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SBA Issues Guidance on How to Apply for More PPP Funds

The Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (Economic Aid Act or Act), signed into law on December 27, 2020 as a part of the Consolidated Appropriations Act, 2021, makes additional funds available under the Paycheck Protection Program (PPP) and expands eligibility...
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Year-end 2020 May Not Be the “same as Last Year” for Payroll Taxes and Compensation and Benefits

As 2020 draws to a close, we would like to remind you that this year-end may not be the same as 2019 when it comes to...
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YEAR-END TAX PLANNING UNDER A BIDEN PRESIDENCY

On November 7, the Associated Press called the presidential election for former Vice President Joe Biden. The House of Representatives will remain under Democratic control, but control...
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The ins and outs of the easing of loss limitation rules

To provide businesses and their owners with some relief from the financial effects of the COVID-19 crisis, the Coronavirus Aid, Relief, and Economic Security (CARES) Act...
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Rolling over capital gains into a qualified opportunity fund

If you’re selling a business interest, real estate or other highly appreciated property, you could get hit with a substantial capital gains tax bill. One way to soften the blow — if you’re willing to tie up the funds long term — is to...
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Proposed Small Business Taxpayer Regulations Provide More Certainty of IRS’S Position on Accounting Methods Simplification

Summary of newly-released proposed regulations related to changes made under the TCJA. On July 29, 2020, the IRS and Treasury released an advance copy of proposed regulations...
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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...
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Setting Every Community Up for Retirement Enhancement (SECURE) Act

Highlights of spending package’s tax law changes The federal government spending package titled the Further Consolidated Appropriations Act, 2020, does more than just fund the government....
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Excess business loss rule may be unfavorable to you

Sole proprietorships and pass-through entity structures, which include partnerships, S-corporations and certain limited liability companies (LLCs), provide owners with some valuable tax benefits, such as avoidance...
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Form-1099 Engagements Information Guide

How do I gather information to issue a 1099? Collect the following form from vendors: IRS Form W-9 Complete this vendor template. Submit to Hancock Askew...
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