If you’ve been through an IRS audit, you know that one of the most important documents you receive at the end is the Revenue Agent Report (RAR).
However, many taxpayers may not know where to start when it comes to reading their Revenue Agent Report.
John Milikowsky, the founder of Milikowsky Tax Law, explains how to read your Revenue
Business owners may not be sure where to start if IRS audits their company. However, an IRS audit doesn’t have to feel stressful or disorganized. In this article, we’ll discuss a set of steps business owners can take if they find out they are being audited by IRS.
Familiarize Yourself With Common Audit Triggers
The first question many business owners
The California Employment Development Department (EDD) conducts audits to determine if businesses are:
It’s important to note that EDD is actively targeting independent contractor misclassification, which could result in a six-figure penalty per employee for business owners.
Let’s discuss independent contractor classification as well as
CSLB site sweeps and EDD audits can cost business owners delays, fines, stop-work orders and even potential jail time.
In 2019 and 2020, CSLB’s Statewide Investigative Fraud Team (SWIFT) responded to 855 leads, conducted 52 sting operations and 216 sweep days. These efforts led to the issuance of 260 Notices to Appear in criminal court. In total, 368 cases resulted
IRS audits can be a business owners’ worst nightmare: the hassle, the heaps of paperwork, the potentially hefty bill. However, with the right preparation and resources, an IRS audit doesn’t have to be a stressful event.
Read on for our ultimate guide to IRS audits. We answer all the most common questions to help you navigate an audit as smoothly
California Assembly Bill 5 (AB-5) took effect on January 1, 2020, and is the new standard by which employers must classify employees. Small business owners (SBOs) should familiarize themselves with AB-5 and the ABC test to avoid employee misclassification and potential penalties from the Internal Revenue Service (IRS).
What is Assembly Bill 5 (AB-5)?
Assembly Bill 5, commonly
Now that the April filing deadline has passed, small business owners may be asking: what’s next?
As tempting as it may be to put off thinking of taxes until next year, some small business owners may be required to respond to an EDD audit.
Read on how to learn how what triggers an EDD audit and how to respond.
What is
The Small Business Administration (SBA) has forgiven over 98% of the total Paycheck Protection Program (PPP) loan value that borrowers requested them to forgive; recently, however, SBA has begun to issue more forgiveness PPP loan forgiveness denials.
Many of these recent denials issued by the SBA are not consistent with their own guidelines. Borrowers have received denial letters based on:
New classification guidelines between W-2 employees and 1099 independent contractors place stricter rules for businesses looking to hire. Common misconceptions about independent contractors can lead to businesses misclassifying workers and paying high penalties and fines. Avoid these consequences by understanding the regulations your business must follow when hiring independent contractors.
Let’s discuss the common misconceptions small businesses have about independent contractors.
In the final part of our three-part series “how to respond to an IRS audit in 2022,” we’re focusing on the actual response to Internal Revenue Service (IRS).
Watch the video below to learn more from Milikowsky Tax Law’s Founder and Managing Attorney, John Milikowsky, as he explains how to craft the right response.
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