Categories: California Tax Law
Don’t Want an EDD Audit? Get Your Business on Payroll! 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...
Categories: IRS
Can The IRS Audit My Net Operating Loss? 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...
Categories: California Tax Law
What is the Statute of Limitations for an EDD Audit? Many San Francisco business owners have been faced with a new challenge over the last several years, and that is the EDD audit. This type of audit occurs when the California Employment Development Department (EDD) launches an investigation into a business’ California state payroll tax...
Categories: IRS
What are Five Common Small Business Tax Questions? 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...
Categories: IRS
Do You Owe Taxes on Your PPP Loan? 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...
Categories: IRS
Is Bankruptcy an Option For Tax Debt? 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...
Categories: IRS
How Often Do Small Businesses Get Audited? 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...
Categories: California Tax Law
How Long Does an EDD Audit Take? If you’re a business owner in San Francisco and you’re not familiar with the EDD audit, you need to familiarize yourself with the concept. An EDD audit occurs when the California Employment Development Department (EDD) launches an investigation into a business’ California state payroll tax records to determine...
Categories: California Tax Law
Did Your Production Company Receive an EDD Audit Notice? If you run a production company and recently received a notice of audit from the California Employment Development Department (EDD), you’re not alone! I’ve received several inquiries from production companies facing an EDD audit. These state payroll audits occur when a business has classified a worker...
Categories: IRS
I’m Getting Audited and Didn’t Do Anything Wrong. Why Do I Need an Attorney? Taxpayers facing an audit from the Internal Revenue Service often come to me confused because they didn’t do anything wrong, or illegal, to warrant an audit. More often than not, that is the case. The IRS may decide to audit randomly...
