Tax Evasion Jail Time & Penalties Tax Evasion v. Tax Avoidance Tax evasion is when you willfully evade an assessment tax or evade the payment of tax. What does it mean to do something willfully? Willfully in law means to do something on purpose; you knew what you were doing when you decided to t...

Navigating the EDD Appeal Process as an Employer Employment tax compliance is a vital responsibility for employers, particularly with proper classification of workers. If you have ever hired independent contractors for your business operations, you could potentially find yourself subject to an Emplo...

Understanding FBAR Quiet Disclosures FBAR stands for Foreign Bank and Financial Accounts Report. It is essentially a report on foreign financial accounts. Anyone taxpayer—be it an individual, corporation, partnership, trust, or estate—with authority over foreign accounts that exceed $10,000 at a...

How To Approach different types of IRS Audits What is an IRS Audit? An IRS audit is simply a review of your tax return to determine if the information is reported correctly. Tax returns are audited for audit for a multitude of reasons, including random selection. Regardless of the reason, it is impo...

Common Mistakes to Avoid During an IRS Tax Audit An IRS audit is an examination of an organization or individual’s tax returns and financial information to ensure information was reported correctly to the IRS according to the tax laws. Selection for an audit do not always suggest that there is a p...

Sales Tax Audit Triggers in California With California increasing their emphasis on generating revenue, sales tax audits have become more common. Although sales tax audits can be random, the California Department of Tax and Fee Administration (CDTFA) will usually conduct an audit when there is suspi...

Understanding Tax Fraud So, you made a mistake – an error in judgment. Say you are self-employed and failed to report all your income received for the year? Big deal, right? No. Tax fraud is a pattern or practice of activity done to grossly misstate one’s tax liability. Tax fraud occurs when an...

EDD Audit If you happen to run a business in the state of California, you are likely to be familiar with the Employment Development Department (EDD). This taxing agency is responsible for administering the collection, accounting and enforcement processes of the state’s basic employment taxes. What...

New Changes to Bonus Depreciation Most business owners are quite familiar with the incredible tax savings that bonus depreciation allows; however, with the recent updates and changes to the tax code, many individuals remain confused with certain aspects of this section – and rightfully so! ...

Retirement Account Plans For Small Businesses If you own a small business, one thing which you should absolutely budget and plan for is a retirement plan. There are many excuses people can come up with to not begin saving for their golden years, but no excuse will ever justify not getting started...