*The following article was updated in February 2022* If you’re a business owner and taxpayer in California, you may have heard the term EDD audit recently. Or perhaps you’ve faced this tax audit first-hand. If you’re not familiar with the term, an EDD audit occurs when the California Employment Development Department (EDD) launches an investigation […]
Read More + 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 records to determine if the business has classified a worker […]
Read More + You’ve gone through the process of an EDD audit and now you owe EDD Money to the state of California due to and EDD overpayment? Like many San Francisco business owners and taxpayers, you may be wondering how to pay those penalties. The EDD works through the Central Collections Division to notify you as to […]
Read More + *The following article was updated in November 2023* Lottery winnings are taxable as income at federal and state levels. The IRS applies a 24% federal tax, while California state income tax rates from 1% to 13.3% increase total taxes owed. However, the total tax liability could be higher, potentially reaching up to 37%, which is […]
Read More + How to Dispute a CDTFA Audit Finding If you’re a California business owner who recently underwent a California Department of Tax and Fee Administration (CDTFA) audit, you may not be pleased with the result. The CDTFA is known for its distinctive sales tax audits and generally reviews San Francisco retailers who sell items at a […]
Read More + Your Rights in an IRS Audit Facing an IRS audit can feel overwhelming, especially when it’s your personal or business’ financial future on the line. As a California resident, it’s important to understand you have rights that protect you throughout the IRS audit process. Knowing these rights can help you navigate the audit with confidence […]
Read More + How to Apply for IRS Fresh Start Program I receive so many calls from taxpayers and San Francisco small business owners who are overwhelmed with tax debt. If that’s you, know that you’re not alone. Luckily, the Internal Revenue Service (IRS) has a program that may help individuals with tax burdens. The IRS Fresh Start […]
Read More + If you think the only tax audit that your business will face is from the IRS, think again! The California Department of Tax and Fee Administration (CDTFA) is known for its distinctive sales tax audits. The CDTFA generally reviews retailers who sell items at a retail price and the tax calculation is based on the […]
Read More + Why Should You Have Concerns about a California State Payroll Tax Audit? Most taxpayers and business owners do not know that they can be held personally liable for the payroll taxes of their business, even if it is a separate corporation. The EDD handles audits and collection of payroll taxes and maintains employment records for […]
Read More + No business owner or individual wants to deal with an IRS tax audit. As we make our way into the last few months of the year, it’s a good time to review your financial records as you prepare to close out 2024 and file taxes early next year. Here are five things you can do […]
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