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

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Heads Up: The SBA Will Audit Any Company That Receives a Loan of More than $2 Million

In early May, Treasury Secretary Steven Mnuchin announced that all companies who receive loans of more than $2 million in government relief will be subject to full audits from IRS. The Payroll Protection Program allows companies to have…
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Fed to Audit All Sba Ppp Loans over $2M

From Fox Business to the Wall Street Journal to the Washington Post, all signs point to widespread audits of SBA PPP Loan recipients.  Despite pressure, publicly held companies in business sectors from hotels to cruise ships are…
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1099s and SBA PPP (VIDEO)

It’s safe to say that everyone has been impacted by the COVID-19 pandemic, but small businesses have been hit especially hard by consequential long-term closures and plummeting sales. While it’s important to be creative when cutting…
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CA EDD and Workshare Audit Risk

Long-term closures caused by COVID-19 have led many companies to make massive cuts, mostly by furloughing or laying off their employees. However, qualified companies have the option to enroll in the EDD Workshare Program, which allows…
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Tax Deferral and the PPP Loan

As we, the team at Milikowsky Tax Law, have reviewed the newly released CARES Act and Paycheck Protection Program, several places in need of further clarification in order to make them as effective as possible for small businesses have arisen.…
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Tips for Productive Remote Work

As the Coronavirus pandemic has continued to unfold, businesses have had to adjust to situations that they are not used to. Larger companies have the luxury of relying on existing infrastructure and policies that allow for a smooth transition…
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What CPAs Need to Know About Cares

For CPAs, one of the most important parts of the CARES loan package which has brought $2.3 trillion in loans to households, businesses, and state and local governments is the Main Street Lending Program, which provides for up to $600 billion…
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Optimize Your PPP Loan Use for Forgiveness

How to Optimize Loan Use for Forgiveness Approximately 1.6 million of companies have received loans under the Small Business Administration's Paycheck Protection Program (PPP), and those funds are beginning to hit bank accounts across the…
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SBA PPP and Fintech, the Next Wave of Funding

Fintech Gets In the Game The Paycheck Protection Program (PPP) funds were exhausted within the first 2 weeks of the program.  TOmorrow, April 23rd, 2020, Congress will release another $310Billion for teh SBA to offer to small businesses as…
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Delayed Tax Filings & Payments

In the case of delayed tax filings and payments, who is offering them, and should I wait to file and pay? The coronavirus pandemic has taken a toll on the economy, and the effects have been undoubtedly felt across the world. Due to the widespread…
Tax Audit Survival

What Is an EDD Benefit Audit?

If you’re a business based in California, you’ve likely had dealings with the Employment Development Department (EDD).  It is the responsibility of the EDD to collect payroll taxes and it conducts payroll tax audits of companies and…
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SBA PPP Runs Out of Funding

$350Billion Dollars in Funding Depleted The Paycheck Protection Program—part of the multi-trillion dollar CARES Federal Stimulus package meant to offset the massive economic slowdown associated with the COVID-19 pandemic—is running into…