Insights

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Pass Through Special Deduction under the New Tax Law

Prepared by Jason Ashley, CPA- Tax Manager One of the most important changes in the recently passed Tax Cuts and Jobs Act (TCIA) relates to the Section 199A deduction for Qualified Business Income (QBI).  For those who are not tax accountants, this refers to the new 20% deduction for pass through income received. This law […]

Changes in Meal and Entertainment Business Expense Deductions

Prepared by Josh Colsson, CPA- Tax Manager Prior to recent Tax Cuts and Job Act, taxpayers generally could deduct 50% of expenses for meals and entertainment related to business purposes. Meals provided to the company’s employees while on the business premises, for the convenience of the employer, were previously 100% deductible by the employer and […]

Answers to Corporate Tax Questions

We’ve compiled a list of the most frequently asked questions concerning the new corporate tax laws under the Tax Cuts and Jobs Act (TCJA). Corporate Tax Q: What is the new Corporate tax rate? A: The new corporate tax rate is 21% beginning in 2018. Q: What deduction can I get for my pass-through entity? A: […]

Answers to Individual Tax Bill Questions

We’ve compiled a list of the most frequently asked questions concerning the new individual tax laws under the Tax Cuts and Jobs Act (TCJA). Individual Tax Changes Q: How soon will people see the changes in their paychecks from the new tax rates? A: Employees should begin to see withholding changes in their checks in February. […]

529 Plan Changes

529 Plan Distribution Changes under the New Tax Law One of the overlooked provisions of the Tax Cuts and Jobs Act (TCJA) relates to qualifying 529 plan distributions.  Effective for distributions made after 12/31/17, qualifying distributions can also be made for public, private or religious elementary or secondary school within limitations described below. By way […]

Tax Return Checklist

Preparing for tax season can be a stressful time. With many different forms and documents, it can be hard to know what is required for your accountant to successfully and efficiently complete your tax return. Using a checklist can help reduce your tax-time stress. Below is a list of common types of income and expenses […]

2018 Tax Filing Season

2018 Tax Filing Season Begins January 29th The 2018 tax filing season begins Monday, January 29th and with it comes heightened fraud activity from cybercriminals. Tax season is prime time for phishing attacks for tax practitioners and their clients.  These attacks may be directly targeted at you and may be incredibly convincing!  Cybercriminals are using […]

Manager, Rebecca Mowen, and Senior Accountant, Kavita Patel, are Certified Internal Auditors

Hancock Askew & Co. is Proud to Announce Manager, Rebecca Mowen, and Senior Accountant, Kavita Patel, are Certified Internal Auditors Atlanta, GA (January 4th, 2018) – Hancock Askew & Co., LLP, a full-service audit, tax, accounting and consulting firm is proud to announce Manager, Rebecca Mowen, and Senior Accountant, Kavita Patel, have received the designation […]

2018 Standard Mileage Rates

Changes in Standard Mileage Rates for 2018 The Internal Revenue Services issued the 2018 optional standard mileage rates used to calculate the deductible costs of using a vehicle for business, charitable, medical, or moving purposes. Beginning on January 1st, 2018, the standard mileage rate for the use of a car will be: 5 cents per […]

TAX LEGISLATION UPDATE

Changes in Tax Laws   As you are likely aware, the tax bill has passed. For a quick overview of some of the highlights, click here. For more detailed analysis, click one or both of the links below: Impact to Individuals  Conference Agreement  If you have any questions, please contact us.    

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