One Big Beautiful Bill – A Summary of Final Tax Provisions
Overview On July 4, 2025, the President signed into law the final tax legislation emerging from the 2025 reconciliation process. The legislation reflects the Senate-amended version of H.R. 1, incorporating numerous changes to individual, business, and energy tax provisions. Below is a summary of the key provisions now enacted. I. Individual Tax Provisions Individual Income […]
IRS to Phase Out Paper Checks
Update: On March 25, 2025, an executive order was signed directing the U.S. Department of the Treasury to phase out the use of paper checks for federal transactions by September 30, 2025. This change applies to both incoming and outgoing payments, including tax refunds and payments to the IRS. Background Information: The shift to electronic […]
Common Audit Findings
Private companies often face specific audit findings that can affect both their financial integrity and operational efficiency. These findings, though common, can create significant challenges if not addressed promptly. Understanding and addressing these issues can go a long way in safeguarding an organization’s financial health and ensuring a smooth audit experience. Below are some of […]
ADKF Client Spotlight – Bakery Lorraine
If youve ever found yourself enchanted by the aroma of buttery croissants or the delicate crunch of a perfectly made macaron, chances are youve been under the spell of Bakery Lorraine, a local gem turned regional favorite! But behind the sweet treats and cozy cafés is a story of grit, gratitude, and a whole lot […]
BOI Update
Breaking Update: Due to a recent federal court order, FinCEN has made Beneficial Ownership Information (BOI) filings mandatory again, with a new deadline of March 21, 2025. Additional Reporting Deadlines: March 21: General Deadline for existing entities before January 1, 2024. March 21: Deadline for entities effected by Hurricane Beryl, despite previous extension. April 23: […]
BOI Reporting Reinstated Extended Deadline Jan. 13, 2025
Breaking Update: Due to a recent federal court order, reporting companies are not currently required to file Beneficial Ownership Information (BOI) with FinCEN. There is no liability for failing to file while the order is in effect, but companies may continue to voluntarily submit reports. Case History & Legal Developments: December 3, 2024: The case, […]
Corporate Transparency Requirement Blocked
Breaking Update: A U.S. District Court has found the Corporate Transparency Act’s (CTA) reporting requirements likely unconstitutional, issuing a nationwide preliminary injunction that temporarily suspends the January 1, 2025, compliance deadline. The preliminary injunction suspends the reporting requirements of the CTA and its Beneficial Ownership Information (BOI). As a result, companies are not required to […]
Cannabis Reclassification Leveling the playing field for the cannabis industry.
Recently, an enormous sigh of relief was heard from business owners, and their CPAs, in the cannabis industry as the Drug Enforcement Agency (DEA) formalized its process to reclassify cannabis under the Controlled Substance Act (CSA). This sigh of relief has nothing to do with personal views on cannabis and its medical or recreational use, […]
Agreements & Contracts: An Overview for Business Entrepreneurs
If you run a business, you probably deal with various types of agreements and contracts on a regular basis. Whether hiring an employee, leasing a property, or selling a product, it is vital to have a clear and enforceable agreement that outlines the terms and conditions of the exchange. But what is the difference between […]
IRS Notices and Penalties What You Need to Know
The Internal Revenue Services (IRS) main form of communication with taxpayers is through the two types of notices, a CP (computer notice) and a LTR (letter notice). There are many reasons that the IRS will send notices to a taxpayer, a few including that there is a balance owed, the IRS has made changes to […]