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2023 Year-End Tax Planning for Businesses

With year-end approaching, it is time to start thinking about moves that may help lower your business’s taxes for this year and next. C corporations should take into account the 15% corporate minimum tax. We have compiled a list of actions based on current...
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Reporting Beneficial Owners under FinCEN

Written by: Bill Scarborough, Tax/SEC Director, and Stephen Leonard, Tax Partner Issue:  In 2024, many entities (small businesses created in the U.S or registered to do...
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Self Reporting Guide for Form-1099

Issuing 1099s is a simple procedure that can be completed online in about 20 minutes if you have all the correct information and utilize the online...
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New per diem business travel rates kicked in on October 1

Are employees at your business traveling and frustrated about documenting expenses? Or perhaps you’re annoyed at the time and energy that goes into reviewing business travel...
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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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Regulating the Unpredictable: A Look-back on the Bank Failures in the Digital Era

Prepared & Written by:John Lowell, PMP, Noureddine Naamani, Jose Roman, CPA, CFE | Hancock Askew & Co. In the dynamic world of finance, banks play a...
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Business automobiles: How the tax depreciation rules work

Do you use an automobile in your trade or business? If so, you may question how depreciation tax deductions are determined. The rules are complicated, and...
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What types of expenses can’t be written off by your business?

If you read the Internal Revenue Code (and you probably don’t want to!), you may be surprised to find that most business deductions aren’t specifically listed....
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The tax implications of renting out a vacation home

Many Americans own a vacation home or aspire to purchase one. If you own a second home in a waterfront community, in the mountains or in...
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Update on depreciating business assets

The Tax Cuts and Jobs Act liberalized the rules for depreciating business assets. However, the amounts change every year due to inflation adjustments. And due to...
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