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A cost segregation study may cut taxes and boost cash flow

Is your business depreciating over 30 years the entire cost of constructing the building that houses your enterprise? If so, you should consider a cost segregation study. It may allow you to accelerate depreciation deductions on certain items, thereby reducing taxes and boosting cash...
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Ferrell & Kelly CPAs Joins Hancock Askew & Co. – Establishing HAC’s Orlando, Florida Office

Orlando, FL (June 21, 2023) – Hancock Askew & Co., LLP (HAC), a regional full-service tax, audit, accounting and advisory firm is excited to announce that...
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Secure 2.0 Act of 2022 Introduces Key Changes for Workplace Retirement Plans

The Consolidated Appropriations Act, 2023 (Public Law No. 117-328) that was signed into law on December 29, 2022, by President Joe Biden includes the SECURE 2.0...
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IRS provides broad penalty relief for some 2019, 2020 returns

The IRS on August 23, 2022, announced it will grant automatic penalty relief for late-file penalties imposed with respect to certain returns required to be filed...
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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 digital assets, including cryptocurrency, for U.S. taxpayers. The first provision expands information reporting requirements (Form 1099-B filings) to...
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Real Estate: Determining if a property is a business or an investment

If you own rental real estate, its classification as a trade or business rather than an investment can have a big impact on your tax bill....
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C Corporation, S Corporation or Partnership? Which entity makes the most sense for your business?

The choice of entity is among the most important decisions facing taxpayers when starting a business or investment activity. The choice of tax entity generally includes...
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Planning for the Unknown: Preparing for Potential Tax Increases Under the Biden Administration

The Biden Administration’s American Families Plan and other tax proposals may complicate the tax landscape for high-income earners. Many of the proposals target taxpayers earning more...
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Information security considerations for SOC 2 compliance in a remote work environment

By: Nirav Shah, Principal, IT Risk Assurance & Advisory Services In 2020, as organizations began to adapt to the workplace requirements as a result of Covid-19,...
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“FREE” COBRA GROUP HEALTH CARE FOR UP TO SIX MONTHS FOR INVOLUNTARILY TERMINATED (OR REDUCED HOURS) EMPLOYEES

The American Rescue Plan Act of 2021 (ARPA), enacted on March 11, 2021, creates a requirement that employers treat the total payment for Consolidated Omnibus Budget Reconciliation Act...
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