The U.S. Small Business Administration (SBA) has announced opening dates for the Restaurant Revitalization Fund (RRF). Registration opens at 8am CST, April 30, 2021, and application submissions begin at 11am CST on May 3rd. The SBA recommends eligible businesses begin familiarizing themselves with the application steps ahead of time. According to the Journal of Accountancy … Read more
Employee Benefit Plans can be defined as an established plan offered by the employer, or Plan Sponsor, through a service provider that allows an employee to make contributions towards a 401(k) qualified retirement or similar employee-sponsored plan. There are several benefit plans but, in this article, we will cover the most common plans, which include … Read more
You have moved, whether its across the country or across the street, and have notified USPS of this address change, but youre wondering, is that enough? Does the IRS have this new address? The answer is probably not. The USPS and the IRS do not always talk to each other. While the IRS does have … Read more
My first internship has been with ADKF, PC. After I graduated with my masters degree, I began searching for internship opportunities I believed would be beneficial for my professional development. I heard great things about ADKF from colleagues in school, and after doing some research on the company, it seemed ADKF would be a great … Read more
If there is one thing that COVID-19 has reminded us of, it is that uncertainty is something that businesses everywhere are always facing. One of the most important resources that your business possesses is your employees; especially your key employees that have impactful roles in your organization. Unfortunately, the hard truth is that these people … Read more
Are you a partner in a partnership? Does your partnership have a designated representative? Do you understand how your partnership is taxed in an audit? These are important questions we will address in this article. In general, partnership income and gain are not taxed at the partnership level but flows through to the partners personal … Read more
Did you know the IRS can assess penalties for misclassifying what they would consider a W-2 employee as a 1099 Contractor or vice versa? To avoid this type of conflict it is important to understand the difference between the two while you are looking for help on the job. Generally, an employee is an individual … Read more
Question: I will claim an automobile deduction on my tax return and have used the standard mileage rate in previous years. However, in 2020 I incurred significant car expenses that will outweigh the standard mileage deduction. Can I switch to deducting actual costs for 2020? Answer: Yes, youll be able to switch to the actual … Read more
FAST STIMULUS PAYMENTS The IRS successfully delivered millions of stimulus payments during the COVID-19 pandemic last year. Within two weeks of the passage of the CARES Act, the IRS distributed $147 billion to more than 81 million people. By comparison, in 2008, the last time stimulus payments were issued by the IRS, it took 75 … Read more
Cryptocurrencies are on the rise. Major trading cryptocurrencies, such as Bitcoin or Ethereum, are well known tokens, especially among investors. Yet, those are just two of the biggest virtual currencies by market capitalization. Today, there are vast numbers of virtual currencies circulating on the market, while many new ones continue to appear through initial coin … Read more