Tax season is often a daunting annual recurrence for business owners. For most businesses, this is because there’s a personal side of taxes too. As a business owner, there’s a high level of personal liability entangled in taxes. Taxes are a necessary evil, and understanding how they work is too…. [Read more]
Why to File 1099s for All of Your Contractors
A 1099 worker, or contractor, is filed differently from a traditional full-time W-2 employee. While employees are eligible for benefits including worker’s compensation and federal unemployment, 1099 contractors are not. Businesses often utilize 1099 contractors to perform work that may not include a long-term need or that is an inconsistent… [Read more]
Tax Tips for the 2020 Filing Season
It’s that time of year again, tax season. Needless to say, 2020 was an unexpected year for most. The COVID pandemic played a role in the lives of most, from corporate businesses to small mom and pop business owners. Government involvement in the economy attempted to help businesses survive the… [Read more]
10 Ways to Avoid an IRS Tax Audit
While there is no official guaranteed way to avoid having your taxes audited by IRS, there are a few tips that you can follow to lower your likelihood of being audited. In 2019, IRS audited 0.45% of submitted tax returns. For reference, that’s approximately one out of every 220 taxpayers. … [Read more]
IRS Innocent Spouse
Let us tell you a story. Some 15 years ago, we encountered a case in which a man’s wife passed away. In the subsequent months, he received credit card bill after credit card bill of which he had no prior knowledge. The bills added up to nearly a million dollars… [Read more]
EDD: Full Guide
The Employment Development Department (EDD) is the largest tax collection agency in the state of California. They’re responsible for collecting payroll taxes from over 17 million workers annually, accounting for over $31 billion in tax payments. The agency also offers various services to California residents through the Job Service, State… [Read more]
Additional CA Business Tax Rules
**UPDATE: 2021** Additional CA Business Tax Rules going into effect affecting states outside CA Tax season is upon us and the newest revisions to the California tax codes affect not only residents of the state but those who do business with CA (the 5th largest economy in the world). For… [Read more]
PPP Audits and SBA Loan Forgiveness: An Overview
Earlier this year the Coronavirus Aid, Relief, and Economic Security (CARES) Act offered businesses the opportunity to apply for loans under the Paycheck Protection Program (PPP). Businesses were eligible to receive up to as much as 2.5 times their average monthly payroll costs, up to a maximum of $10 million…. [Read more]
What Does an IRS Letter Look Like and How Should I Respond?
Receiving a letter from IRS is often something that most don’t consider until forced to do so. Until taxpayers receive an IRS letter, there is often no reason to concern themselves on the subject. That being said, experiencing such a receipt is likely to cause a state of concern. In… [Read more]
SBA Requires Borrowers to Submit “Pre-Audit Review” Information
Since its initial launch in April 2020, the Paycheck Protection Program has challenged recipients more than originally expected. What was once thought to be a no strings attached loan has now become a source of stress and worry for many of its recipients. Shortly after issuing loans to applicants, SBA… [Read more]
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