Did you know that the IRS is working on reducing the size of Form 1040, eliminating more than 50 lines? See article below from Journal of Accountancy for details and contact H2R CPA at 412-391-2920 or team@h2rcpa.com with any questions you may have. Form 1040 to be shorter but with more schedules
by H2R CPA TeamIn a much-anticipated ruling that confounded the expectations of many court watchers, the U.S. Supreme Court has given state and local governments the green light to impose sales taxes on out-of-state online sales. The 5-4 decision in South Dakota v. Wayfair, Inc. was met by cheers from brick-and-mortar retailers, who have long … Read more
by H2R CPA For some business owners, succession planning is a complex and delicate matter involving family members and a long, gradual transition out of the company. Others simply sell the business and move on. There are many variations in between, of course, but if you’re leaning toward a business sale, here are seven ways … Read more
by H2R CPA TeamIn many respects, estate planning for single parents of minor children is similar to estate planning for families with two parents. Single parents want to provide for their children’s care and financial needs after they’re gone. But when only one parent is involved, certain aspects of an estate plan demand special attention. … Read more
by H2R CPA TeamDo you qualify for Pennsylvania’s R&D tax credit? If so, you can now apply online. The PA Department of Revenue is launching a new online application system for the Research and Development Tax Credit that can be accessed through its website. All R&D credit applications must be submitted online by 9/15/18 to be eligible for the program. … Read more
by H2R CPA Team Your nonprofit probably already ensures that donors receive a receipt with information about claiming a charitable contribution deduction on their tax return. But your obligations may go further than that. For non-cash donations, you might have responsibilities related to certain tax forms. Form 8283 for donorsWhen filing their tax returns, donors … Read more
by H2R CPA Team A common estate planning mistake is to designate a minor as beneficiary — or contingent beneficiary — of a life insurance policy or retirement plan. While making your young child the beneficiary of such assets may seem like an excellent way to provide for him or her in the case of … Read more
by H2R CPA TeamPennsylvania clarifies the limit on corporate net operating loss deductions. The Department of Revenue said it won’t apply a $3 million cap to tax years starting before Jan. 1, 2017. This follows the Pennsylvania Supreme Court Nextel ruling that the limit violated the state constitution. However, the greater of that cap or … Read more
Are you familiar with the new Qualified Business Income deduction for partnerships, LLCs, S corps, trusts, estates and sole proprietorships? See article below from Journal of Accountancy for details and contact H2R CPA at 412-391-2920 or team@h2rcpa.com with any questions you may have. Mechanics of the new Sec. 199A deduction for qualified business income
by H2R CPA Team A company’s management team is often interested in painting the rosiest possible picture of a company’s financial performance. But aggressive earnings management, or “spin,” can mislead investors and lenders. Here are some ways U.S. Generally Accepted Accounting Principles (GAAP) can be manipulated to obscure the truth.Creative accounting vs. cooking the booksEarnings … Read more