Miriam owns a bakery and her business recently received a tax audit letter from the IRS. How far back will the Internal Revenue Service want to examine her tax returns? What will she need to do to resolve her tax situation? The IRS should spell everything out for Miriam in the letter, but she should … Read more
Throughout these news articles posted on our site, well share numbers you need to know for tax year 2019 and offer a sampling of whats ahead for 2020. STANDARD DEDUCTION The Tax Cuts and Jobs Act that became law in 2017, increased the standard deduction significantly. If you take the standard deduction, you can reduce … Read more
The IRS issued a final ruling explaining how to qualify for a real estate income safe harbor to receive the Qualified Business Income (QBI) deduction. You will need to make this safe harbor determination annually. QUALIFICATIONS To qualify for a safe harbor for a real estate rental income deduction under section 199A, taxpayers must meet … Read more
LACKING CONFIDENCE Few employers are very confident their employees are on the way to becoming retirement-secure, according to the report, Employers: The Retirement Security Challenge, from the Transamerica Center for Retirement Studies. Only 17% of employers felt very confident, which lined up with 18% of employees who felt the same. About 23% of employers were … Read more
Each year, ADKF gears up for tax season with a Tax Kickoff training. This year, CPE was given, and the all-day event was held at the San Antonio CPA Society. There was a full day of speakers and activities. The day kicked off with breakfast pastries from Panera Bread and some opening words from the … Read more
QUESTION: Im getting serious-sounding calls from someone who claims to represent the IRS, insisting my social security number is compromised. Should I trust this? ANSWER: No, no and no! The IRS will typically send you a letter, and usually only after they receive a suspicious tax return filed with your social security number or after … Read more
During this tax season, it can pay to understand the two types of tax breaks the IRS offers. The first includes tax deductions, which reduce your taxable income before determining your tax bill. The second is a tax credit, which reduces any taxes you owe. Both can help reduce your 2019 tax bill, whether you … Read more
This year, we are delighted to announce such a great group of tax and audit interns. Each year, we seek out the best and brightest our field has to offer, at our local San Antonio colleges. We are excited to introduce them. AUDIT INTERNS Pictured left to right: Lin Zhang Current graduate accounting student … Read more
Each year ADKF celebrates those on our staff who study hard and pass the CPA exam. In 2019, Tax Senior, Kelsie Tabbert earned the distinction and can now call herself a CPA. As a new CPA, Kelsie gets some great perks, including but not limited to, reimbursement for her training materials and the fee for … Read more
Business owners typically have little time for planning. However, making that time during this New Year and new decade can help most businesses become more competitive now and in the future. PLAN YOUR SUCCESSION Whether you plan to eventually sell your business to strangers or pass it down to the next generation, succession … Read more