WELCOME TO THE MILIKOWSKY TAX LAW BLOG
Providing actionable insights and valuable information to help you navigate the complexity of tax law for your business.
2025 Tax Audits: What to Expect
As we approach 2025, the landscape of tax audits is evolving rapidly. With changes in technology, tax laws, and enforcement practices, staying informed about what to expect from tax audits in the coming years is crucial. Whether you're an individual…
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:
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…
IRS ERC Audits & Voluntary Compliance Program
What Is the Voluntary Compliance Program (VCI)?
The IRS has introduced the Voluntary Compliance Program (VCI) for businesses that filed for the Employee Retention Credit (ERC) and believe their claim was inaccurate. This program allows companies…
ERC Credit Explained: 3 Requirements IRS Will Look For
The Employee Retention Credit (ERC) was designed to support businesses affected by government and business closures during COVID-19. To qualify, businesses must meet three main requirements: being a qualified business, having qualified wages,…
For CPAs: Once Tax Season is Over, Audit Season Begins (We’ve Got You)
As a Certified Public Accountant (CPA), you know that the end of tax season doesn’t mean a break from the action. Just as the dust settles from tax filings, audit season kicks off. At this important time, having a robust strategy and support…
IRS ERC Crackdown: 9 Red Flags Business Owners Must Review
The IRS is intensifying audits of Employer Retention Credit (ERC) claims. With over a million ERC applications received, totaling $86 billion in credits, the IRS is carefully scrutinizing each claim. Here are nine red flags that could trigger…
How to Handle a Misclassification Audit
Any company that utilizes both W-2 employees and 1099 independent contractors must be vigilant in classifying them correctly for tax purposes; as an employer, you are responsible for withholding and remitting employment taxes for the former…
Your Guide to California and Federal Tax Evasion Penalties
The law imposes significant tax evasion penalties to deter activities that could lead to a conviction for evasion or fraud. In addition to financial penalties, a tax fraud conviction can result in several years of jail time, depriving you of…
How to Prepare for an EDD Misclassification Audit
As a business owner the best way to prepare for, or avoid entirely, an audit from the Employment Development Department (EDD), is to make sure that you’re correctly classifying your employees. Whether your employees W-2 or 1099 employees or…
4 Consequences of Unpaid Business Taxes
Millions of dollars in penalties are doled out by the Internal Revenue Service (IRS) each year. With the majority of which are attributed to businesses that failed to file taxes or pay payroll taxes. It’s important to understand compliance…
Can SBA Audit a PPP Loan That is Already Forgiven?
Recently, businesses have experienced an increase in inquiries from the Small Business Administration (SBA) regarding the forgiveness of Paycheck Protection Program (PPP) loans that were previously forgiven. This raises a critical question:…
5 Red Flags That Can Trigger an IRS Audit in 2024 [VIDEO]
As we move into 2024, the IRS continues to refine its focus during audits. Following are five areas of scrutiny that could trigger an IRS audit. Addressing these can help business owners safeguard against unwanted IRS attention.
1. Inaccurate…