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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CPAs: How to Protect Yourself If You Suspect Your Client is Under Criminal Investigation

  When it comes to financial matters, certified public accountants (CPAs) cannot use ignorance as a defense if their clients’ tax returns are later investigated. This is especially true if those financial matters involve legal issues —…
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What to Know When Your Client is Facing a Criminal Investigation by the IRS

  There are few calls less welcome than a call from the IRS. It could come directly to your accounting office or you might hear from a client after they have been contacted. Either way, you need to take the issue seriously and act carefully…
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An IRS Special Agent Contacted Me (or My Accountant): What Now?

  Just the thought of being contacted by the IRS can be enough to make you sweat. Receiving a letter, phone call, or surprise visit from IRS Special Agents can be extremely stressful and frightening. Whether they’ve reached out to you or…
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Which Form Should I Use to Amend My Business Tax Return?

If you’ve made an error on your business’ or organization’s tax return, the federal government requires you to send in an amendment to correct and update your filing. It’s important to make these corrections as soon as you can, in case…
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What To Do If You Couldn’t Pay Your Business Tax On Time

Even if you pay your estimated quarterly taxes every three months, you may still owe more taxes than expected for the full year. In some cases, this happens because your business earned more than you initially estimated it would. While unexpectedly…
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What Are Back Taxes and How Do They Affect My Business?

  Back taxes occur when business or personal taxes are not filed and paid in full by their due date each year. They continue to accrue interest for as long as they remain unpaid, and many can incur a number of additional penalties as well.…
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6 Tax Code Updates That Could Affect You

Millions of Americans overpay on their taxes each year, simply because they don't understand how the system works. Since new tax reforms were passed in December 2017, it’s more important than ever to understand how the tax system could affect…
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Get a Head Start on the New Tax Laws for the 2018 Season

The April 2019 deadline for filing your 2018 taxes probably seems far in the future, but if you start preparing for the filing process now, you’ll save yourself a lot of stress closer to the deadline. Here’s a handy guide to the new tax…
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6 Mistakes to Avoid When Filing Your Taxes

Understanding tax rules is complicated. In 2018, the launch of the new tax reform means that US citizens now have a host of unfamiliar rules and regulations to keep up with — beneficial or not, any change in the rules can increase the stress…
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5 Common Mistakes Businesses Make When Filing Taxes

We all make mistakes. But in the tax world, even the smallest mistake could cause a huge problem for your business. An error or problem with your tax return could mean late processing — which could result in a delayed refund — an IRS audit,…
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Real Estate Investors: New Yearly Reporting Requirements

California law obligates owners of real estate investment property in California who later acquired non-California property in a 1031 exchange to file an annual informational tax return. [1] California requires this yearly filing to track…
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What is Corporate Tax Compliance?

For any business to succeed, it must follow the laws and regulations associated with it. Your business stays compliant when all employees — from the CEO down — are aware of what laws the company needs to adhere by. It’s essential to…