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]
How to Prepare for an EDD Misclassification Audit
As a business owner the best way to prepare for, or avoid entirely, an audit from the Employment Development Department (EDD), is to make sure that you’re correctly classifying your employees. Whether your employees W-2 or 1099 employees or a combination of both, it’s important to ensure that they are… [Read more]
AB-5 Exemptions: Your Comprehensive Guide
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 13 point Borello criteria for classifying 1099 contractors. So, while many business owners are celebrating the free pass the AB-5 exemptions seem to offer, take… [Read more]
Stop an EDD Audit of Your 1099s in its Tracks
How to navigate AB-5 Assembly Bill 5, which required companies to reclassify most independent contractors as employees, is hurting employees. California’s new AB-5 and Gig Workers Bill has employers concerned since it is unknown what EDD will do next. The bill that passed a few months back was already affecting… [Read more]
What Does Prop-22 Mean for You?
Do you rely on Lyft, Uber, or other rideshare services to take you to and from locations regularly? Or do you rely on a paycheck from a ride-sharing business as an independent contractor? If you fall into either of these two groups, here’s what Prop-22 means for you. New legislation… [Read more]
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