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 […]
Read More + 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 […]
Read More + 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 […]
Read More + 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. […]
Read More + I get so excited about payroll taxes because most business owners don’t understand how serious it is. If you have an employee working for you, and you are withholding their payroll taxes, you have a duty to pay that money over to the government. Sometimes business owners are struggling and the funds that they have […]
Read More + Businesses that go through EDD audits sometimes don’t understand the process. Where am I? What are my rights? What can I do if I don’t agree with the bill? A quick overview of the EDD processes is you generally start by receiving a pre-audit questionnaire and an inquiry of records notice. Now these notices, I’ll […]
Read More + *The following article was updated in March 2024* When a business goes through an EDD audit, it generally starts with a pre-audit questionnaire. You receive an inquiry of records notice and attach to it as this pre-audit questionnaire. You will complete this documentation and send it back to the EDD. About a month later, depending […]
Read More + 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 […]
Read More + *The following article was updated in March 2024* IRS audits can be a scary thing for some business owners. There are generally four different types of IRS audits: correspondence audits, office audits, field audits, and program audits. An IRS correspondence audit is exactly that; you receive a letter from the IRS and you’re going to […]
Read More + *The following article was updated in March 2024* California’s new law, Assembly Bill (AB) 5, went into effect on January 1 of this year, and it’s already raised several questions for both companies and independent contractors about what it means for their future business dealings. AB5, also known as the “The Gig Worker Bill,” determines […]
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