President Trump and Republican lawmakers currently are considering a second round of tax reform legislation as a follow-up to last year’s Tax Cuts and Jobs Act (TCJA). As of this writing, there’s been no actual bill drafted. However, House Ways and Means Committee Chair Kevin Brady (R-TX) just released a broad outline or framework of … Read more
by H2R CPA TeamIn today’s complex world of mergers and acquisitions (M&As), buyers need to get to know business sellers and their executives, test their representations about asset condition and financial performance, and screen for common fraud schemes. Here’s why.Whose side are they on?Without adequate M&A due diligence, unwary buyers could fall victim to false … Read more
by H2R CPA Team Because qualified retirement plan contributions lower the taxable income of business owners of passthrough entities (sole proprietorships, partnerships, S corporations, and LLCs), increasing contributions can qualify business owners for additional tax deductions under the Tax Cuts and Jobs Act that they would not otherwise have been eligible to receive, such as … Read more
by H2R CPA Team The Tax Cuts and Jobs Act changed the way tax is calculated. As a result, the IRS encourages everyone to perform a “paycheck checkup” to see if you have the right amount of tax withheld for your personal situation. People who are especially encouraged to check their withholding using the IRS Withholding … Read more
by H2R CPA Team There’s an old saying regarding family-owned businesses: “Shirtsleeves to shirtsleeves in three generations.” It means the first-generation owner started in shirtsleeves and built the company up from nothing but, by the third generation, the would-be owner is back in shirtsleeves with nothing because the business failed or was sold. Although you … Read more