Strategies to reduce your business’s 2022 tax bill

It’s been a tumultuous year for many businesses, and the current economic climate promises more uncertainty for the short term, if not longer. Regardless of how your company has fared so far in 2022, there’s still time to make moves that may reduce your federal tax liability. Read on for some strategies worth your consideration. … Read more

Five ways to cut your 2022 tax liability

It has been quite a year — high inflation, rising interest rates and a bear stock market. While there’s not a lot you can do about any of these financial factors, you may have some control over how your federal tax bill for the year turns out. Here are some strategies to consider executing before … Read more

Business tax online system changing at PA Department of Revenue

Highlights e-Tides system to be replaced with myPATH starting in late November 2022 Users of e-TIDES, the current online filing and payment system for business taxpayers, will be required to convert their accounts to myPATH as this transition occurs. Taxpayers can generally use e-Tides through February, but will need to start registering for myPATH in … Read more

R&D payroll tax credit expanded by Inflation Reduction Act

When President Biden signed the Inflation Reduction Act (IRA) into law in August, most of the headlines covered the law’s climate change and health care provisions. But the law also enhances an often overlooked federal tax break for qualifying small businesses. The IRA more than doubles the amount a qualified business can potentially claim as … Read more

H2R CPA Announces New Managing Partner

H2R CPA announced that Kieran O’Dea, CPA, will assume the role of Managing Partner effective January 1, 2023. Paul K. Rudoy, CPA/PFS, will remain at the firm as a tax partner and advisor following the transition. Kieran O’Dea will be the sixth Managing Partner in firm history, representing the fourth generation of firm leadership. With … Read more

Clean Vehicle Credit: What you need to know

The Inflation Reduction Act (IRA) includes a wide range of tax incentives aimed at combating the dire effects of climate change. One of the provisions receiving considerable attention from consumers is the expansion of the Qualified Plug-in Electric Drive Motor Vehicle Credit (IRC Section 30D), now known as the Clean Vehicle Credit. While the expanded credit seems … Read more

Tax penalty relief offered by IRS for 2019 and 2020

While the recently announced student loan debt relief has captured numerous headlines, it’s estimated that another federal relief program announced on the same day will provide more than $1.2 billion in tax refunds or credits. Specifically, IRS Notice 2022-36 extends penalty relief to both individuals and businesses who missed the filing deadlines for certain 2019 and/or 2020 … Read more