As the greater impact of coronavirus COVID-19 continues to worsen, it is important to stay up-to-date with the potential repercussions as a business owner. This year’s tax filing deadlines have been extended to July 15th which will offer some relief to business owners keeping cash in the business. If your… [Read more]
IRS Extends Deadline to Pay [and File as of 3/18] Taxes to July 15, 2020
This article was edited on 3/18 to reflect the update from IRS that businesses now have an extension not only pay but also to file taxes. IRS Extends deadline to PAY AND FILE taxes to July 15 for most individuals and businesses. The Trump administration has announced that most individuals… [Read more]
How IRS Criminal Investigations Start
IRS Criminal investigations begin with a suspicion of fraud and violations of: Internal Revenue Code Bank Secrecy Act Money laundering statutes …Among others. When IRS determines there is a case against a violator, they refer it to the Department of Justice. Why IRS Special Agents target a business for investigation… [Read more]
New Requirements For IRS Form 5472 (for Foreign Shareholders & Corporations)
Perception of the requirements for IRS Form 5472 for foreign businesses are influenced by the globalization of the economy. In the tech world we currently live in, the internet has almost eliminated country boundaries and has allowed foreign business to sell their products and goods all over the globe. This… [Read more]
Precision & Attention to Detail Are The Hallmarks of Milikowsky Tax Law
John’s level of precision and attention to detail is unmatched. At Milikowsky Tax Law, we partner with CPA firms to provide the highest level of service and support to their clients in case of IRS Audit, EDD investigation or other tax controversy matters. Bernie Minton, CPA is a trusted CPA… [Read more]
EDD: 1099s vs Employees, Don’t Risk Misclassification
What To Do When EDD Investigates Your Contractors The California Employment Development Department (EDD) has a Joint Enforcement Strike Force (JESF) with local and federal agencies dedicated to uncovering cases of worker misclassification. If you’ve been targeted for an EDD audit there are steps you should take immediately to protect… [Read more]
What to Expect from Your Upcoming EDD 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]
5 Tax Tips for New Entrepreneurs
It’s never too early to get a head start on planning your taxes — especially if you’re an entrepreneur starting a business of your own. Taxes for entrepreneurs work differently than those for full-time employees receiving annual W-2 forms from their companies. There’s never a good time to be audited… [Read more]
