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Comprehensive COVID-19 Relief Package Passed

On March 10, 2021, the U.S. House of Representatives passed a modified version of the American Rescue Plan Act of 2021 (ARP bill), President Biden’s $1.9 trillion COVID-19 relief package aimed at stabilizing the economy, providing needed relief to individuals and small businesses, and improving and...
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IRS Announces Individual Tax Deadline Extension

For the second year in a row, the federal income tax filing due date for individuals has been postponed. The postponements come as a part of...
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American Rescue Plan Act Signed into Law

The American Rescue Plan Act (ARPA) was signed into law by President Biden on March 11, 2021. Read on below for the details on the provisions...
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SBA Issues Guidance on How to Apply for More PPP Funds

The Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (Economic Aid Act or Act), signed into law on December 27, 2020 as a part...
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Year-end 2020 May Not Be the “same as Last Year” for Payroll Taxes and Compensation and Benefits

As 2020 draws to a close, we would like to remind you that this year-end may not be the same as 2019 when it comes to payroll taxes and compensation and benefits matters. This alert highlights various areas of change and what employers should...
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YEAR-END TAX PLANNING UNDER A BIDEN PRESIDENCY

On November 7, the Associated Press called the presidential election for former Vice President Joe Biden. The House of Representatives will remain under Democratic control, but control...
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The ins and outs of the easing of loss limitation rules

To provide businesses and their owners with some relief from the financial effects of the COVID-19 crisis, the Coronavirus Aid, Relief, and Economic Security (CARES) Act...
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Rolling over capital gains into a qualified opportunity fund

If you’re selling a business interest, real estate or other highly appreciated property, you could get hit with a substantial capital gains tax bill. One way...
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Proposed Small Business Taxpayer Regulations Provide More Certainty of IRS’S Position on Accounting Methods Simplification

Summary of newly-released proposed regulations related to changes made under the TCJA. On July 29, 2020, the IRS and Treasury released an advance copy of proposed regulations...
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COVID-19 and Your Taxes

By: Mike McCarthy, CPA, CVA | Managing Partner at Hancock Askew As published in The Beacon Magazine – June 2020 Edition As a result of the...
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