but there can be adverse consequences if you do not utilize the loan funds… [Read more]

The SBA PPP loan is to help support small businesses that would otherwise disappeared due to COVID-19. Now that these funds have been widely disbursed, the federal government is stepping it. They are taking action to check on the recipients. Furthermore, their actual need and whether or not their applications… [Read more]

Heads up — while you are now allowed to take up to $100,000 out of your IRA and pay it back within three years with no tax hit, doing so may have some hidden consequences that you likely have overlooked initially. The Internal Revenue Code calls these tax-favored withdrawals “coronavirus-related… [Read more]