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.

Would you Rather Jump from an Airplane or Be Audited by the IRS?

Fun fact: Our CEO and founder, John Milikowsky, has done both! Let’s see what he thinks. IRS Audits IRS audits – No kidding, they're not fun, no matter who it is. John notes “When I helped relatives through them, the pain isn't…

Navigating IRS Audits in 2024: 5 Red Flags to Avoid

As tax season rolls around, businesses and individuals alike brace themselves for the meticulous scrutiny of the Internal Revenue Service (IRS). While an audit might seem like a distant worry, there are certain red flags that could significantly…

How to Make Sure Your CPA is Getting the Correct Deductions for Your Business

As tax season approaches, collaborating effectively with your CPA can significantly impact your financial outcomes. Ensuring the accuracy of deductions is paramount. Here's how to oversee and confirm your CPA's tax deduction strategies:
, , ,

Do you need an attorney to represent you in an IRS audit?

Being audited by the IRS can be an intimidating experience. You may wonder if you need legal representation to navigate the complexities of the audit. While the IRS auditor may suggest that an attorney is unnecessary, it is your legal right…

How Long Should Business Owners Keep Their Tax Documents?

As a business owner, you understand the importance of maintaining organized tax records. Not only is it a good practice, but it's also a legal and financial necessity. Your tax documents are the backbone of your financial history, and keeping…

Tax Evasion Penalties 2024

In 2024, understanding tax evasion penalties and their implications is crucial for business owners. With a 90% conviction rate in IRS criminal prosecutions, the stakes are high. Let's explore the nuances of tax evasion, penalties, and their…
A maze representing the complexity of the IRS Audit Lifecycle
, , ,

What is the Lifecycle of an IRS Audit? [VIDEO]

Understanding the lifecycle of an IRS audit is crucial for any taxpayer faced with this daunting process. An audit can touch upon various aspects of your financial history, and being prepared at each stage is key. This guide will walk you through…
IRS Audit scrutiny a check mark to indicate audit
, , ,

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…
SBA PPP LOAN DEFAULT: HOW TO RESOLVE COLLECTIONS BY THE US TREASURY
, , ,

SBA PPP Loan Default: How to resolve collections by the US Treasury [VIDEO]

The SBA Paycheck Protection Program (PPP) offered a financial lifeline during uncertain times. However, as we shift from application to forgiveness, some business owners are facing challenges with non-forgiven loans and ensuing collections.…
Can SBA Audit a PPP Loan That is Already Forgiven? A worried business owners sees an audit notice on her laptop.
, , , ,

Can SBA Audit a PPP Loan That is Already Forgiven? [VIDEO]

In an unexpected turn of events, some businesses are receiving notifications to provide additional documentation for PPP loans that were already forgiven. This development brings to light the importance of being diligent and prepared, even…
2024 IRS Audits what to Expect - a business man looking out a plate glass window.
, ,

2024 Tax Audits: What to Expect

As we near the end of 2023, business owners are eager to know what to expect for IRS tax audits for 2024 with questions such as: What areas will the IRS focus on in the coming year? How can we steer clear of potential audit triggers? What proactive…
How long does an IRS Audit take represented by a clock and a gavel
, , , ,

How Long Does an IRS Audit Take? [VIDEO]

The duration of an IRS audit can be a period of uncertainty for many taxpayers. John Milikowsky, founder of Milikowsky Tax Law, breaks down what to expect time-wise when you're faced with an IRS audit, whether you're an individual taxpayer…