Simple Reports Can Help Reduce Fraud
One important step for fraud prevention is for owners to watch the business financials to identify changes in the income/expenses. This is easily done by looking at a couple of simple reports found in most accounting software packages, such as QuickBooks or NetSuite. In QuickBooks, these reports are found in the Reporting Center or under […]
2021 Tax Year Vehicle Depreciation Guidelines
As tax season approaches, knowing what you can and cannot put on your tax return in regard to business vehicles is an important topic. Please note: the following discussion assumes you are using the vehicle(s) for 100% business use, so reach out to a tax professional if you have a unique situation. Depreciation is the […]
Digital Identities and the IRS
The IRS announced in late 2021 that it would be partnering with ID.me to provide identity verification and sign-in processes. ID.me, previously known as TroopSwap and TroopID, has been providing digital identity verification for active military and veterans since 2010. It uses well known and established methods of verifying an individuals identity to provide them […]
How to start a Non-Profit Organization
Are you considering forming a non-profit organization? ADKF can help guide you through the myriad of issues that should be considered; the following is a brief introduction of things you may need to know. Non-profit organizations require operating exclusively for a tax-exempt purpose; and cannot provide any of the earnings benefits to any private shareholder […]
Income Taxation of Trusts
What is a trust? A trust is a fiduciary relationship in which one party, known as a trustor, gives another party, the trustee, the right to hold title to property or assets for the benefit of a third party, the beneficiary. Trusts are established to provide legal protection for the trustors assets, to make sure […]
Dont let rental properties stress you out!
Do you own multiple rental properties? Do you spend a lot of time maintaining them only to come up with a loss at the end of the year? Although frustrating, there may be a solution for you! With ever changing tax laws, it can be difficult to understand all the options available when dealing with […]
Household Employees
Do you have a babysitter, caretaker, yard worker, or any other person that does work in and around your house? If you have authority over the work they do and how they do it, they are your household employees. Workers that provide their services as independent contractors should not be considered your employees. To learn […]
Can Outsourcing a Controller/CFO Improve Your Business?
Have you ever wondered whether you were doing everything in your power to take your company to its fullest capabilities and potential or are there factors you are missing to achieve this goal? Sometimes a fresh set of eyes are just what you need. Outsourcing a controller or CFO can provide the reassurance you may […]
Retirement Planning
Retirement! That blessed time when you can end the working stage of your life and begin a life of leisure, spending time with loved ones, working on hobbies, and relaxing. Sounds amazing, but how do you make sure you have enough money saved to continue to live your life without pulling a paycheck? The average […]
Reconciling and Valuing Inventory Counts
One might ask themselves the reason or need for taking inventory and/or how to value it, which can be confusing because of the constant change in price of inventory or raw materials. Choosing the right inventory valuation method is important as it can have a direct impact on the businesss profit margin due to the […]