While nobody wants to be responsible for paying any more taxes than is absolutely necessary, it’s critical to remain aware of the fine line between getting creative with your tax responsibilities in a legal way, and taking it too far into tax evasion or avoidance. The latter should be avoided… [Read more]
Corporate Tax Changes Under Biden: What to Know
In March 2021, the current administration and congress were able to enact the American Rescue Plan, the plan provides cash payments to individuals and included tax law changes benefitting lower-income individuals and families. The American Rescue Plan tax changes are temporary (expiring at the end of 2021) remedies targeted at… [Read more]
Operating a Law Office Under the Tax Cuts and Jobs Act of 2017
Originally published by GP Solo Magazine for the American Bar Association. Written by Lauren Suarez and Allison D.H. Soares. April 15 symbolizes a lot of things to various lawyers, depending on whether you are a solo practitioner, a midsize firm, a partner in a large, national firm, or merely an… [Read more]
PPP Fraud: IRS Vows to Crackdown
2020 was a challenging year for many business owners. The ongoing global pandemic not only brought on a health crisis, but an economic crisis to match. While many companies were able to stay open because they were deemed to be essential workers, many others struggled to maintain their day-to-day operating… [Read more]
EDD Audits: A Cautionary Tale
No one wants to find themselves under audit. Whether from IRS, EDD CFTB, or other government agencies, audits are stressful and time-consuming. When it comes to facing an audit, how you react at the start of the audit can make all the difference. Some business owners feel that it is… [Read more]
Form 5472 Foreign Owned Company Filings
One important aspect of being a business owner is ensuring that you keep up with changing laws and regulations that may be applicable to your business. There are consistent changes and updates being made to various legal requirements and ignoring those changes or failing to recognize them could result in… [Read more]
Why IRS is Planning to Audit More Small Businesses This Year
Late in 2020 IRS announced that they intended to increase audits of small businesses by 50%. This news came as a shock to many small business owners who were still attempting to recover from the economic downturn brought on by the COVID-19 pandemic. While many businesses have struggled to hold… [Read more]
Insights for CPAs to Minimize Audit Risk for Their Clients
If you are a CPA, here are 4 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]
5 Tips for CPAs to Minimize Audit Risk for Their Clients
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]
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