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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 eases the rules for claiming certain tax losses. Here’s a look at the — mostly temporary — modifications....
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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...
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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. It extends certain income tax provisions that had already expired or that were due to expire at the...
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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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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,...
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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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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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