This tax season has been one of the most difficult in modern time due to the COVID-19 pandemic, and more taxpayers than perhaps ever are seeking professional assistance to navigate through new scenarios, even those who usually have no problem preparing taxes on their own. One company, Mallari Tax, is working with clients who are facing a whole new set of issues for the first time.
Mallari Tax specializes in tax preparation for a wide range of clients, including individual tax preparation and bookkeeping and financial statements for companies of all sizes and formations. According to Mallari Tax, businesses have been uniquely affected by the fallout of COVID-19. For instance, many businesses don’t have a proper accounting system in place but have found themselves applying for EDD and other SBA government programs to acquire the financial assistance they need to survive the pandemic. Without a true accounting system in place, these businesses are painting a target on their own back. Tax auditors are increasingly going after businesses in this particular scenario, and businesses are looking for professionals to help guide them through audits and bookkeeping messes.
The IRS has historically had low business audit rates, but they recently made a public announcement that they will be increasing audits on small businesses by 50%. “This news comes at a time when complex tax law changes and economic stimulus programs in response to COVID-19 have made businesses’ books even more complicated than usual,” said the team at Mallari Tax.
Clients who come to Mallari Tax have one striking thing in common: they have made a proactive decision to resolve their tax problems. “Be part of your solution and not part of your problem,” said a spokesperson for Mallari Tax.
There are a long list of tax complications that taxpayers are facing at the last minute this year. People who received unemployment could face tax burdens; bitcoin trades must be reported now; missing stimulus payments can be captured; and more. Mallari Tax is proud to be a trusted resource for both individuals and businesses in and around Vallejo, California. Their team offers tax solutions, CFO services, and business advisory that have led people from tax trouble to financial success. Currently, Mallari Tax is accepting new clients in light of the extended tax season and growing needs of taxpayers in this difficult tax season.
More information can be found at https://mallaritax.com.
About Mallari Tax
Mallari Tax offers expert tax resolution and tax planning in Vallejo, California.