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.

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PPP Audits and SBA Loan Forgiveness: An Overview

Earlier this year the Coronavirus Aid, Relief, and Economic Security (CARES) Act offered businesses the opportunity to apply for loans under the Paycheck Protection Program (PPP). Businesses were eligible to receive up to as much as 2.5 times…
IRS
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What Does an IRS Letter Look Like and How Should I Respond?

Receiving a letter from IRS is often something that most don’t consider until forced to do so. Until taxpayers receive an IRS letter, there is often no reason to concern themselves on the subject. That being said, experiencing such a receipt…
SBA Pre-Audit Review

SBA Requires Borrowers to Submit “Pre-Audit Review” Information

Since its initial launch in April 2020, the Paycheck Protection Program has challenged recipients more than originally expected. What was once thought to be a no strings attached loan has now become a source of stress and worry for many of its…
money under a flag
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PPP Loan Audits: What to Expect, and How to Appeal

In April 2020 the Paycheck Protection Program (PPP) was announced as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. It granted loans to businesses across the country to support more than 51 million jobs and over 80 percent…
woman with a lot of paper work
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Your 2021 Resolution – Stay Organized For Your CPA!

Starting to think about your resolutions for the new year? Well, we’ve got the perfect suggestion for you: make a commitment to make 2021 the year that you stay organized for your CPA. Whether on a personal level or for your business, staying…
depressed person filling out an online unemployment benefits application form

Are Unemployment Benefits Being Taxed?

Were you laid off during the COVID-19 pandemic? Have you been receiving unemployment benefits? Are you questioning what’s going to happen when it comes time to file your taxes? Wondering whether or not the unemployment benefit income you’ve…

CORPORATE BUSINESS TAX

Determining the amount of taxes you owe depends on the type of business entity your corporation is. To avoid double taxation, or when both shareholders and the corporation pays taxes, the business chooses which kind of corporation it is…
Working Men smiling
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Case Study: EDD Audit Construction

When The California Employment Development Department, EDD did a site sweep, Ryan Brown found himself facing an audit.  As he did research on his own as to what the ramifications of an EDD audit might be, he saw steep fines, jail time and…
woman review financial summary report
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8 Red Flags You May Be Headed for An IRS Audit

While there is no guaranteed escape from the potential of a randomized Internal Revenue Service (IRS) audit, there are a multitude of ways to attempt to avoid triggering one. Keep reading for 12 red flags IRS looks for when determining who to…
people having meeting
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CPAs: Why Your Client Needs a Tax Attorney

As a CPA you are an expert at advising your clients on tax optimization, business transactions, and all elements of their financial health and well-being. But, what do you do when your client is being audited?  If your client is being audited,…
red carpet

Top 13 Worst Celebrity Tax Cheats in History

Celebrities really are just like us. However, their missteps live under the spotlight of public scrutiny. Although they live in the public eye, they are just as responsible to live by the same rules and regulations the rest of us do. As Benjamin…
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SBA Audits Have Begun

Did you receive an SBA PPP loan? We have up to the minute details about SBA’s criminal investigations of businesses who applied for the PPP loan. A couple of months ago, we released a video confirming that SBA had started reviewing loan…