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Pitfalls Of Relying On Rules Of Thumb To Value A Business

Don’t Get Caught in the Rule of Thumb Trap In determining the value of a small privately-held business, business owners and buyers of businesses often rely on rules of thumb pricing multiples. Using rules of thumb is considered a “market approach” in valuing a...
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Partnerships need to Disclose Significantly More Information to IRS than in Years Past Beginning with 2019 Filings

On September 30, 2019, the Internal Revenue Service (IRS) posted copies on its website of draft 2019 Form 1065 U.S. Partnership Return of Income, draft 2019...
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FASB Extends Leases Effective Date Deadline for Non-Public Businesses

By: Sam Evans, CPA and Nathan Ashcroft – Hancock Askew On February 25, 2016 the Financial Accounting Standards Board (FASB) added ASC 842, Leases, which changed...
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Charitable IRA rollover eases tax pain of RMDs

One downside of contributing to a traditional IRA is that, once you reach age 70½, you must begin taking required minimum distributions (RMDs) — and pay...
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The TCJA limit on interest expense deductions

The Tax Cuts and Jobs Act introduced a variety of tax benefits for businesses. At the same time, the act placed limits on several tax breaks, including the amount of interest expense a business may deduct. This article takes a closer look at the...
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Did you repair your business property or improve it?

Business owners may think that, if they repair a piece of tangible property, they’ll qualify for an immediate tax deduction. But the IRS may define that...
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Donor Advised Funds

Do you have a donor-advised fund?  Do you know why you might want one?  Do you know what one is?  If you are a charitably inclined...
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Valuation Engagement vs. Calculation Engagement in Business Valuations – What’s the Difference?

When hiring a valuation specialist to estimate the value of a company or ownership interest in a company, there are two types of engagement formats of...
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Taxes and the Gig Economy

By: Susan G. Corderman Clifford, CPA, Principal If you skip choosing a designated driver and take an Uber or Lyft instead, if you bypass the hotel...
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Tax Planning and Strategies for Individuals

By: Carolyn McIntosh, CPA – Partner – Hancock Askew
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