H2R CPA Team H2R CPA announced that Sara Beauseigneur, CPA, MBA, was promoted to Audit Director, Employee Benefit Plans, effective January 1, 2022. In her new role, Sara will manage all of the firm’s Employee Benefit Plan client services, including audits, accounting and compliance. She will work closely in conjunction with H2R CPA’s Accounting & Assurance partners to … Read more
by Phillip D. Zlokas, CPA, Tax Director As discussed in the blog post entitled ‘Changes to the Employee Retention Credit’ (November 17, 2021), the Infrastructure Investment and Jobs Act (IIJA) retroactively terminated the Employee Retention Credit (ERC) as of September 30, 2021. At the time of the termination, there had been no guidance provided relative … Read more
The U.S. House of Representatives passed a crucial part of President Biden’s agenda by a vote of 220-213 on November 19. The Build Back Better Act (BBBA) includes numerous provisions related to areas ranging from health care, climate change and immigration to education, social programs and, of course, taxes. Impact on the deficit The House vote … Read more
by Phillip D. Zlokas, CPA, Tax Director On November 15, 2021, President Biden signed into law the Infrastructure Investment and Jobs Act (IIJA). As part of this legislation, certain changes were made to the Employee Retention Credit (ERC). The ERC was originally enacted in the Coronavirus Aid, Relief and Economic Security (CARES) Act in March … Read more
The end of the tax year is fast approaching for many businesses, but their ability to engage in traditional year-end planning may be hampered by the specter of looming tax legislation. The budget reconciliation bill, dubbed the Build Back Better Act (BBBA), is likely to include provisions affecting the taxation of businesses — although its … Read more
The IRS recently issued its 2022 cost-of-living adjustments for more than 60 tax provisions. With inflation up significantly this year, mainly due to the COVID-19 pandemic, many amounts increased considerably over 2021 amounts. As you implement 2021 year-end tax planning strategies, be sure to take these 2022 adjustments into account. Also, keep in mind that, … Read more
Almost three months after it passed the U.S. Senate, the U.S. House of Representatives has passed the Infrastructure Investment and Jobs Act (IIJA), better known as the bipartisan infrastructure bill. While the bulk of the law is directed toward massive investment in infrastructure projects across the country, a handful of noteworthy tax provisions are tucked … Read more
As if another year of the COVID-19 pandemic wasn’t enough to produce an unusual landscape for year-end tax planning, Congress continues to negotiate the budget reconciliation bill. The proposed Build Back Better Act (BBBA) is certain to include some significant tax provisions, but much uncertainty remains about their impact. While we wait to see which … Read more
H2R CPA announced that Phillip D. Zlokas, CPA, was promoted to Tax Director effective November 1, 2021. In his new role, Phil will help lead the firm’s tax client service team and the implementation of ongoing technological advances in tax service delivery. He will also be the key tax technical resource for the firm’s senior … Read more
Negotiations continue in Washington, D.C., over the future of President Biden’s agenda. Tax law changes may be ahead under two proposed laws, the Build Back Better Act (BBBA) and the Bipartisan Infrastructure Bill (BIB), also known as the Infrastructure Investment and Jobs Act. The final provisions remain to be seen, but the BBBA and, to … Read more