Payroll Tax Credit Eligibility
The CARES Act’s new Employee Retention Credit is an alternative to receiving a loan through the Paycheck Protection Program (PPP). Businesses may choose the credit or PPP loan, if available. Unlike the PPP, the tax credit does not have a limit on the size of your business, making it an option for larger companies that […]
CARES Act Retirement Account Provisions
INTRODUCTION The CARES Act, intended to assist individuals and businesses withstand the financials consequences of COVID-19, included several important provisions related to retirement accounts. This article will discuss the provisions related to early withdrawals, retirement plan loans, and required minimum distributions (RMD.) Please note that the CARES Act does not require retirement plans to adopt […]
June 2020 Short Bits
FEDERAL STUDENT LOAN RELIEF Individuals with federal student loans can defer their payments for up to six months under the CARES Act. If you’re facing hardship, you can suspend your payments until September 30, 2020 without accruing additional interest. This will happen automatically, meaning you don’t need to contact your loan services to take advantage […]
New PPP Guidance
The Administrator of the U.S. Small Business Administration (SBA) has released additional guidance concerning how soon borrowers may apply for forgiveness in conjunction with the extended covered period. As we know, many businesses may not need the entirety of the 24 weeks to spend all their Paycheck Protection Program (PPP) funds. This guidance addresses those […]
The ADKF Intern Program
I have two college degrees. One is a bachelor’s in interdisciplinary studies, and one is a Bachelor of Accounting. With the first degree, I was young and naive, and I believed what kind of degree you had didn’t matter, as long as you had a degree. During my junior year of obtaining that degree, I […]
Options for Taxpayers Who Cant Pay the Taxes They Owe
The 2019 tax filing deadline for most individual taxpayers is now July 15, 2020. Individual taxpayers may request an automatic extension of October 15, 2020 to file their returns; however, any 2019 taxes owed are still due on July 15, 2020. Even if you cant afford to pay your taxes, individual taxpayers should file their […]
New PPP Loan Forgiveness Applications
06/22/2020The U.S Small Business Administration (SBA,) with the help of Treasury, has altered the Paycheck Protection Program (PPP) loan forgiveness application. The SBA also revealed a new EZ application for PPP loan forgiveness. NOTABLE CHANGES TO THE PPP LOAN FORGIVENESS APPLICATION AND INSTRUCTIONS For S corporations, the shareholder portion of employer contributions for employee health […]
Staff Spotlight: Paul Wobser, CPA, Senior Audit Manager
Born into a family of engineers, Paul Wobser was on his way to being one himself when he started at Texas Tech. During his sophomore year, he realized he didn’t have a passion for engineering, but loved numbers; so he switched to accounting. While at Texas Tech, he met his wife, Hayley, on a golf […]
CARES Act Retirement Plan Changes
The Coronavirus Aid, Relief, and Economic Security (CARES) Act offers relief to individuals with some major changes to retirement plans in the near-term. These temporary new rules apply to both current retirees and those saving for future retirements. RMDs SUSPENDED FOR 2020 Under normal circumstances, individuals with IRAs or 401(k)s who are over the age […]
What Does the 2nd Quarter Reveal About 2020?
Regardless if you have filed your 2019 federal income tax return, or are still waiting on tax documents, tax planning for 2020 has already begun. Although we are currently in an uncertain economy, we cannot forget the importance of evaluating our personal finances. As we approach the 1st and 2nd quarter estimated tax payment deadline, […]