Recommended Reading: Revisions to Form 1040

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

Tax Alert: State and Local Taxation of Online Sales

by H2R CPA Team​In 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

Preparing Your Business for Sale

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

Estate Planning Strategies for Single Parents

by H2R CPA Team​In 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

Pennsylvania Tax Credits: R&D and More

by H2R CPA Team​Do 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

PA Tax Update: Corporate Net Operating Loss

by H2R CPA Team​Pennsylvania 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