California Assembly Bill 5 (AB-5) took effect on January 1, 2020, and is the new standard by which employers must classify employees. Small business owners (SBOs) should familiarize themselves with AB-5 and the ABC test to avoid employee misclassification and potential penalties from the Internal Revenue Service (IRS). What is… [Read more]
Tax Season is Over, EDD Audit Season Begins
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 EDD audit. Read on how to learn how what… [Read more]
SBA PPP Loan Forgiveness Denial: The Ultimate Guide
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]
Right of Control: Who has it and How Does EDD Determine 1099 Status?
When determining whether your workers should be classified as employees or independent contractors, it’s critical to ensure that you are closely following the Employment Development Department’s (EDD) strict guidelines. On the simplest level, proper classification is determined by whether or not the principal, or employer, holds the “right of control.”… [Read more]
Top 7 Most Common Questions About IRS Audits
Anytime you file taxes, there is a chance that your tax return might be audited by the Internal Revenue Service (IRS). The agency conducts standard procedures to find any errors or discrepancies among taxpayers. The audit process is meticulous and, should you find yourself under the scrutiny of IRS, will… [Read more]
Why IRS is Redirecting Their Focus Towards Cryptocurrency Tax Evasion
In mid-May, the U.S Treasury Department announced that they would require any transfer of $10,000 or more to be reported to the Internal Revenue Service (IRS). This update comes in response to growing concerns with regard to cryptocurrency compliance. While many forms of crypto trading were designed to be hidden… [Read more]
Biden Administration Revokes Employer Friendly Independent Contractor Test
In early May of this year, the Biden Administration officially made the decision to revoke the previously adjusted Trump era ruling on independent contractor classification. Earlier this year, in January 2021, the Trump administration took advantage of the opportunity to implement final changes to the Department of Labor (DOL)… [Read more]
PPP Loan Applications are Closed as Fraudulent Cases Emerge
Over the past year businesses flocked to the Small Business Administration (SBA) to submit applications to receive their share of the federally allocated Paycheck Protection Program funding. PPP loans were distributed to businesses struck hard by the ongoing coronavirus pandemic. Their intended use was to help keep workers… [Read more]
Corporate Tax Changes Under Biden: What to Know
In March 2021, the current administration and congress were able to enact the American Rescue Plan, the plan provides cash payments to individuals and included tax law changes benefitting lower-income individuals and families. The American Rescue Plan tax changes are temporary (expiring at the end of 2021) remedies targeted at… [Read more]
Operating a Law Office Under the Tax Cuts and Jobs Act of 2017
Originally published by GP Solo Magazine for the American Bar Association. Written by Lauren Suarez and Allison D.H. Soares. April 15 symbolizes a lot of things to various lawyers, depending on whether you are a solo practitioner, a midsize firm, a partner in a large, national firm, or merely an… [Read more]
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