In April 2020 the Paycheck Protection Program (PPP) was announced as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. It granted loans to businesses across the country to support more than 51 million jobs and over 80 percent of all small business employees. While the average loan… [Read more]
Your 2021 Resolution – Stay Organized For Your CPA!
Starting to think about your resolutions for the new year? Well, we’ve got the perfect suggestion for you: make a commitment to make 2021 the year that you stay organized for your CPA. Whether on a personal level or for your business, staying on top of your finances with your… [Read more]
Are Unemployment Benefits Being Taxed?
Were you laid off during the COVID-19 pandemic? Have you been receiving unemployment benefits? Are you questioning what’s going to happen when it comes time to file your taxes? Wondering whether or not the unemployment benefit income you’ve received is taxable? The short answer is yes, it is. Millions of… [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]
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]
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