The full scope of the coronavirus impact on tax law (and all other areas of business in the US and around the globe) has yet to be determined, but we can already see some of its major effects on tax laws in the United States. Just a few months after… [Read more]
Coronavirus: Business Owners Can File for Unemployment
As the greater impact of coronavirus COVID-19 continues to worsen, it is important to stay up-to-date with the potential repercussions as a business owner. This year’s tax filing deadlines have been extended to July 15th which will offer some relief to business owners keeping cash in the business. If your… [Read more]
IRS Extends Deadline to Pay [and File as of 3/18] Taxes to July 15, 2020
This article was edited on 3/18 to reflect the update from IRS that businesses now have an extension not only pay but also to file taxes. IRS Extends deadline to PAY AND FILE taxes to July 15 for most individuals and businesses. The Trump administration has announced that most individuals… [Read more]
Precision & Attention to Detail Are The Hallmarks of Milikowsky Tax Law
John’s level of precision and attention to detail is unmatched. At Milikowsky Tax Law, we partner with CPA firms to provide the highest level of service and support to their clients in case of IRS Audit, EDD investigation or other tax controversy matters. Bernie Minton, CPA is a trusted CPA… [Read more]
What to do if you are contacted by IRS Criminal or FBI
When IRS or FBI conduct a criminal investigation into a company’s taxes they often show up unannounced at that company’s place of business or, at the home of the company’s controlling partner. In addition to being jarring for the business owner this can result in mistakes being made that are… [Read more]
AB-5 Exemptions: Not So Fast!
California Assembly Bill 5 (AB5) has built in exemptions for many businesses. We say “Not So Fast”! Even exempted industries have to adhere to the OLD criteria for classifying 1099 contractors. So, while many business owners are celebrating the free pass the AB-5 exemptions seem to offer. Take a step… [Read more]
Can your 2019 1099’s open you up to an EDD audit?
Businesses with multiple 1099s may have inadvertently opened themselves up to EDD audit or investigation. AB_5, the “Gig Work Bill” was signed into law last year by Gov. Gavin Newsom and went into effect January 1, 2020. The new law makes criteria for classifying a 1099 worker much more stringent. … [Read more]
Business Tax Rates: What Should You Expect To Pay?
Corporate or Business Tax is a tax charged on a company’s profits. Depending on your business entity type your taxes are due at different times. Partnerships and S-corporations are due 3/15 while individual taxes and C-corps are due 4/15. In both cases quarterly payments can be made April – December…. [Read more]
How to Prepare a Tax Return and Minimize Your Risk of Audit: A Guide for The Starting CPA
Preparing and filing accurate business tax returns can be complicated. That’s why so many business owners rely on CPAs to help them navigate the complexities of the tax world. As a CPA, it is your responsibility to help your clients manage their tax compliance and achieve the best possible outcomes… [Read more]
Four Year-End Tax Questions to Ask Your CPA
Your CPA isn’t just there to ensure that the numbers add up on your tax returns. They can also provide useful advice on how to manage your income for the year and estimate your tax liabilities going forward. A qualified and knowledgeable CPA can also give you insights to help… [Read more]
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