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Establish a tax-favored retirement plan

If your business doesn’t already have a retirement plan, now might be a good time to take the plunge. Current retirement plan rules allow for significant tax-deductible contributions. For example, if you’re self-employed and set up a SEP-IRA, you can contribute up to 20%...
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The tax rules of renting out a vacation property

Summer is just around the corner. If you’re fortunate enough to own a vacation home, you may wonder about the tax consequences of renting it out...
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ABANDONED 401(K) ACCOUNTS AND THE GREAT RESIGNATION

The trend of U.S. workers leaving their jobs and employers struggling with high levels of employee turnover continues to gain momentum. Another 4.5 million U.S. workers...
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INFRASTRUCTURE INVESTMENT AND JOBS ACT CONTAINS NEW CRYPTOCURRENCY REPORTING REQUIREMENTS

The bipartisan Infrastructure Investment and Jobs Act (IIJA), which was signed into law on November 15, 2021, includes two provisions affecting the reporting of transactions involving...
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TAX CONSIDERATIONS FOR PRIVATE EQUITY FUNDS AND INVESTORS

The federal income tax rules that apply to private equity funds and investors have been the subject of much debate, mainly due to the perception by some members of Congress and the public that the rules include tax benefits that unfairly favor the wealthy....
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5 TAX PLANNING TIPS FOR RETIREES

There’s a common misconception that, when you retire, your tax bills shrink, your tax returns become simpler and tax planning is a thing of the past....
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Are you liable for “nanny taxes”?

If you employ household workers — which may include nannies, babysitters, housekeepers, cooks, gardeners, health care workers and other employees — it’s important to understand your...
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When can you deduct business-related meals and how much can you deduct?

The Tax Cuts and Jobs Act (TCJA) permanently eliminated deductions for most business-related entertainment expenses paid or incurred after 2017. For example, you can no longer...
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Mason Advisory Group Joins Hancock Askew & Co. in Atlanta, Georgia

Atlanta, GA (January 25, 2022) – Hancock Askew & Co., LLP, a regional full-service tax, audit, accounting and advisory firm is excited to announce that Michael...
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5 considerations to streamline your tax provision year-end close while also planning for possible tax law changes

It’s December. If you’re behind with the year-end close process or are concerned about accounting for potential last-minute federal tax changes, these considerations — many of...
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