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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 for the 2019 and 2020 tax years. Notice 2022-36 provides systemic penalty relief to taxpayers for certain civil penalties...
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Why an LLC might be the best choice of entity for your business

The business entity you choose can affect your taxes, your personal liability and other issues. A limited liability company (LLC) is somewhat of a hybrid entity...
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Home sweet home: Do you qualify for office deductions?

Home sweet home: Do you qualify for office deductions? If you’re a business owner working from home or an entrepreneur with a home-based side gig, you...
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Self-employed? Build a nest egg with a solo 401(k) plan

Do you own a successful small business with no employees and want to set up a retirement plan? Or do you want to upgrade from a...
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Inflation Reduction Act of 2022 – Summary Guide

On August 16, President Biden signed the Inflation Reduction Act (IRA) into law. The enormous bill—clocking in at 725 pages—contains a wide range of provisions and comes with a nearly $750 billion price tag. “The bill is fighting inflation and has a whole lot...
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Hancock Askew & Co. Named Among Accounting Today’s “Best Accounting Firms to Work for”

Hancock Askew & Co. LLP (Hancock Askew) is excited to announce that the firm was recently named as one of the 2022 “Best Accounting Firms to...
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Cryptocurrencies – Speed Up or Get Out of the Way

By: Craig Armstrong, CPA – Miami Office Managing Partner With the advances in technology and access to information, many expect our collective knowledge to soon be...
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How do taxes factor into an M&A transaction?

Although merger and acquisition activity has been down in 2022, according to various reports, there are still companies being bought and sold. If your business is...
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Important considerations when engaging in a like-kind exchange

A business or individual might be able to dispose of appreciated real property without being taxed on the gain by exchanging it rather than selling it....
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The kiddie tax: Does it affect your family?

Many people wonder how they can save taxes by transferring assets into their children’s names. This tax strategy is called income shifting. It seeks to take...
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