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.

tax deferrals
,

Tax Deferral and the PPP Loan

As we, the team at Milikowsky Tax Law, have reviewed the newly released CARES Act and Paycheck Protection Program, several places in need of further clarification in order to make them as effective as possible for small businesses have arisen.…
remote work side job

Tips for Productive Remote Work

As the Coronavirus pandemic has continued to unfold, businesses have had to adjust to situations that they are not used to. Larger companies have the luxury of relying on existing infrastructure and policies that allow for a smooth transition…
CPAs and MSELF
,

What CPAs Need to Know About Cares

For CPAs, one of the most important parts of the CARES loan package which has brought $2.3 trillion in loans to households, businesses, and state and local governments is the Main Street Lending Program, which provides for up to $600 billion…
SBA PPP forgiveness tools
,

Optimize Your PPP Loan Use for Forgiveness

How to Optimize Loan Use for Forgiveness Approximately 1.6 million of companies have received loans under the Small Business Administration's Paycheck Protection Program (PPP), and those funds are beginning to hit bank accounts across the…
Tax Delays
,

SBA PPP and Fintech, the Next Wave of Funding

Fintech Gets In the Game The Paycheck Protection Program (PPP) funds were exhausted within the first 2 weeks of the program.  TOmorrow, April 23rd, 2020, Congress will release another $310Billion for teh SBA to offer to small businesses as…
Tax Delays

Delayed Tax Filings & Payments

In the case of delayed tax filings and payments, who is offering them, and should I wait to file and pay? The coronavirus pandemic has taken a toll on the economy, and the effects have been undoubtedly felt across the world. Due to the widespread…
Tax Audit Survival

What Is an EDD Benefit Audit?

If you’re a business based in California, you’ve likely had dealings with the Employment Development Department (EDD).  It is the responsibility of the EDD to collect payroll taxes and it conducts payroll tax audits of companies and…
small business
,

SBA PPP Runs Out of Funding

$350Billion Dollars in Funding Depleted The Paycheck Protection Program—part of the multi-trillion dollar CARES Federal Stimulus package meant to offset the massive economic slowdown associated with the COVID-19 pandemic—is running into…
Check Your Account Balance

Irs Sends Money Instead of Receiving Money This April 15th

April 15th Takes on New Meaning in 2020 For most Americans, April 15th is no day for celebration.  We pay our taxes, dutifully (if somewhat begrudgingly from time to time) and get on with the business of, well, business.  Today, many of…
Tax fraud

What Is the Difference between Criminal Tax Evasion and Civil Tax Penalties?

In the eyes of the federal government, there is a vast difference between a criminal tax fraud offense and a civil fraud offense. These differences focus primarily on the different burdens of proofs, penalties, statues of limitations, and…
Woman writing on a notepad
, , ,

Is IRS Still Auditing? [video]

If you are currently being audited by IRS or EDD, be certain that you get a delay or postponement in writing.  IRS and EDD are still auditing. The outbreak is not stopping work at CA EDD or IRS. Despite the chaos caused by the recent…
contractors files

Can I Hire 1099s to Stay in Business During COVID-19?

As many companies work to reorganize their business model in light of COVID-19, hiring a 1099 to replace your full-time employees might be a great solution.  However, there are a few things to consider before taking the step in hiring these…