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 tailored to the unique needs
Milikowsky Tax Law Blog
Blog Authors
Latest from Milikowsky Tax Law Blog
Can SBA Audit a PPP Loan That is Already Forgiven?
Recently, businesses have experienced an increase in inquiries from the Small Business Administration (SBA) regarding the forgiveness of Paycheck Protection Program (PPP) loans that were previously forgiven. This raises a critical question: Can the SBA go back and retract forgiveness…
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.
IRS Audits
IRS audits – No kidding, they’re not fun, no matter who it is. John notes “When I helped relatives through them, the…
Navigating IRS Audits in 2024: 5 Red Flags to Avoid
As tax season rolls around, businesses and individuals alike brace themselves for the meticulous scrutiny of the Internal Revenue Service (IRS). While an audit might seem like a distant worry, there are certain red flags that could significantly increase your…
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:
1. Open Communication:
Establish a clear line…
Do you need an attorney to represent you in an IRS audit? [VIDEO]
Being audited by the IRS can be an intimidating experience. You may wonder if you need legal representation to navigate the complexities of the audit. While the IRS auditor may suggest that an attorney is unnecessary, it is your legal…
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 legal impact in…
What is the Lifecycle of an IRS Audit?
Understanding the lifecycle of an IRS audit is crucial for any taxpayer faced with this daunting process. An audit can touch upon various aspects of your financial history, and being prepared at each stage is key. This guide will walk…
5 Red Flags That Can Trigger an IRS Audit in 2024
As we move into 2024, the IRS continues to refine its focus during audits. Following are five areas of scrutiny that could trigger an IRS audit. Addressing these can help business owners safeguard against unwanted IRS attention.
1. Inaccurate Income…
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. John Milikowsky, founder of Milikowsky Tax Law,…