Milikowsky Tax Law Blog

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By: Milikowsky Tax Law

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John Milikowsky

Latest from Milikowsky Tax Law Blog

How could my PPP loan have exposed my company to criminal liability?  Now that your small business has a PPP Loan, it is time to consider how this may have exposed your company to criminal liability. Since the US government does not give out loan money without a loan audit plan in place. The CARES Act allows the federal government flexibility to audit any borrowers under the PPP loan. This flexibility comes from two positions…
Did you receive Letter 6323 initiating an IRS Audit for your income taxes? The same letter comes for businesses or individuals. IRS Audits ARE picking back up. The moratorium on audits ended on July 15th and IRS is actively sending out these letter 6323 notices right now! If you receive one of these letters it will contain the following information: .embed-container { position: relative; padding-bottom: 56.25%; height: 0; overflow: hidden; max-width: 100%; } .embed-container iframe,…
Owing Back Taxes: How to resolve an IRS tax balance: Does your business owe taxes to IRS – payroll taxes, income taxes? Did IRS file a federal tax lien against your business that is preventing you from getting a loan? Founder, John Milikowsky discusses your options: .embed-container { position: relative; padding-bottom: 56.25%; height: 0; overflow: hidden; max-width: 100%; } .embed-container iframe, .embed-container object, .embed-container embed { position: absolute; top: 0; left: 0; width: 100%; height:…
What Tax Credits and Changes Could Affect Your Businesses 2020 Tax Filing? The U.S government works to pass legislation to help reduce the damage caused by the shut down of our global economy in the face of this novel coronavirus. The CARES Act and the FFRCA are in place to help small businesses like yours to stay afloat during this time. Both of these acts include tax credits and changes to help all small businesses…
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Coronavirus has caused companies of all sizes to take a hit. To help your businesses that need extra funds, the federal government came out with a few funding options. The Main Street Loan Program was intended to serve larger businesses like the SBA PPP served smaller businesses. But, as of Monday, June 8, 2020, the Federal Reserve Board expanded the program to give both small and medium-sized businesses the ability to receive funding. TGG,…
SAN DIEGO, CALIFORNIA, UNITED STATES, June 18, 2019 /EINPresswire.com/ — Leading international tax attorney, Paula Brunoro-Borokhov, of Brunoro Law, APC.,  conducted a live international tax challenges webinar for tax professionals and advisers. Moreover, the webinar focuses on the “legal tax challenges and available planning techniques for domesticating individually-owned controlled foreign corporations (CFCs) post-tax reform.” In addition, she served on the webinar panel alongside William R. Skinner, Partner at Fenwick and West.  …
Organization is Key: Were Your Finances in Line Before You Applied for Your SBA PPP Loan? The SBA relaxes the loan forgiveness criteria in mid June allowing you 24 weeks to use SBA funds and to allocate 60% of funds to payroll. This is replacing the previous amount equal to 75%. Furthermore, now is the best time to ask if your finances were in line prior to applying for the SBA PPP loan.  As your…
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Small businesses continue to struggle to acquire SBA PPP funds, as a few larger companies refuse to return the funds they have received. Though these larger publicly traded companies could face severe consequences, the threat is not causing any movement towards these companies returning their funds. While the Trump Administration and Treasury Secretary, Steven Mnuchin, are working to encourage larger companies to return the funds, there is some concern that it will not be…
What Criminal Exposure Could You Be Subject to Because of your SBA PPP Loan? After Mnuchin, the Treasury Secretary announced that all SBA PPP loans of $2 million are guaranteed an audit, and smaller loans may be audited as well, there has been concern surrounding potential criminal exposure. How can you, as a small business owner avoid the risk of exposing themselves to criminal charges? During an audit, IRS is looking for signs that…
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The potential penalties that arise when borrowers apply for the SBA PPP loan has business owners questioning whether or not they should keep their loan funds. Borrowers must consider their individual circumstances to make this decision, but there can be adverse consequences if you do not utilize the loan funds properly.  With the looming potential of IRS audits coming in the next few months, many business owners are concerned that IRS might open a criminal…