PARENTS DOING TOO MUCH? According to a new Pew Research Center study Americans believe that young adults should be financially independent by age 22, but that is not the reality. The study found that only 24% of young adults were financially independent by age 22 or younger, compared with 32% in 1980. Also 45% of … Read more
Texas law requires that all businesses and organizations review their records annually to determine if they hold any unclaimed property and file a report with the Texas Comptroller. To ensure your business or organization is in compliance with the law, it is key to understand what unclaimed property is, when the deadlines are for filing … Read more
Dylan Boss was proud when he got his first nameplate at ADKF in 2011. At the time he was just an administrative intern with the sole responsibility to scan in client documents into the system. Over the past nine years, he has taken on more responsibilities and his nameplate has changed. He moved from the … Read more
The COVID-19 pandemic provided a heightened awareness for the need to have an emergency fund. Because cash flow is key to survival, the government rushed to boost unemployment benefits and provide loans for businesses. Now, as we recover from the COVID-19 crisis and rebuild financially, one of your top priorities should be to build or … Read more
Many individuals spend their lives working hard to accumulate wealth to provide for their family and pass on their wealth to future generations. Without careful and thorough estate planning, your accumulated wealth given to your heirs could be substantially reduced due to estate and gift tax. Active planning should be taken to ensure this wealth … Read more
At ADKF, we pride ourselves on the relationships we develop with our clients. We grow with them and are proud of our clients, their accomplishments, and being their trusted advisors. Because of how important our clients are to us, we want to share their stories. Comet Signs became an ADKF tax and audit client in … Read more
Question #1: I have a couple side gigs and my only bookkeeping record is my checking account and charge cards. Where do I start to make tax preparation easier? Answer #1: With the higher standard deduction, it may or may not make sense to track expenses for the purpose of tax deductions. You can track … Read more
On average, only 40 to 60 percent of businesses recover after a disaster, according to FEMA. That is why having a disaster recovery and business continuity plan at the ready is so important. If you don’t have written plans to help you get back to business after the recent shutdown, take notes so you can … Read more
When going through the mail you see an envelope with the return address of the Internal Revenue Service (IRS), your heart sinks and you begin to panic as you realize you have been selected for audit. Remember, you have taxpayer rights which include the right to representation. In the Taxpayer Bill of Rights, #9, The … Read more
In order to help businesses and individuals cope with the fallout of the COVID-19 crisis, the IRS extended the 2019 federal tax filing deadline from April 15 to July 15, 2020. The extension also applies to 2019 traditional IRA and ROTH IRA contributions. Payment of 2020 first and second quarters’ estimated taxes is also postponed … Read more