H2R CPA Blog

Actions to take after tax day

The April tax filing deadline has passed, but that doesn’t mean you should push your taxes out of your mind until next year. Here are three tax-related actions that you should consider taking in the near term (if you filed on time and didn’t file for an extension). Retain the requisite records Depending on the … Read more

Congress eyes further retirement savings enhancements

In 2019, the bipartisan Setting Every Community Up for Retirement Enhancement Act (SECURE Act) — the first significant legislation related to retirement savings since 2006 — became law. Now Congress appears ready to build on that law to further increase Americans’ retirement security. The U.S. House of Representatives passed the Securing a Strong Retirement Act … Read more

IRS eases Schedules K-2 and K-3 filing requirements for 2021

The IRS has announced additional relief for pass-through entities required to file two new tax forms — Schedules K-2 and K-3 — for the 2021 tax year. Certain domestic partnerships and S corporations won’t be required to file the schedules, which are intended to make it easier for partners and shareholders to find information related to “items … Read more

IRS Guidance on Retroactive Termination of ERC

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

Tax Proposals Included in the Build Back Better Act

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

Changes to the Employee Retention Credit

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 The ERC was originally enacted in the Coronavirus Aid, Relief and Economic Security (CARES) Act in March … Read more