Lynne Mercer

A Comparison of the Republican and Democratic Tax Plans

With the presidential election only weeks away, many people are beginning to pay closer attention to each candidate’s positions on such issues as the COVID-19 pandemic, health care, the environment and taxes. Among their many differences, President Donald Trump and former Vice President Joe Biden have widely divergent tax proposals. Their stances could have a … Read more

Updated IRS Guidance on Employee Payroll Tax Deferral

by Phil Zlokas, CPA The IRS recently held a payroll industry conference call which was predictably dominated by questions regarding the new deferral of the employee’s share of the Social Security tax, put in place on August 8, 2020, via executive order of the President. As an update to the article entitled “Treasury Issues Guidance … Read more

Treasury Issues Guidance on Employee Payroll Tax Deferral

by Joseph M. Dickert, CPA Background on the Tax Deferral Per IRS Notice 2020-65, the notice provides the employer with the option to defer the withholding, deposit, and payment of the employee portion of the Social Security Tax of 6.2% on wages/compensation paid between September 1, 2020-December 31, 2020 (Applicable Wages). However, the deferred withholding … Read more

Documents for PPP Forgiveness

by Jeff Wolstoncroft, CPA With the Small Business Administration (SBA) opening the portal for banks to apply for forgiveness, we wanted to take a moment to let you know the documents you may need in regard to PPP forgiveness. Please note, we continue to promote patience when it comes to applying for PPP forgiveness. While … Read more

Video: Valuation for Equitable Distribution

Steve Dotterer, JD / MBA, CVA, Senior Manager at H2R CPA, identifies some of the key issues associated with valuing a business for equitable distribution during the divorce process. View the video here.

Erroneous IRS CP161 Notices – 2019 Form 1041 Tax Payments

by Gail A. Davis, CPA / CSEP If you submitted a 2019 Form 1041 tax payment to the IRS, you may end up receiving an IRS CP161 Notice indicating that you have unpaid taxes due. This is an erroneous computer-generated notice that several H2R CPA clients have received. We understand from multiple conversations with the … Read more

Accounting for Forgivable Loans Received Under the SBA Paycheck Protection Program

by Christopher L. Chonko Recent guidance provides multiple models for businesses and nonprofits (nongovernmental entities) to use when planning to account for a forgivable loan received under the Small Business Administration Paycheck Protection Program (PPP). A summary of the available options is provided below. Business Accounting Options FASB ASC 470 debt model Generally speaking, the … Read more

PPP Loan Forgiveness FAQs

Frequently Asked Questions as of August 4, 2020 “The Small Business Administration (SBA), in consultation with the Department of the Treasury, is providing this guidance to address borrower and lender questions concerning forgiveness of Paycheck Protection Program (PPP) loans…” Read More H2R CPA professionals are continuing to evaluate the latest guidance to help determine the … Read more

Video: Deferral of Payment for Social Security Tax

Lucas Rihely, CPA, Partner at H2R CPA, discusses the deferral of payment for employer Social Security tax. This deferral of payment was part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act to help businesses with cash flow during these challenging times. View the video here.