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Providing actionable insights and valuable information to help you navigate the complexity of tax law for your business.

Milikowsky Tax Law
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Will SBA Audits Result in Criminal Exposure for Business Owners?

In April 2020, the Paycheck Protection Program (PPP) was announced as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The PPP granted loans to businesses across the country to support more than 51 million jobs and…
SBA loan audit

Signs the IRS is Looking for to Prove Criminal Content

The potential penalties that arise when borrowers apply for the SBA PPP loan has business owners questioning whether or not they should keep their loan funds. Borrowers must consider their individual circumstances to make this decision, but…
Tax fraud

Steps to Reduce Being Considered for Fraud in an Audit

The SBA PPP loan is to help support small businesses that would otherwise disappeared due to COVID-19. Now that these funds have been widely disbursed, the federal government is stepping it. They are taking action to check on the recipients.…
Taxes

One Major Red Flag To Watch Out for if You Take Cash Out of Your IRA Under the CARES Act

Heads up — while you are now allowed to take up to $100,000 out of your IRA and pay it back within three years with no tax hit, doing so may have some hidden consequences that you likely have overlooked initially. The Internal Revenue Code…
Man holding Cash

How People Are Spending Their Stimulus Checks

By now, many people have received the $1,200 check allocated to tax-paying individuals as a part of the coronavirus relief package that was passed by Congress in March. Despite the initial excitement expressed by many Americans, the shifting…
A notepad on a laptop

Are you Prepared for Tax Increases?

How will the government bounce back from the COVID-19 debt? Taxes!  Wondering how the country will bounce back from the debt incurred during COVID-19? Reducing this debt will likely come with challenges, which includes a greater burden…
Close up lawyer businessman working or reading lawbook in office workplace for consultant lawyer concept.

Tax Residency Relief Comes to Those in Need

Tax relief is on the way for people and businesses whose tax residence was affected by border closures, canceled flights, shelter-in-place orders, and other travel disruptions caused by COVID-19. This relief will affect those who are not…
SBA PPP Audit Criteria
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IRS Actively Seeking SBA PPP Criminal Fraud

What criteria will the SBA use to flag loan recipients for audit?  The IRS has formed a Fraud Enforcement Department specifically to root out fraud and criminal activity around the SBA PPP loan funds. The IRS Fraud Enforcement Department…
stock market

What Do Stimulus Packages Look Like Around The World?

2019 was an exceptionally strong year for the U.S. economy — the Dow Jones consistently hit record highs and unemployment rates dropped to a record low of just 2.1%. However, even a record-breaking year like that one could not prepare the…
Going over plans

3 Reporting Issues To Watch Out For During COVID-19

It is nearly impossible to see a future without the residual effect of the COVID-19 outbreak, as the economy continues to respond to rapid changes in consumer behavior and supply chain operations. Travel bans have been imposed on millions…
Time For Your Year End Review

More Time Granted to Reinvest and Receive a Tax-break

  Investors Receive an Extension and a Tax Break Due to COVID-19 The IRS has recently announced its plan to give investors more time and a tax break due to the effects of Coronavirus. The original deadline to reinvest into a qualified…
Woman reading a paper

Unemployment Rates Fall as Economy Pushes to Reopen

Economy is Headed in the Right Direction After the May job reports were released, the numbers showed the Coronavirus pandemic certainly hurt the economy, but not as heavily as predictions forecasted. Though unemployment has risen significantly…