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Hancock Askew & Co. Announces the Formation of Clarity Capital Advisors, a Corporate Strategic & Financial Advisory Firm

SAVANNAH, GA (February 27th, 2020) – Hancock Askew & Co., LLP, a full-service audit, tax, accounting and advisory firm announces the creation of Clarity Capital Advisors, LLC. The new entity focuses on providing strategic advice to small and medium size businesses and specializes in...
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Hancock Askew & Co. is Honored to Be Named One of the Best and Brightest Companies to Work for in the Nation in 2019

Hancock Askew & Co., LLP (Hancock Askew) has once again been named one of the Best & Brightest Companies to Work for in the Nation, a...
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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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QBI Safe Harbor for Rental Real Estate Enterprises

The 20% qualified business income deduction (QBID) is a very beneficial, but complicated tax break that is available for qualifying business income.  It allows pass-through entity owners (partners and S corporation shareholders) to deduct up to 20% of their qualified business income. Earlier this...
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Meal, travel and entertainment expenses: Know what’s deductible and properly substantiate

When owners, managers and salespeople attend trade shows, call on customers or evaluate suppliers, they may incur meal, travel and entertainment expenses. This article explains that...
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Pitfalls Of Relying On Rules Of Thumb To Value A Business

Don’t Get Caught in the Rule of Thumb Trap In determining the value of a small privately-held business, business owners and buyers of businesses often rely...
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Partnerships need to Disclose Significantly More Information to IRS than in Years Past Beginning with 2019 Filings

On September 30, 2019, the Internal Revenue Service (IRS) posted copies on its website of draft 2019 Form 1065 U.S. Partnership Return of Income, draft 2019...
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FASB Extends Leases Effective Date Deadline for Non-Public Businesses

By: Sam Evans, CPA and Nathan Ashcroft – Hancock Askew On February 25, 2016 the Financial Accounting Standards Board (FASB) added ASC 842, Leases, which changed...
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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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