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Steer clear of the wash sale rule if you’re selling stock by year end
Are you thinking about selling stock shares at a loss to offset gains that you’ve realized during 2020? If so, it’s important not to run afoul of the “wash sale” rule. IRS may disallow the loss Under this rule, if you sell stock or securities for a loss and buy...
Taking distributions from a traditional IRA
Although planning is needed to help build the biggest possible nest egg in your traditional IRA (including a SEP-IRA and SIMPLE-IRA), it’s even more critical that you plan for withdrawals from these tax-deferred retirement vehicles. There are three areas where knowing...
Tax responsibilities if your business is closing amid the pandemic
Unfortunately, the COVID-19 pandemic has forced many businesses to shut down. If this is your situation, we’re here to assist you in any way we can, including taking care of the various tax obligations that must be met. Of course, a business must file a final income...
Why your nonprofit must make time for accountability
“Accountability” may seem like one of those popular management concepts you know would be nice to implement if your not-for-profit had the time and budget. But not only is accountability essential to your nonprofit’s health and efficacy — affecting everything from...
Minority and Small Business Relief Grant Program
South Carolina has announced a “Minority and Small Business Relief Grant Program.” This program is designed to provide grants to minority and small businesses to reimburse qualifying expenditures for providing services or revenue loss due to COVID-19. Grant award...
Tax implications of working from home and collecting unemployment
Business Valuation Certification and Training
Danny M. Holcombe, CPA and Lisa R. Frye, CPA have earned their Certified Valuation Analyst (CVA) credential from the National Association of Certified Valuators and Analysts. The CVA designation assures the business, professional, and legal communities that Danny and...
2020 Q4 tax calendar: Key deadlines for businesses and other employers
We are excited about the future of HHR CPA Firm
We are looking forward to the bright future of Holcombe, Holtzclaw & Ravan LLC! Danny Holcombe (Managing Partner) shares a story of success and announces the exciting news.
5 key points about bonus depreciation
Under current law, 100% bonus depreciation will be phased out in steps for property placed in service in calendar years 2023 through 2027. Thus, an 80% rate will apply to property placed in service in 2023, 60% in 2024, 40% in 2025, and 20% in 2026, and a 0% rate will...