The Small Business Administration (SBA) has forgiven over 98% of the total Paycheck Protection Program (PPP) loan value that borrowers requested them to forgive; recently, however, SBA has begun to issue more forgiveness PPP loan forgiveness denials. Many of these recent denials issued by the SBA are not consistent with… [Read more]
Why We Do Tax with Entrepreneurial Operating Systems
John Milikowsky, Founder of Milikowsky Tax Law, often faces these questions: “why do you do what you do?” and “why are you a tax attorney?” To him, the answer is simple, “I really enjoy keeping businesses in business.” Listen to John himself explain why he does what he does- defend… [Read more]
How Far Back Can EDD Audit Your Small Business?
Employment Development Department (EDD) performs many services, but their primary role that impacts small businesses is collecting and auditing payroll taxes. Employers pay payroll taxes for W-2 employees, but not for 1099 independent contractors. The line between an independent contractor and an employee was more concretely defined with the implementation… [Read more]
Five Signs Your Small Business is Prepared for an IRS Audit
Internal Revenue Service (IRS) will flag businesses for an audit when the agency finds suspicious activity in your business’ tax returns. The suspicious activity may be innocent in nature, but IRS performs an audit to ensure your business paid the required taxes. Though, occasionally, the agency will randomly audit businesses…. [Read more]
Ultimate Guide to Tax Law for Small Business Owners
What Taxes Does My Small Business Have to Pay? Small business owners may have to pay additional taxes on top of income taxes depending on if you have employees, how you classify your business, and your business expenses. The various taxes your small business may have to pay include: Income… [Read more]
What’s the Difference Between Tax Fraud, Tax Evasion, and Negligence
Paying taxes is required for the workforce and for businesses. No one wants to pay more taxes than required, but purposefully avoiding these payments can open your business up to criminal tax liability. While there are legal loopholes to pay fewer taxes, often framed as tax avoidance, there are also… [Read more]
Top 7 Most Common Questions About IRS Audits
Anytime you file taxes, there is a chance that your tax return might be audited by the Internal Revenue Service (IRS). The agency conducts standard procedures to find any errors or discrepancies among taxpayers. The audit process is meticulous and, should you find yourself under the scrutiny of IRS, will… [Read more]
Why IRS is Redirecting Their Focus Towards Cryptocurrency Tax Evasion
In mid-May, the U.S Treasury Department announced that they would require any transfer of $10,000 or more to be reported to the Internal Revenue Service (IRS). This update comes in response to growing concerns with regard to cryptocurrency compliance. While many forms of crypto trading were designed to be hidden… [Read more]
Biden Administration Revokes Employer Friendly Independent Contractor Test
In early May of this year, the Biden Administration officially made the decision to revoke the previously adjusted Trump era ruling on independent contractor classification. Earlier this year, in January 2021, the Trump administration took advantage of the opportunity to implement final changes to the Department of Labor (DOL)… [Read more]
PPP Loan Applications are Closed as Fraudulent Cases Emerge
Over the past year businesses flocked to the Small Business Administration (SBA) to submit applications to receive their share of the federally allocated Paycheck Protection Program funding. PPP loans were distributed to businesses struck hard by the ongoing coronavirus pandemic. Their intended use was to help keep workers… [Read more]
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