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
by Paul K. Rudoy, CPA/PFS One of the provisions of the Trump Tax Proposal (TTP) is the repeal of the Federal Estate Tax. This is an onerous tax that taxes people’s net worth after they pass away. Taxation begins currently at $5.49M, or married couples have the opportunity to increase this limit to $10.98M. Generally, … Read more
by H2R CPA Team For families with disabled loved ones who are potentially eligible for means-tested government benefits such as Medicaid or Supplemental Security Income (SSI), estate planning can be a challenge. On the one hand, you want to provide the most comfortable life possible for your family member. On the other hand, you don’t … Read more
by Paul K. Rudoy, CPA/PFS The Trump Tax Proposal (TTP) from last week could be a big winner for many. There are a few who will be losers from the TTP, but many people are likely to be unaffected by what is proposed. The following are key considerations for various parties affected by this proposal. … Read more
by H2R CPA Team What happened?On September 7, 2017, Equifax, one of the three main American credit reporting agencies, announced a massive cybersecurity incident that exposed consumer information – including names, addresses, birth dates, and Social Security numbers – leaving millions vulnerable to identity theft. What can I do?1. To check if you or anyone … Read more