Friday, May 1, 2020, ADKF, CPAs hosted a Live Webinar over Paycheck Protection Program (PPP) Loan Forgiveness. You will find below, a list of the most frequently asked questions from our webinar. Click on the question you’re interested in to find the answer. To download the full list of questions and answers, click the link … Read more
Tuesday, April 28th, Treasury Secretary, Steven Mnuchin, announced the government will audit any company receiving more than $2 million from the Small Business Loan Program. We are ready to help bankers, attorneys, & their clients with audit services around their SBA PPP Loan, immediately. If you have any clients who need assistance, please call us … Read more
Friday, May 1st, ADKF hosted our first live webinar over PPP Loan Forgiveness. Over 200 people listened in as Senior Tax Manager Dylan Boss, CPA, and Tax Manager Austin Lee, CPA, presented how to get all or a portion of your SBA Paycheck Protection Plan (PPP) loan forgiven. They also shared information on the calculation, … Read more
On Thursday, April 30, 2020, the IRS published Notice 2020-32 indicating that expenses paid to qualify for loan forgiveness under the Paycheck Protection Program (such as payroll costs, rent, utilities, and interest on mortgage obligations) will not be deductible. At this time, businesses should prepare for these amounts to be non-deductible. Please check back often, … Read more
As the world continues to suffer from the Coronavirus, the extensive restrictions imposed by various levels of government have had a dramatic impact on the business community. Many businesses have been forced to suspend or severely restrict operations, with severe consequences for both business owners and their employees. While few people could have anticipated the … Read more
Question: My company has problems keeping employees, a problem that has escalated this year. What can I do? Answer: Record low unemployment has made this a job seeker’s market, but a history of problems retaining employees might suggest that you take a new look at your company’s practices. Start by comparing your salaries, benefits and … Read more
As of 4-24-20 On Friday, April 24, 2020, President Trump signed into law the Paycheck Protection Program and Health Care Enhancement Act. The $484 billion package concentrates on more funds for SBA loan and grant programs, and health care services. The programs that are affected by the bill are the Paycheck Protection Program (PPP), the … Read more
While the federal estate tax basic exclusion amount has risen dramatically in recent years, some states have not followed suit by raising their exemptions. Even with higher current exemptions, the future of taxes is unpredictable, so you need a strategy to deal with potential estate taxes if you own significant assets. A trust could be … Read more
The SECURE Act also creates big changes for companies offering qualified retirement plans. Here are a few of them: Easier Access More small businesses are eligible to start a qualified retirement plan for employees, as the new law allows two or more unrelated employers to join a pooled employer plan. More parttime workers are eligible … Read more
If you’re looking to expand your business, moving to a Qualified Enterprise Zone may provide an opportunity to grow in a tax-smart way. A PRIMER Enterprise zones have been around for decades. And while federal tax breaks for enterprise zones expired, companies that meet certain requirements may gain state and local tax credits in exchange … Read more