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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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Stimulus Check Scams are Prolific: Beware

Recently, there have been instances of financial scams targeting tax-paying individuals who have received their stimulus check or are still waiting on their stimulus payment. On April 16, the Virginia Coronavirus Fraud Task Force issued a…
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MSELF Loan: What Larger Businesses Should Know

The government recently introduced a new loan program called the Main Street Extended Loan Facility (MSELF). This new loan program provides up to $2.3 trillion in loans to larger businesses in need. All US banks are eligible to originate…
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Commentary on NY Times Article, “California Sues Uber and Lyft, Claiming Workers Are Misclassified”

California Sues Uber and Lyft, Claiming Workers Are Misclassified. In January, 2020 Assembly Bill AB-5 went into effect redefining the criteria for a 1099 contract worker as opposed to a W-2 employee. The bill was aimed at the employers who…
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What You Need to Know About the Moved IRS Deadline

IRS has extended the deadline for personal tax filings from April 15 to July 15. It has also extended the deadline for contributing to your 2019 IRA. So, if you have not contributed, you still have time. Trying to decide whether or not to…
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Applying For EDD Workshare Can Lead to an EDD Audit

COVID-19 has caused many companies to reconsider how they run their day-to-day business. This could mean cutting costs in various different ways. One way that businesses can cut costs is through the EDD Workshare Program.  This…
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SBA PPP Loans: What You Need to Know

With the recent refunding of the SBA Paycheck Protection Program, there are a few details that you should know before you decide to apply. If you take out an SBA PPP Loan, you are required to spend 75% of that loan on the payroll. Any…
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Outdated IRS Systems Reach Tipping Point

As the world has been put on an indefinite hold, so too has the IRS. During prior government closures, the IRS still was able to have essential workers be in federal buildings to process tax returns, sort mail, and process payments. The…

Surge in Unemployment May Lead To Edd Audits

With the current coronavirus (COVID-19) pandemic and the California stay-at-home order in place since March 19, 2020, several small California businesses have been forced to close doors. Consequently, hundreds of thousands of workers have…
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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…