Lynne Mercer by Nate DeFilippi, CPA, MBA H2R CPA is pleased to provide a summary of the new rules regarding meals and entertainment tax deductions, signed into law with the Tax Cuts and Jobs Act of 2017. We recommend that businesses update general ledgers in accordance with these changes to plan for the 2018 tax year. In general, the … Read more
by Nate DeFilippi, CPA, MBA In response to a request from the Pennsylvania Institute of Certified Public Accountants (PICPA), The Pennsylvania Department of Revenue (DOR) has agreed to delay the implementation of new 1099-MISC withholding requirements. Act 43 of 2017 introduced a new and more complicated withholding requirement for Pennsylvania businesses. Beginning January 1, 2018, … Read more
by Joseph M. Delisi, CPA, Principal Changes to Solicitation of Funds for Charitable Purposes Act under Act 71 Recently signed into Pennsylvania law, Act 71 increases the threshold for audits, reviews, and compilations of the financial statements required to be submitted by nonprofit organizations that are registered under the Charities Act in Pennsylvania. The new … Read more
by Rick Tonarelli, CPA, Tax Senior ManagerEffective January 1, 2018, Pennsylvania requires payors of certain PA source income to withhold PA income tax from such payments. The withholding pertains only to non-employee compensation and business income (including royalties and bonuses) paid to non-resident individuals (or disregarded entities with a non-resident owner), for which a Federal … Read more
by Bill Bodnar, CPA, MST, Tax Director The Tax Cuts and Jobs Act was signed by President Trump on December 22, 2017. The Act represents the most comprehensive change to the Internal Revenue Code since 1986. There have been a number of changes affecting all taxpayers, and to assist in identifying those which may impact … Read more
by Rick Tonarelli, CPA, Tax Senior Manager The Tax Cuts and Jobs Act (H.R. 1) has been approved by Congress and awaits the President’s signature. Highlights of both the corporate and individual aspects of the new law are provided below. Note: Leaders in the Congress have signaled that a technical corrections bill may be necessary in 2018 … Read more
by Paul K. Rudoy, CPA/PFS We are in a period of uncertainty with two tax bills proposed and nothing finalized. However, there are two items that every taxpayer should look at before year-end: state & local tax and charity. State and local tax deductions (SALT)The State and Local tax deduction is very likely going away. Therefore, if … Read more
by H2R CPA Team As the holiday season quickly approaches, gift giving will be top of mind. While gifts of electronics, toys and clothes are nice, making tax-free gifts of cash using your annual exclusion is beneficial for both you and your family. Even in a potentially changing estate tax environment, making annual exclusion gifts … Read more
by Paul K. Rudoy, CPA/PFS Based on what we know to date, taxpayers should look at accelerating deductions. Mortgage interest deductions are being proposed to be limited to $500,000 for new debt, property tax deductions limited to $10,000 and with the doubling of the standard deduction, taxpayers’ charitable and medical deductions may not save you … Read more
by H2R CPA Team Does your small business engage in qualified research activities? If so, you may be eligible for a research tax credit that you can use to offset your federal payroll tax bill. This relatively new privilege allows the research credit to benefit small businesses that may not generate enough taxable income to … Read more