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.

Upcoming IRS Improvements Tailored for Small Business Owners

The Internal Revenue Service (IRS) is ushering in a wave of improvements designed to empower small business taxpayers. These changes, set to enhance phone service, in-person interactions, and online options, aim to provide seamless assistance…
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Understanding IRS Lifestyle Audits: What You Need to Know

Income tax returns have always been the cornerstone of financial accountability. But did you know that the IRS has now taken a more comprehensive approach to ensure accuracy? Welcome to the era of lifestyle audits. In this blog, we'll delve…
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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:…
a rubber stamp sitting on top of a piece of paper next to a keyboard
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The CPA’s Guide to Helping a Client with an SBA PPP Loan Forgiveness Denial

When the COVID-19 pandemic wreaked havoc on small businesses, the U.S. government stepped in to offer some relief in the form of SBA PPP (Paycheck Protection Program) loans. Those loans were designed to help businesses keep their doors open…

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. https://youtu.be/XFFyNxZqFHM?feature=shared IRS Audits IRS audits – No kidding, they're not fun, no matter who it is. John notes “When…

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:

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
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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
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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
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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.…