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Providing actionable insights and valuable information to help you navigate the complexity of tax law for your business.

Upcoming IRS Improvements Tailored for Small Business Owners

The Internal Revenue Service (IRS) is ushering in a wave of improvements designed to empower small business taxpayers. These changes, set to enhance phone service, in-person interactions, and online options, aim to provide seamless assistance…
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Understanding IRS Lifestyle Audits: What You Need to Know

Income tax returns have always been the cornerstone of financial accountability. But did you know that the IRS has now taken a more comprehensive approach to ensure accuracy? Welcome to the era of lifestyle audits. In this blog, we'll delve…

Would you Rather Jump from an Airplane or Be Audited by the IRS?

Fun fact: Our CEO and founder, John Milikowsky, has done both! Let’s see what he thinks. https://youtu.be/XFFyNxZqFHM?feature=shared IRS Audits IRS audits – No kidding, they're not fun, no matter who it is. John notes “When…
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How to Make Sure Your CPA is Getting the Correct Deductions for Your Business

As tax season approaches, collaborating effectively with your CPA can significantly impact your financial outcomes. Ensuring the accuracy of deductions is paramount. Here's how to oversee and confirm your CPA's tax deduction strategies:
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…

How Long Should Business Owners Keep Their Tax Documents?

As a business owner, you understand the importance of maintaining organized tax records. Not only is it a good practice, but it's also a legal and financial necessity. Your tax documents are the backbone of your financial history, and keeping…

Tax Evasion Penalties 2024

In 2024, understanding tax evasion penalties and their implications is crucial for business owners. With a 90% conviction rate in IRS criminal prosecutions, the stakes are high. Let's explore the nuances of tax evasion, penalties, and their…
SBA PPP LOAN DEFAULT: HOW TO RESOLVE COLLECTIONS BY THE US TREASURY
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SBA PPP Loan Default: How to resolve collections by the US Treasury [VIDEO]

The SBA Paycheck Protection Program (PPP) offered a financial lifeline during uncertain times. However, as we shift from application to forgiveness, some business owners are facing challenges with non-forgiven loans and ensuing collections.…
Can SBA Audit a PPP Loan That is Already Forgiven? A worried business owners sees an audit notice on her laptop.
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Can SBA Audit a PPP Loan That is Already Forgiven? [VIDEO]

In an unexpected turn of events, some businesses are receiving notifications to provide additional documentation for PPP loans that were already forgiven. This development brings to light the importance of being diligent and prepared, even…
2024 IRS Audits what to Expect - a business man looking out a plate glass window.
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2024 Tax Audits: What to Expect

As we near the end of 2023, business owners are eager to know what to expect for IRS tax audits for 2024 with questions such as: What areas will the IRS focus on in the coming year? How can we steer clear of potential audit triggers? What proactive…
Luxury cars. Does the IRS look at Social Media during a lifestyle audit?
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Does the IRS look at your Social media when they audit you? [VIDEO]

The digital footprint you leave on the internet, especially on social media, can be more revealing than you think. In an eye-opening video, John Milikowsky, the founder of Milikowsky Tax Law, discusses the extent of the IRS's reach when conducting…

An IRS Audit Agent says I don’t need an attorney, is that true?

Facing an IRS audit can be a stressful and daunting experience. When you receive that dreaded audit notice, a whirlwind of questions and concerns can overwhelm you. One common question that often arises is whether you need an attorney to navigate…