Lynne Mercer by H2R CPA Team US taxpayers, both citizens and residents, are often surprised to learn that they need to pay taxes on all income earned whether generated in the US or abroad. This includes income that is earned while working overseas as an employee, independent contractor or from supplementary income sources such as investments, pensions … Read more
by Edward G. Scherer, CPA Serving as a member of a nonprofit board is an honorable way to contribute to a cause that is important to you and give back to your community. However, many people do not realize that a board position comes with fiduciary responsibilities, including the following: Making careful decisions that protect … Read more
by H2R CPA Team The Pennsylvania Treasury reports that it is currently holding $2.3 billion in unclaimed property. It also estimates that one in ten Pennsylvania residents have unclaimed property waiting for them. Could some of this property be yours? Sources of unclaimed property include: Abandoned bank accounts Forgotten stocks and bonds Uncashed checks, including paychecks Proceeds … Read more
by Paul K. Rudoy, CPA/PFS Managing Partner, Paul K. Rudoy, CPA/PFS, shares his thoughts on the current issues faced by small and middle market business owners via Home Business Magazine. These issues include security, health care, tax rates and ROTHs.
by William M. Bodnar, CPA, MST, Tax DirectorAs an incentive for capital spending, accelerated tax deductions are now available for “Qualified Improvement Property” (QIP). QIP includes improvements to the interior of any nonresidential property after the building was originally placed into service, but may not include those to enlarge a building, any escalator or elevator … Read more
by Kieran O’Dea, CPA, Partner My advice to clients is to always have an exit strategy in mind. Regardless of whether you’re transferring your business to the next generation, facilitating a management-led buyout or selling to an outside party, it’s never too early to start preparing your business for transition. At a minimum, you will … Read more
by Paul K. Rudoy, CPA/PFS, Managing Partner No. Beneficiary designations control how these assets are transferred upon death. Wills do not play a role here. This is a serious mistake many people make, particularly when second marriages and two families are involved, when your spouseis not a parent of your children, or when you want … Read more
by H2R CPA Team In December, Congress passed the 21st Century Cures Act. The long and complex bill covers a broad range of health care topics, but of particular interest to some businesses should be the Health Reimbursement Arrangement (HRA) provision. Specifically, qualified small employers can now use HRAs to reimburse employees who purchase individual … Read more
by Alex M. Kindler, CPA/ABV/CFF/PFS, CVA, MBA There are many circumstances which might require a professional assessment of the value of your business, such as selling the business, succession planning, divorce, retirement planning and estate planning. Because a business is a significant asset to owners, lenders, creditors and other parties of interest, it is critical … Read more
by H2R CPA Team Beginning in January 2017 for the 2016 tax year, 1099-MISC forms need to be filed with the IRS, and a copy provided to the recipient, by January 31st. Filing is one month earlier than in prior years. You are required to issue a form if you pay more than $600 for services … Read more