import.previewmyapp.com

The Small Business Administration has released additional guidance for self-employed individuals seeking relief through the new Payroll Protection Program loan, addressing eligibility and documentation requirements for individuals who file Form 1040 Schedule C and partners in a partnership. SELF-EMPLOYED INDIVIDUALS WHO FILE FORM 1040 SCHEDULE C PARTNERS IN A PARTNERSHIP The self-employment income of general … Read more

As of 4/14/2020 IRS Payment refers to both 2019 federal income tax payments, and 2020 federal estimated payments, regardless of the amount owed.  This includes payments on self-employment income. The relief does NOT apply to payroll or excise tax.   The 2016 amendments are now due on 7/15/2020 instead of 4/15/2020. Individual returns can still … Read more

The IRS has extended additional tax deadlines forindividuals, trusts, estates and corporations.  Any return or payment duebetween 4/1/2020 and 7/15/2020 are now due 7/15/2020.  For additionalquestions contact ADKF at 210-829-1300.  To read the IRS release go to thefollowing link: https://www.irs.gov/newsroom/irs-extends-more-tax-deadlines-to-cover-individuals-trusts-estates-corporations-and-others

As of 4/3/2020 WHAT INFORMATION SHOULD BE GATHERED FOR THE INITIAL LOAN APPLICATION? AICPA CALCULATORS CAN BE ACCESSED HERE UNDER PPP RESOURCES AT: https://www.aicpa.org/interestareas/privatecompaniespracticesection/qualityservicesdelivery/sba-paycheck-protection-program-resources-for-cpas.html WHAT INFORMATION SHOULD BE GATHERED TO APPLY FOR PPP LOAN FORGIVENESS? FOR THE EIGHT-WEEK PERIOD FOLLOWING THE LOAN:

Updated 04/02/2020 EMPLOYEE RETENTION CREDIT FOR EMPLOYERS SUBJECT TO CLOSURE DUE TO COVID-19 DELAY OF PAYMENT OF EMPLOYER PAYROLL TAXES MODIFICATIONS FOR NET OPERATING LOSSES This section applies specifically to corporate entities. Net operating losses created in 2018, 2019, and 2020 may be carried back up to five years. The limitation of NOLs to 80% … Read more

Updated 04/02/2020 RECOVERY REBATE The $1,200 ($2,400 if married filing jointly) “recovery rebate” is a refund of a credit toward your 2020 tax return. There is an additional $500 credit for each child. To be eligible you must have filed either a 2018 or 2019 federal income tax return. For those individuals who may not … Read more

This information is supplied to inform clients of the SBA loans for EIDL and PPP. The exact terms will be determined by the lender and ADKF cannot make representation to the accuracy and completeness of this information. Download PDF

On March 27th, the CARES Act, a $2.2 trillion stimulus bill to help aid individuals and businesses affected by COVID-19 and the economic downturn, was signed into law by the President. Included in this package was the $349 billion Paycheck Protection Program (PPP), which is administered by the SBA and provides forgivable loans to small … Read more