Financial Statement Accounting for PPP Loans
After applying for and receiving a Paycheck Protection Program loan (PPP Loan), many businesses are trying to determine how to account for the loan on their financial statements. This week, the American Institute of Certified Public Accountants issued Technical Question and Answer (TQA) 3200.18, which addresses accounting for these loans for nongovernmental entities. Nongovernmental entities […]
Welcome to ADKF, Jake Martinez and Ann Marie Hessbrook!
We want to welcome our new Tax Senior, Jake Martinez, and our Summer Tax Intern, Ann Marie Hessbrook! Jake graduated from The University of the Incarnate word (UIW,) with a Master’s degree in accounting. He has been in public accounting for the last four years. Prior to moving to San Antonio in 2012, Jake spent […]
June 2020 Question and Answer
Question: I am filing taxes on July 15. Can I still contribute to my IRA? Answer: Yes, but your income and tax filing status will determine if your traditional IRA contributions are tax-deductible. For example, if you are covered by a retirement plan at work and your tax filing status is single or head of […]
PPP Documentation and Audit Preparation
When it comes to the IRS, we have the historical data to determine the statistical odds if a return will be selected for audit. The Paycheck Protection Plan (PPP) is something new, so we do not have historical data. However, the odds are, with over 4.4 million loans amounting to $510.2 billion dollars, there will […]
Is Your Little Bundle of Joy a Tax Deduction?
Is your little bundle of joy a big tax deduction? It depends. This is a standard response from a CPA, because most deductions depend on several factors. Another frequent phrase we use is, “Don’t let the tax tail wag the dog.” By this, we mean, don’t let a tiny detail control your entire tax return. […]
How to Correct Tax Filing Mistakes
Mistakes? They happen. For many taxpayers, there is often a moment during their lives when they discover a mistake on their recently filed Form 1040 Individual Tax Return (1040). Anxiety kicks in. An error on an Individual Tax Return could result in a lower refund, or a possibility of added penalties or interest as a […]
Tax Deadline Extension
As part of the federal government’s response to the economic impact of the coronavirus, Tax Day has been moved from April 15, 2020 to July 15, 2020 – a three-month extension. Both individuals and businesses have until this new deadline to both file their taxes and make a payment on anything owed. Quarterly estimated tax […]
PPP Loan Changes: Paycheck Protection Program Flexibility Act
On June 5, 2020, President Trump signed into law, the Paycheck Protection Program Flexibility Act. The Act was created in response to the lack of flexibility of the Paycheck Protection Program’s forgiveness stipulations and has expanded the opportunity to attain complete forgiveness. Below is a summary of the changes that the Paycheck Protection Program Flexibility […]
PPP Loan Forgiveness Webinar Part II Questions & Answers!
Tuesday, June 2nd, 2020, ADKF, CPAs hosted part II of a Live Webinar over Paycheck Protection Program (PPP) Loan Forgiveness. You will find below, a list of the most frequently asked questions from the webinar. Click on the question youre interested in to find the answer. Disclaimer: ADKF is not responsible for any errors or […]
From Interns to Staff!
