by H2R CPA Team Beginning in January 2017 for the 2016 tax year, 1099-MISC forms need to be filed with the IRS, and a copy provided to the recipient, by January 31st. Filing is one month earlier than in prior years. You are required to issue a form if you pay more than $600 for services … Read more
by H2R CPA TeamOn November 22nd, a Federal judge issued a preliminary injunction against a US Department of Labor Final Rule updating the Fair Labor Standards Act (FLSA), which was set to go into effect December 1, 2016. The rule specified a new salary level above which certain white collar workers may be exempt from overtime pay … Read more
by H2R CPA Team The recently enacted Pennsylvania House bill, HB 1198, contains the following noteworthy items: The 1% sales tax discount for timely filing will be maxed out at $25 per month. PA lottery winnings are now taxable for PA. This is effective 1-1-16, so anyone who won earlier this year may need to pay some estimates. Going … Read more
by H2R CPA Team On May 18, 2016, the US Department of Labor issued a Final Rule updating the Fair Labor Standards Act (FLSA) salary level above which certain white collar workers may be exempt from overtime pay requirements (time and one-half) when working more than 40 hours per week. Important features of the Final … Read more
by H2R CPA Team Did you know…? You may be able to deduct moving expenses (for you and your pet!) if the move was associated with a job change. If you changed jobs or employers, then you might be able to deduct your moving expenses — with conditions. Your move must coincide with the start of … Read more
by H2R CPA Team Did you know…? There is a simple way to deduct your home office on your tax return without having to make the complex calculations, allocations, and substantiation of expenses otherwise required. Home office deductions are available to both self-employed taxpayers and employees. It’s important to evaluate whether your home office qualifies … Read more
Individuals ages 66 to 70 must act fast to save thousands of dollars. The Bipartisan Budget Act of 2015 made a major change to a popular Social Security benefit collecting strategy. The two big changes were for Restricted Applications and Voluntary Suspension, sometimes known as File and Suspend. This strategy allows the higher earning spouse … Read more
by H2R CPA Team Now that tax season is upon us, H2R CPA would like our clients and friends to beware of fraudulent messages claiming to be from the IRS, aiming to gain access to your personal financial information. Please note the following information from the IRS website: “The IRS doesn’t initiate contact with taxpayers by email, … Read more