Being audited by the IRS is a fairly common experience for corporate business owners. While it can be unsettling to receive a notice of audit, it’s not something you should fear, especially if you work with an experienced tax attorney. I often receive questions from San Francisco business owners about why they’re being audited. Here […]
Read More + *The following article was updated in December 2022* One of the big red flags that can trigger an EDD audit is when a former worker files for unemployment. This type of audit occurs when the California Employment Development Department (EDD) determines that a San Francisco business has classified a worker as an independent contractor instead […]
Read More + I receive a lot of questions from worried taxpayers about tax debt and what they can do to help solve their tax problems. While tax debt is intimidating, especially with the IRS involved, it doesn’t have to consume your life. The IRS does provide ways to settle your tax debt. Let’s look at a few […]
Read More + I receive many questions from taxpayers and businesses facing audits by the California Employment Development Department (EDD). One of the questions I hear a lot is whether these audits are random, and what a San Francisco business can do to prevent facing this process. Let’s look at what an EDD audit is, and whether this is […]
Read More + Since the pandemic started to ease slightly in 2021, the Employment Development Department (EDD) accelerated their audits on California businesses. An EDD audit is a state payroll audit that generally occurs when a business has classified a worker as an independent contractor instead of an employee. Most concerning is the EDD has expanded their typical […]
Read More + Taxpayers often ask me if a net operating loss can be a problem for their small business or corporation, and whether the IRS can audit the net operating loss. This is not a simple question because, like many business tax questions, the answer depends on a few factors. Let’s look at rules around the net […]
Read More + Owning a small business is quite different from running a large company, as small business owners often face different issues and tax questions than that of those who manage a corporation or LLC/LLP. I receive a lot of questions from self-employed individuals and small business owners in San Francisco, especially when it comes to tax […]
Read More + If you are like many business owners, you may have received one or more Paycheck Protection Program (PPP) loans during COVID-19 pandemic. If you recall, the federal government authorized monetary help in the form of the $2 trillion CARES Act to help businesses in the form of loans that could be forgiven. If you received […]
Read More + I often receive questions about tax debt and whether it can be relieved through filing for bankruptcy. Many types of debt, such as credit cards and unsecured loans, can be discharged through filing either Chapter 7 or 11. When it comes to owing money to the Internal Revenue Service, the answer depends on several factors. […]
Read More + I often receive phone calls from small business owners concerned they will be the target of an IRS audit. The prospect of an audit is scary. However, the reality is that only a small fraction of small businesses actually get audited. That being said, if you are among the percentage of small businesses facing an […]
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