Do you ever wonder, what is a Board of Directors (B of D)? What does it mean to serve on a board? What exactly do board members do? Heres a bit of insight to brighten your day. According to Investopedia, a board of directors is an elected group of individuals that represent shareholders. The board … Read more
In this new era of working from home while attending virtual meetings, people are not sure how best to present themselves when on camera. Here are some guidelines everyone can follow during their next virtual meeting. One of the most important things you can do is to stage your area. Soft natural light in front … Read more
Many companies have had to reduce expenses to retain employees during the pandemic. To save money, some companies paused matching contributions to employee 401(k) plans. If this happened to your 401(k), do not panic. Keep with your existing retirement strategy and consider the following options. DONT STOP If your job feels secure and youre still … Read more
In the last year there have been numerous changes in tax legislation with the most recent, Coronavirus Aid, Relief, and Economic Security (CARES) Act, signed into law by the current administration. However, some of these major laws are only temporary and will soon expire, except for provisions that have been extended. All the ups and … Read more
Although 2020 is drawing to a close, theres still time to maximize your tax deductions and credits to lower your tax bill. GIVE A GIFT Typically, you can only deduct your charitable contributions if you itemize deductions on Schedule A. But the CARES Act allows non-itemizers to deduct up to $300 in cash donations to … Read more
I believe internships are a crucial part of gaining valuable experience in any field and with accounting, this couldnt be truer. My internship with ADKF was not my first internship in an audit department; however, it is the one I gained the most experience from. I chose ADKF because I wanted to be able to … Read more
In May 2020, the Internal Revenue Service (IRS) issued Notice 2020-32 stating all taxpayers who received a Payroll Protection Program (PPP) loan are not permitted to deduct eligible expenses, which are normally deductible, to the extent that the payment of those expenses resulted in the forgiveness of their PPP loan. The eligible expenses allowed in … Read more
Last year, $16.9 billion was lost as a result of identity fraud according to the 2020 Identity Fraud Study from research and advisory firm Javelin. In the first half of 2020 alone, 571,188 identity theft reports were made to the Federal Trade Commission. You may have heard the many commercials for identity theft protection. Last … Read more
Section 1031 exchanges, also called like-kind exchanges, have been around nearly a century. They involve swapping one property for another and if structured correctly, can let you defer tax on any gain. REAL PROPERTY The 2017 Tax Cuts and Jobs Act limited 1031 exchanges to real property used in business or held for investment. However, … Read more
MARRIAGE AND COHABITATION According to the Pew Research Center, the number of adults who have ever lived with a partner, but didnt get married, has surpassed the number of adults who have ever been married, 59% to 50%. Although 58% of married couples claim to be satisfied with the marriage, only 41% of cohabitators feel … Read more