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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 tax obligations, commonly referred to as “nanny taxes.” Here’s a quick review. Which workers are covered? Simply working...
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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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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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TOP FIVE WORKPLACE COMPENSATION AND BENEFITS TRENDS

Many employers are giving employees greater flexibility to work alternative schedules, including hybrid arrangements (i.e., some in-person and some remote work) or continuing to work entirely...
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COVID-19 and Your Taxes

By: Mike McCarthy, CPA, CVA | Managing Partner at Hancock Askew As published in The Beacon Magazine – June 2020 Edition As a result of the COVID-19 pandemic, the deadline for filing and paying both state and federal income taxes was extended to July...
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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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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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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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Changes in Meal and Entertainment Business Expense Deductions

By: Andrew J. Dill | Staff Accountant The Tax Cuts and Job Act (TCJA) has brought many changes into the tax world this year, some clear-cut (the...
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