http://https://www.caltaxadviser.com/blog/2020/05/1099s-and-sba-ppp-video/ It’s safe to say that everyone has been impacted by the COVID-19 pandemic, but small businesses have been hit especially hard by consequential long-term closures and plummeting sales. While it’s important you are creative when cutting costs in times like these, it’s equally pertinent to keep… [Read more]
Lauren’s Spotlight
What do you value most in others? How is that element present in your business? This month we are introducing you to one of Milikowsky Tax Law’s Senior Attorneys, Lauren Suarez. Lauren Suarez is a San Diego native with a passion for tax. She has worked on the tax controversy… [Read more]
What is the False Claims Act
Business owners who received PPP funds are largely through the period in which they used those funds to cover payroll and other business operating expenses. If you applied for, received, and have used your PPP funds, likely, you are readying to ask for forgiveness. The SBA and the chairman of… [Read more]
IRS Audits are on the Rise
On July 15, 2020, the Department of Justice (“DOJ”) charged Andrew Marnell with bank fraud in connection with $8.5 million worth of Paycheck Protection Program (“PPP”) loans he obtained for fake business expenses, that were then spent on gambling and stock market bets, incurring millions of dollars in losses. See… [Read more]
How to respond to an EDD Audit Letter or Site Visit
The California Employment Development Department EDD performs audits to detect and deter fraud involving employment law, including, but not limited to employment misclassification, payroll tax evasion and employment tax. If your company has received a letter initiating an investigation into your employment practices, be aware that providing EDD with the… [Read more]
International Tax Audits
The area of international taxation is incredibly complex. It requires a detailed understanding of the laws of the countries involved in the transactions. As well as how various treaties impact the tax consequences of business operations. At Milikowsky Tax Law, we are ready to assist our foreign and domestic clients… [Read more]
The Golden Screw
The story of the golden screw. I’d like to set the scene… Come back in time with me, if you will. Back in the Day It’s 1987 and I’m 10 years old. I’m sitting in a windowless supply room in the back of my parents’ lighting store on a stool… [Read more]
What is the Average Jail Time for Tax Evasion?
The average jail time for tax evasion ranges from 3 to 5 years. It varies on a case-by-case basis, but jail time for tax evasion occurs more often than one would think. What other penalties exist for tax evasion? According to the IRS; “Any person who willfully attempts in any manner… [Read more]
Tax Avoidance vs Tax Evasion
What is Tax Avoidance vs Tax Evasion exactly? There are two things you can be sure of. Death & Taxes. No one likes either. The US Tax system was predicated on the idea that every tax paying citizen would accurately and fairly assess and pay their tax burden for the… [Read more]
Entity Formation and Business Planning
The decision about what business entity to select for a new venture has critical implications for liability and tax consequences. This can affect the stakeholders of the entity as well. There are different rules and regulations that apply to each business form. Here are four of the most common to help… [Read more]
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