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.

IRS Wants to look at your Bank Account
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IRS Wants to Look at Your Bank Account

Bank accounts serve as a tool for personal and private finances. In the past, bank accounts were not typically investigated or monitored by the Internal Revenue Service (IRS) unless a taxpayer experienced an audit. However, following a proposal…

ERC Credit Explained: 3 Requirements IRS Will Look For

The Employee Retention Credit (ERC) was designed to support businesses affected by government and business closures during COVID-19. To qualify, businesses must meet three main requirements: being a qualified business, having qualified wages,…
Tax Calculation
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4 Consequences of Unpaid Business Taxes

Millions of dollars in penalties are doled out by the Internal Revenue Service (IRS) each year. With the majority of which are attributed to businesses that failed to file taxes or pay payroll taxes. It’s important to understand compliance…

IRS ERC Audits & Voluntary Compliance Program

What Is the Voluntary Compliance Program (VCI)? The IRS has introduced the Voluntary Compliance Program (VCI) for businesses that filed for the Employee Retention Credit (ERC) and believe their claim was inaccurate. This program allows companies…
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How to Prepare for an IRS Audit in 2025: A Comprehensive Guide

Preparing for an IRS audit can be a daunting task, but with the right strategies and tools, you can navigate the process smoothly and confidently. As we approach 2025, it’s important to stay ahead of potential changes in tax regulations and…
People looking at a graph chart

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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IRS Strategic Plan: Increased Audits on Wealthy Taxpayers, Corporations, and Partnerships

The Internal Revenue Service (IRS) is making a significant shift in its approach to tax audits, focusing more intensively on high-income earners, large corporations, and complex partnerships. This new direction is outlined in the IRS's updated…
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What Should You Pay for a Tax Attorney?

How much should you pay for a tax attorney? It depends on the issue you’re facing. If you’re a business owner, you can expect to pay a little bit more because these cases tend to have more complicated issues. Sometimes, cases can cost $2,000 to $3,000, but it depends on the complexity of the case itself.
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2025 Tax Audits: What to Expect

As we approach 2025, the landscape of tax audits is evolving rapidly. With changes in technology, tax laws, and enforcement practices, staying informed about what to expect from tax audits in the coming years is crucial. Whether you're an individual…
Laptop and a calculator
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5 Tips for CPAs to Minimize Audit Risk for Their Clients

If you are a CPA, here are 5 things to help your client reduce the risk of an EDD, IRS, or SBA audit: If you are a CPA, here are 5 things to help your client reduce the risk of an EDD, IRS, or SBA audit: 1: Confirm that your client’s…

For CPAs: Once Tax Season is Over, Audit Season Begins (We’ve Got You)

As a Certified Public Accountant (CPA), you know that the end of tax season doesn’t mean a break from the action. Just as the dust settles from tax filings, audit season kicks off. At this important time, having a robust strategy and support…

IRS ERC Crackdown: 9 Red Flags Business Owners Must Review

The IRS is intensifying audits of Employer Retention Credit (ERC) claims. With over a million ERC applications received, totaling $86 billion in credits, the IRS is carefully scrutinizing each claim. Here are nine red flags that could trigger…