Milikowsky Tax Law

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Milikowsky Tax Law Blog

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John Milikowsky

Latest from Milikowsky Tax Law

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In some cases, it may be difficult to distinguish what your CPA is capable of helping you with and which tasks are better suited for a tax attorney. Both are experts when it comes to tax matters but in different ways. While your CPA is an expert at preparing and submitting your taxes correctly, you’ll need a tax attorney in the event that IRS notices inconsistencies in your tax submissions or if you’re the subject…
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In April 2020 the Paycheck Protection Program (PPP) was announced as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. It granted loans to businesses across the country to support more than 51 million jobs and over 80 percent of all small business employees. While the average loan size was $100,000, some businesses received up to $10 million. Since its initial announcement, however, the U.S. Small Business Administration (SBA) has begun performing audits…
Starting to think about your resolutions for the new year? Well, we’ve got the perfect suggestion for you: make a commitment to make 2021 the year that you stay organized for your CPA. Whether on a personal level or for your business, staying on top of your finances with your CPA can make a huge difference in the event of an audit.  Maintaining a good organizational system with your CPA can make or break the…
Were you laid off during the COVID-19 pandemic? Have you been receiving unemployment benefits? Are you questioning what’s going to happen when it comes time to file your taxes? Wondering whether or not the unemployment benefit income you’ve received is taxable? The short answer is yes, it is.  Millions of Americans have been receiving unemployment benefits after being laid off throughout the current pandemic. Many of those that have qualified for unemployment benefits are receiving…
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When The California Employment Development Department, EDD did a site sweep, Ryan Brown found himself facing an audit.  As he did research on his own as to what the ramifications of an EDD audit might be, he saw steep fines, jail time and high conviction rates reported time and time again. Ryan was afraid he would lose his business. Ryan called Milikowsky Tax Law and set an initial meeting.  Before we signed any kind of…
Chag Sameach! In the spirit of Hanukkah, we’re gifting you some insight into the 8 most common red flags that could trigger an IRS audit.  1. Having a higher than average income Having a significantly above average annual income has the potential to serve as a red flag for IRS to conduct an audit. IRS statistics show that those with an income between $200,000 and $1 million who filed a Schedule C in 2018 were…
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Celebrities really are just like us. Just because they live in the public eye doesn’t make them exempt from the rules the rest of us have to live by too. As Benjamin Franklin once said, “in this world, nothing can be said to be certain, except death and taxes.” This list shows that some celebrities chose to learn the hard way that they’re not above the law. Here are the top 10 celebrities that got…
As a CPA you are an expert at advising your clients in tax optimization, business transactions, and all elements of their financial health and well-being.  But, what do you do when your client is being audited?  If you need a good haircut you go to an experienced barber, if your client is being audited (civil or criminal) you need an expert Tax Attorney.  Anything else could leave them (and you) with the equivalent of a…
Did you receive an SBA PPP loan? We have up to the minute details about SBA’s criminal investigations of businesses who applied for the PPP loan. A couple of months ago, we released a video confirming that SBA had started reviewing loan applications. We recently learned from a credible source working with SBA that SBA and FBI are working together and the criminal investigations have begun. SBA PPP Audits Have Begun…
The Employment Development Department (EDD) has recently begun freezing unemployment debit cards due to suspected fraud. Debit cards have been frozen for a variety of reasons including a number of claims at the same address. EDD has said they have frozen over 350,000 debit cards. They are currently unsure how much these cards equate to in total but some fake cards have been revealed amounting to up to $20,000.  EDD is attempting to identify which…