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
by Joseph M. Delisi, CPA With audit season upon us, it is important to remember that auditors are required to address “risk of fraud” during the audit process for both businesses and nonprofit organizations. The most common type of fraud is asset misappropriation, occurring in 85% of cases, according to a Global Fraud Study by … Read more
by H2R CPA TeamWhen accountants conduct an audit or review, they can’t test every transaction. Instead, they set a “materiality” threshold. This benchmark is used to obtain reasonable assurance in an audit — or limited assurance in a review — of detecting misstatements that could be large enough, individually or in the aggregate, to be … Read more
by H2R CPA Team The “sandwich generation” accounts for a large segment of the population. These are people who find themselves caring for both their children and their parents at the same time. In some cases, this includes providing parents with financial support. As a result, estate planning — which traditionally focuses on providing for … Read more