If you are a CPA, here are 5 things to help your client reduce the risk of an EDD, IRS, or SBA audit: 1: Confirm that your client’s 1099-K (provided by a merchant processor) does not report gross proceeds from credit card sales that are higher than the amount you… [Read more]
How Taking Advantage of the Tax Deadline Extension May Benefit You
As a result of the ongoing global pandemic, IRS has elected to extend the 2020 tax submission deadline to May 17, 2021. Following last year’s deadline extension to July 15, it was predicted early on that this would likely be the case. As the original deadline has recently passed and… [Read more]
What to do If Your Tax Return is Flagged by IRS
Tax season brings on additional stress for many. First, the hurry to get your information prepared and submitted for review by IRS. Then follows the thoughts of whether or not your information was submitted correctly or whether you’ll be faced with an audit. Ideally, your taxes will be submitted correctly… [Read more]
How to Minimize the Risk of an EDD Audit?
Need to review 1099 classification criteria? CLICK HERE: How do you minimize the risk of an EDD Audit? There is no way to eliminate the risk of a government agency audit, audits are performed on a number of criteria, from a site sweep in which contractors are randomly audited by… [Read more]
How Proposition 22 Continues to Influence the Gig Economy
After companies including Uber, Lyft, DoorDash, and others spent nearly $200 million campaigning for the addition of a ballot measure exempting them from the previously passed California AB5 ruling. They won, and so began Proposition 22. The passing of Proposition 22 protects drivers’ preferences to remain classified as independent contractors… [Read more]
Your Tax Day Checklist: How to Prepare to Avoid an Audit
Despite everyone’s awareness that tax day is rolling around each year, many companies still end up leaving their filings until the last minute. As a result, the last-minute filings can easily lead to accidental mistakes when filing. Nobody wants to intentionally make mistakes, but especially when it deals with your… [Read more]
Department of Labor Independent Contractor Final Ruling
On January 7th, 2021, the US Department of Labor (DOL) announced the updated ruling to clarify its interpretation of independent contractor status as part of the Fair Labor Standards Act (FLSA). Overall, the ruling stands largely unchanged from the original ruling which established a tiered test to determine employee versus… [Read more]
What Triggers an EDD Audit?
EDD Audit Triggers Independent contractor filed for unemployment A disgruntled worker (1099 or W2) reported your company to EDD EDD “randomly” selects your company based on a computer algorithm – one factor is the larger % of independent contractors versus employees compared to your company revenue i.e. Company with $2… [Read more]
How Long Does an EDD Audit Last?
How long does an EDD audit last? If EDD selects your company for an audit of your contractors, you can expect the audit to last between 3 months and 9 months. The purpose of an EDD audit The purpose of an EDD audit is to determine if your workers are… [Read more]
How Far Back Can IRS Audit You?
If IRS selects your return for an audit, the audit will generally cover a 3 year period. That is the statute of limitations IRS has to audit a tax return. More specifically, this is 3 years from the date you file your return. If you filed the last 5 years… [Read more]
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