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Home > Archives for IRS

4 Consequences of Unpaid Business Taxes

August 29, 2018

A calculator and binder sit on a desk

Millions of dollars in penalties are doled out by the IRS each year, the majority of which are attributed to businesses that failed to file taxes or pay payroll taxes. With this in mind, it’s important to understand compliance to ensure your company steers clear of costly violations. There are… [Read more]

Filed Under: Blog, News Tagged With: Audit, California Taxes, IRS, IRS Audit, Unpaid Taxes

5 Common Mistakes Businesses Make When Filing Taxes

August 15, 2018

Businessman has face in hands disappointed

We all make mistakes. But in the tax world, even the smallest mistake could cause a huge problem for your business. An error or problem with your tax return could mean late processing — which could result in a delayed refund — an IRS audit, or even filing penalties. Business… [Read more]

Filed Under: Blog, News Tagged With: Audit, California Taxes, IRS, IRS Audit

Real Estate Investors: New Yearly Reporting Requirements

August 1, 2018

California law obligates owners of real estate investment property in California who later acquired non-California property in a 1031 exchange to file an annual informational tax return. [1] California requires this yearly filing to track property with California sourced gains and later assess taxes when the property is sold in… [Read more]

Filed Under: Blog, News Tagged With: Audit, California Taxes, IRS, IRS Audit

What is Corporate Tax Compliance?

August 1, 2018

Two businessmen doing paperwork

For any business to succeed, it must follow the laws and regulations associated with it. Your business stays compliant when all employees — from the CEO down — are aware of what laws the company needs to adhere by. It’s essential to build a culture of compliance. Leaving the responsibility… [Read more]

Filed Under: Blog, News Tagged With: Audit, California Taxes, Corporate Tax Compliance, IRS, IRS Audit

What to Expect from Your Upcoming EDD Audit

July 18, 2018

IRS worker performs tax audit

The State of California’s Employment Development Department (EDD) is responsible for collecting employment payroll taxes to fund and administer unemployment and disability insurance, paid family leave, and other state programs. Beyond tax collection, the EDD also has the authority to issue audits to anyone operating a business within California. The… [Read more]

Filed Under: Blog, News Tagged With: Audit, California Taxes, EDD, IRS, IRS Audit, Tax audit

What is an Offer in Compromise?

July 11, 2018

Pile of hundred dollar bills

When you owe the Internal Revenue Service more than you can reasonably afford to pay, they may be willing to negotiate with you. That’s where an Offer in Compromise (OIC) can help mitigate your financial burden in this situation. An OIC requires you to submit specific forms that explain to… [Read more]

Filed Under: Blog, News Tagged With: Audit, California Taxes, IRS, IRS Audit, Offer in Compromise

When Do I Need a Tax Attorney and When Do I Need a CPA?

June 27, 2018

Calculating Taxes for this year

It can be complicated to know when to contact a tax attorney versus when to reach out to a CPA, especially when you need help with your taxes. Both professionals can help you with tax-related issues, but despite their similarities, a tax attorney and a CPA are used for very… [Read more]

Filed Under: Blog, News Tagged With: Audit, California Taxes, CPA, IRS, IRS Audit, Tax Attorney

5 Mistakes Businesses Can Make When Hiring and Working With Independent Contractors

June 20, 2018

Filing cabinet with organized folders

You hire independent contractors to help you with specialized or contract work. But if you find yourself engaging in what may be considered an employer-employee relationship with your independent contractor hires, you may be contacted by the EDD and the IRS for a potential mislabeling claim. Mislabeling is one of… [Read more]

Filed Under: Blog, News Tagged With: Audit, Audits, California Taxes, Contractors, IRS, IRS Audit

Federal Net Investment Income Tax

June 4, 2018

The Net Investment Income Tax of 3.8% (IRC 1411) applies to unearned income – i.e. income from interest, dividends, annuities, royalties, rents (not derived from the ordinary course of trade or business). The tax, however, does not apply to interest from tax-exempt bonds, veteran’s benefits. This tax does applies to… [Read more]

Filed Under: Blog, News Tagged With: Audit, California Taxes, IRS, IRS Audit

Ways to Mitigate Your Risk of an EDD Audit

May 16, 2018

Tax audit

If you utilize contractors in your business, you are responsible for all of their financial, legal, and administrative paperwork. One of the most important responsibilities you are in charge of is withholding employment taxes and remitting them to the appropriate agencies. Failing to do so (or improperly filing) can result… [Read more]

Filed Under: Blog, News Tagged With: Audit, Audits, California Taxes, EDD, IRS, IRS Audit

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