As a small business owner, you may be wondering what the process is for an IRS audit. An IRS audit is when IRS reviews your tax return to ensure that you have reported your income and expenses correctly. The founder of Milikowsky Tax Law, John Milikowsky, breaks down the process… [Read more]
What to do if IRS Audits Your Business
Business owners may not be sure where to start if IRS audits their company. However, an IRS audit doesn’t have to feel stressful or disorganized. In this article, we’ll discuss a set of steps business owners can take if they find out they are being audited by IRS. Familiarize Yourself… [Read more]
California EDD Audits and Independent Contractor Classification
The California Employment Development Department (EDD) conducts audits to determine if businesses are: Correctly classifying their contractors and employees, and Paying the full taxes due under California law It’s important to note that EDD is actively targeting independent contractor misclassification, which could result in a six-figure penalty per employee for… [Read more]
SBA PPP Loan Forgiveness Denial: The Ultimate Guide
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 Implemented Entrepreneurial Operating Systems
John Milikowsky, Founder of Milikowsky Tax Law, often hears the question: “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 Milikowsky, founder of Milikowsky Tax Law explain why he… [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]
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