IRS has extended the deadline for personal tax filings from April 15 to July 15. It has also extended the deadline for contributing to your 2019 IRA. So, if you haven’t contributed, you still have time. Trying to decide whether or not to contribute to your IRA? Consider how much… [Read more]
Tax Deferral and the PPP Loan
As we, the team at Milikowsky Tax Law, have reviewed the newly released CARES Act and Paycheck Protection Program, several places in need of further clarification in order to make them as effective as possible for small businesses have arisen. On April 10, the IRS answered a few frequently asked… [Read more]
IRS sends money instead of receiving money this April 15th
For most Americans, April 15th is no day for celebration. We pay our taxes, dutifully (if somewhat begrudgingly from time to time) and get on with the business of, well, business. Today, many of the same Americans who, April 15th after April 15th have SENT money to the IRS, have… [Read more]
What is the Difference Between Criminal Tax Evasion and Civil Tax Penalties?
In the eyes of the federal government, there is a vast difference between a criminal tax fraud offense and a civil fraud offense. These differences focus primarily on the different burdens of proofs, penalties, statues of limitations, and defenses available to the taxpayer. For several reasons, often the IRS will… [Read more]
Want to Start a Business in California? Here’s a Checklist for Your First Year
Are you ready to launch your own business in California? You’re in for an exciting journey. As of 2018, small businesses in California employ 48.8% of the employees in the state. As a business owner, you will be contributing to this thriving local economy. To ensure that you get started… [Read more]
I Missed the Deadline to File Taxes: What Do I Do Now?
If you’ve missed the official deadline to pay your taxes, don’t stress. Getting back on track with your taxes is, in many cases, simpler than most people think. Whether you owe individual taxes or taxes for your small business, the easiest solution is to pay your taxes as soon as… [Read more]
