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

How to prepare an IRS Bank Deposit Analysis
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How to prepare an IRS Bank Deposit Analysis

The bank deposit analysis is essential to every single IRS audit.  An IRS Bank Deposit Analysis is a tool used by the Internal Revenue Service (IRS) to help determine whether an individual or business has accurately reported their income…
woman with a lot of paper work
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What To Do During an IRS Audit

If you recently received a letter from IRS, there are a few important steps you need to take to protect yourself. The first step is to contact a qualified IRS Tax Lawyer. While IRS will occasionally audit businesses randomly, they usually…
Inflation Reduction Act Law. State gets involved to help the population during the economic crisis
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Tax Implications of the Inflation Reduction Act

In August 2022, Senate Democrats passed the Inflation Reduction Act, which allocates nearly $80 billion to the International Revenue Service (IRS) and leaves business owners asking: What are the tax implications of this bill? Will there be…
SBA PPP Loan Paperwork
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SBA PPP Loan Forgiveness Denial: The Ultimate Guide

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…
How to Abate an IRS penalty
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How to Abate an IRS Penalty 

There are a lot of different types of penalties IRS can assess. Let’s start with the failure to file.  Typically, it's a firm deadline and when you have to file a return. If you don't file an extension and your return is late, or you do…
taxpayer reviewing IRS audit
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IRS Audits with IRS’ New Hired Revenue Agents: How to Prepare

Attorney reviews options for handling back taxes
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Your Options for Handling Back Taxes

Many people don’t know the options that are available to them when dealing with back taxes and the IRS.  Back taxes are a nightmare for anyone that owes the IRS money without the means of paying it. If you are already in debt, the IRS banging…
IRS Audit Letter
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How to Respond to an IRS Audit in 2022: Part 3

In the final part of our three-part series “how to respond to an IRS audit in 2022,” the IRS Audit Attorneys here at Milikowsky Tax Law focus on the actual response to Internal Revenue Service (IRS). Watch the video below to learn more…
Bank Deposits
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How to Respond to an IRS Audit in 2022 Part 2

IRS Letter 6323 and Bank Deposit Analysis In part two of our three-part series “how to respond to an IRS Audit in 2022” we discuss IRS letter 6323 and the bank deposit analysis. For every audit IRS opens, they conduct a bank deposit analysis…
Tax Calculation
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How to Respond to an IRS Audit in 2022 Part 1

IRS Letter 6323 and What to Do Before Contacting IRS Small business owners should be prepared in case the Internal Revenue Service decides to audit your business. Watch part one of our three part series for advice on how to defend your business…
Criminal Tax Investigation

Have You Been the Target of a Criminal Tax Investigation?

Common Types of Federal Tax Crimes  The law enforcement branch of the IRS is the IRS Criminal Investigation Division (CID). If you are under investigation for possible tax crimes, then you could be facing serious penalties, including criminal…
Before responding to an IRS audit letter, first identify the following five things: the taxpayer, revenue agent, tax years audited, triggering issue(s), and the deadline.
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IRS Audits Explained for Small Business Owners

As a small business owner, you may be wondering what the process is for an IRS audit. An IRS audit is when IRS reviews your tax return to ensure that you have reported your income and expenses correctly. The founder of Milikowsky Tax Law,…