Video: Considerations for Federal Estimated Tax Payments Due to COVID-19
Lucas Rihely, CPA, Partner at H2R CPA, provides insight in regard to considerations for Federal estimated tax payments for 2019 and 2020 due to COVID-19. View the video here.
H2R CPA Team
PPP Loan Forgiveness Update
by Jeff Wolstoncroft, CPA The following is a summary of the Paycheck Protection Program (PPP) Interim Final Rule on Loan Forgiveness (5/22/2020): Payroll costs are on a cash basis on the front end of the 8 weeks and accrual basis for the final pay of the 8 weeks, for forgiveness. Meaning the payrolls paid during … Read more
IRS releases 2021 amounts for Health Savings Accounts
The IRS recently released the 2021 inflation-adjusted amounts for Health Savings Accounts (HSAs). HSA basics An HSA is a trust created or organized exclusively for the purpose of paying the “qualified medical expenses” of an “account beneficiary.” An HSA can only be established for the benefit of an “eligible individual” who is covered under a … Read more
Webinar Recording: Nonprofits and the Coronavirus Pandemic: Enduring These Challenging Times to Serve Tomorrow
This H2R CPA webinar was presented live on May 15, 2020. The webinar recording can be accessed here. A PDF of the webinar presentation can be accessed here. Webinar Summary People often lean on their local nonprofits during challenging times, but how do nonprofits serve those who need it most when their operations have been upended? … Read more
Will I need to certify economic need for my PPP loan?
The SBA has provided some guidance regarding the requirement for borrowers to certify their economic need for a PPP loan. If the loan amount is under $2m, then the loan will fall under safe harbor and will not need to be certified. The SBA has stated that it will not be able to review these … Read more
IRS clarifies the deductibility of PPP-funded expenses
The IRS has issued new guidance addressing a question that has lingered since the launch of the Paycheck Protection Program (PPP) — whether expenses paid for with forgiven, tax-free PPP loan proceeds are deductible business expenses under Section 162 of the Internal Revenue Code (IRC). The guidance in IRS Notice 2020-32 doesn’t provide the answer … Read more
Business Charitable Contribution Rules – CARES Act Changes
In light of the novel coronavirus (COVID-19) pandemic, many businesses are interested in donating to charity. In order to incentivize charitable giving, the Coronavirus Aid, Relief and Economic Security (CARES) Act made some liberalizations to the rules governing charitable deductions. Here are two changes that affect businesses: The limit on charitable deductions for corporations has … Read more
Webinar Recording: M&A Transactions in 2020: Fluctuations Caused by the Pandemic
This H2R CPA webinar was presented live on May 8, 2020. The webinar recording can be accessed here. A PDF of the webinar presentation can be accessed here. Webinar Summary As a business owner, you may have already started the process of selling your business or you may have considered taking your company to market in … Read more
Webinar Recording: PPP and UC: Common Challenges for Returning Your Workforce
This H2R CPA webinar was presented live on May 7, 2020. The webinar recording can be accessed here. A PDF of the webinar presentation can be accessed here. Webinar Summary The clock is ticking for those businesses lucky enough to have received a Paycheck Protection Program (PPP) loan. You have 8 weeks to use 75% of … Read more
Be sure independent contractors are properly classified
As a result of the coronavirus (COVID-19) crisis, your business may be using independent contractors to keep costs low. But you should be careful that these workers are properly classified for federal tax purposes. If the IRS reclassifies them as employees, it can be an expensive mistake. The question of whether a worker is an … Read more