Last year, we told you how to combat fraudsters within your company. We feel strongly about how extremely vital internal controls are to the success of an organization and understand many in the business community lack the basic understanding of what these controls are and why theyre important. No worries. We at ADKF are here … Read more
This article was published in the San Antonio Business Journal on July 16, 2021. Summer 2021 marks the 30th year anniversary of San Antonios largest, locally owned public accounting firm. ADKFs founding partners, still active with the firm, Tom Akin, David Doherty, & Howard Klein, established the framework for success when they founded ADKF in … Read more
Nearly everyone was challenged with the onset and escalation of COVID-19 in 2020. Even with the vaccine in production, and distribution slowly rolling out, the many issues that accompany COVID-19 will be apparent for years to come. The pandemic has brought about and exposed many challenges that the medical community is still working through. Apart … Read more
The legal definition of Power of Attorney is, the authority to act for another person in specified or all legal or financial matters. But what does this mean? A Power of Attorney (POA) is used to give an appointed person legal authority to act on your behalf. Basically, you are handing over your affairs to … Read more
Estate planning isnt something most people want to do. Its not quite as fun as jet skiing or traveling to Paris. Nevertheless, designating who will receive your assets upon death is extremely important. One goal is to ensure your benefactors receive the assets that minimize estate taxes, gift taxes, income taxes, and other taxes. Estate … Read more
A 401k employee benefit plan (EBP) is a wonderful way to allow your employees to secure their financial health as they get older and consider retirement. Retirement plans are a very attractive quality in an employer and can foster an environment of dedicated employees who feel secure in their employment. However, as an employer offering … Read more
There comes a time when businesses need to obtain additional capital from external users such as banks or potential investors. These businesses will reach out to these users and try to obtain the capital that they need. However, these entities will not just lend the capital needed without some assurance that the company properly reflects … Read more
A Backdoor Roth IRA (also referred to ask a Roth IRA conversion or re-characterization) is not a type of retirement account but a tax strategy for high-income taxpayers to fund a Roth. Taxpayers that have a Modified Adjusted Gross Income (MAGI) greater than the threshold set by the IRS are unable to contribute to a … Read more
One of the most popular reasons an individual will change their last name is because they got married. Whether you are hyphening, or fully replacing your last name, the IRS and Social Security Administration (SSA) need to know. To report a name change with the SSA, you must contact them by printing and filling out … Read more
Currently, according to Pew Research Center, about 40% of baby boomers have retired with the annual retirement rate up this past year due to Covid-19. Succession planning has been, and will remain, a major concern for this retiring population for many years to come. Tax-wise, the sooner you start planning to transition your assets or … Read more