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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Response to Article: “Are You Ready to Be Audited”

Laura Saunders wrote a wonderful article published in The Wall Street Journal  titled "Are You Ready to Be Audited?" The article provides great insight into factors that influence why the IRS selects certain taxpayers to be audited based…
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How to Handle a Misclassification Audit

Any company that utilizes both W-2 employees and 1099 independent contractors must be vigilant in classifying them correctly for tax purposes; as an employer, you are responsible for withholding and remitting employment taxes for the former…
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Hiring Your First Independent Contractor: What You Should Know

As a small business owner, you have a dependable team of employees to handle the bulk of your work, but occasionally you need to reach out to a third party for assistance with special projects or insights. These third parties, known as independent…
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Removing a Federal Tax Lien

You’ve owed the IRS back taxes for some time and now a lien has been placed against your assets and property. What does this mean? If you’ve been hit with a federal tax lien, it’s important to know what you’re dealing with, so you…
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The 4 Types of IRS Audits, and How to Navigate Them

There are 4 types of IRS audits that taxpayers should be prepared to navigate. Each type has different requirements and effective strategies to correctly respond to the audit and resolve the issue.   Read on to learn about the procedures…
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The IRS Audit Process: What to Expect

You’ve just found out you’re being audited by the IRS, and you’re probably feeling overwhelmed. Fortunately, at Milikowsky Tax Law, we know that having a clear idea of how an audit works greatly improves your chances of it going smoothly. We’ve…
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When Can the IRS Come After a Business Personally?

Tax season can be an impersonal, bureaucratic nightmare for many business owners. But there’s a personal side to taxes, too. That’s because when you're a business owner, there can be a high level of personal risk involved. Your time,…
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5 Tax Tips for New Entrepreneurs

  It’s never too early to get a head start on planning your taxes — especially if you’re an entrepreneur starting a business of your own. Taxes for entrepreneurs work differently than those for full-time employees receiving annual W-2…
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The Top 5 Ways to Reduce Your Risk of a Tax Audit

If there is anything business owners dread more than tax season, it’s being audited by the IRS. There are many reasons why the IRS or the state may come knocking on your door for an audit. These reasons can include: Accidentally (or deliberately)…
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Can’t Afford Your Tax Burden? Here’s What to Do

Come tax season, many individuals and businesses find that they are unable to pay their full tax burden on time. Despite how common this predicament is, a sizable portion of taxpayers don’t know what options are available in these circumstances.…
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Five Common Reasons the IRS May Audit Your Business

Every business owner fears the dreaded tax audit. It can be a headache, requiring a lot of precious time to retrace your steps the previous year and provide documentation to support the information on your tax forms. No one can predict an…
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The IRS Is Coming after My Closed Business. What Do I Do?

When businesses close, they sometimes do not file taxes for their last year in operation. These taxes are still owed, and if any business has not closed its doors in accordance with state and federal laws, California’s Franchise Tax Board…