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GENERAL ASPECTS OF 2021 FINAL REGULATIONS ON DEDUCTION OF BUSINESS INTEREST EXPENSE

On January 5, 2021, Treasury and the IRS issued a second set of final regulations on the deduction of business interest expense (the 2021 final regulations) that provide additional rules to reflect changes to Internal Revenue Code Section 163(j) made by the 2017 Tax Cuts and Jobs...
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2021 Wayfair Update: The Audits Are Coming

By Brandon McCafferty, JD/MBA Senior Manager On June 21, 2018, in South Dakota v. Wayfair Inc., the Supreme Court ruled that South Dakota could compel out-of-state...
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Employee Retention Payroll Tax Credit

We’d like to inform you of a possibly significant tax credit expanded to many businesses under the “COVID-19 Bill” recently passed by Congress. An employee retention...
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New Stimulus Package Passed December 27, 2020

On December 27, 2020, the President signed the Consolidated Appropriations Act, 2021, a massive tax, funding, and spending bill that contains a nearly $900 billion coronavirus...
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KEYS TO YEAR-END TAX SAVINGS FOR BUSINESSES

Whatever 2021 holds, these tips can help lower your tax liability 2020 has been an unpredictable year. Businesses have faced all-encompassing challenges ranging from protecting employee health and safety to managing unexpected costs to dealing with severe fluctuations in supply and demand for products...
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FORGIVENESS OF PPP LOANS MAY REDUCE R&D CREDIT

The forgivable loan program known as the Paycheck Protection Program (PPP) was established by the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) to provide financial resources to small...
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ELECTION OUTCOME UPDATE: TAX POLICY POST-2020 ELECTION

We now know the results for the White House (pending the final vote count and resolution of legal challenges) and House of Representatives races, which possibly...
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S. Mark Hand & Associates, P.A. Joins Hancock Askew & Co. in Jacksonville, Florida

Jacksonville, FL (November 9, 2020) – Hancock Askew & Co., LLP, a regional full-service tax, audit, accounting and advisory firm is excited to announce that S. Mark...
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The Proper Care and Feeding of Your S Corporation

Diligence required to avoid inadvertent termination and loss of tax benefits The S corporation continues to be a popular entity choice, combining the liability protection of...
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5 Tips for Safe Intrafamily Loans

If a relative needs financial help, offering an intrafamily loan might seem like a good idea. But if not properly executed, such loans can carry negative...
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