Categories: IRS
It’s not quite the end of 2020 and tax season may seem like quite a way off. However, there are things you can do now to prepare to file taxes in 2021. Taking an hour or two when your business has some year-end down time may help filing next year that much easier. Here are…
Categories: IRS
No business owner or individual wants to deal with an IRS tax audit. As the year comes to a close, it’s a good time to review your financial records as you prepare to close out 2020 and file taxes early next year. Here are five things you can do to protect your business and possibly…
Categories: California Tax Law
When it comes to tax audits, the IRS is not the only organization that can investigate you. The California Department of Tax and Fee Administration (CDTFA), formerly known as the State Board of Equalization (SBOE), focuses on sales tax audits among California residents and tax payers. Their efforts tend to review retailers with gross receipts…
Categories: Federal Trust Recovery Penalty
If you’re a business owner and you have not heard of the Federal Trust Recovery Penalty, you may want to start paying attention. If you are a responsible for withholding, accounting for, depositing or paying specified taxes including employment taxes – and you willfully fail to do this – you can be held personally liable…
Categories: IRS
One question I hear often is whether a taxpayer needs to pay the Internal Revenue Service (IRS) estimated tax payments throughout the year. Estimated tax payments—also known as quarterly tax payments—are typically made for the current tax year by individuals, including sole proprietors, partners and businesses that do not have their taxes withheld in paychecks….
Categories: California Tax Law
If you’re a business owner in California, you may have heard the term EDD audit or even received a notice that your business is on the receiving end of an audit. While an EDD audit is stressful, your business can survive the process, and you can also take steps to avoid one in the future….
Categories: IRS
Red Flags That May Trigger an IRS Audit The word “audit” is sure to strike fear in most individual taxpayers and business owners. After all, nobody wants to receive a letter from the Internal Revenue Service (IRS) stating their tax returns and financial matters are being investigated. While you can’t predict exactly when the IRS…
Categories: California Tax Law
Unemployment and EDD Audit One of the effects of the Coronavirus (COVID-19) pandemic is that many people have lost their jobs due to business closures and decreased hours. As a result, these individuals will file for unemployment. And with unemployment claims, an increase of California state payroll tax audits (commonly referred to as an EDD…
Categories: Federal Tax
Eligibility for Coronavirus Tax Relief Coronavirus (COVID-19) is affecting every person, from the economy, to business, health and social practices. Tax season is also affected with filing and payment deadlines being delayed federally and in many states. The federal government has authorized monetary help in the form of the $2 trillion Coronavirus Aid, Relief, and…
Categories: California Tax Law
Voluntary Plan for Disability Insurance (VDPI) When it comes to California tax returns, there are a lot of questions about what expenses are deductible and what are not. One area that is often asked about is the Voluntary Plan for Disability Insurance (VDPI). Let’s look at what the VDPI is and whether it’s considered deductible…
