H2R CPA Blog

COVID-19 PA Hazard Pay Grant Program

by Jeff Wolstoncroft On Thursday, July 16, 2020, Governor Tom Wolf announced the availability of $50 million in grant funding to help employers provide hazard pay to employees in life-sustaining occupations during the COVID-19 pandemic. Applications will be received between July 16, 2020 and July 31, 2020. Complete details of the program and a link … Read more

IRS Guidance: Coronavirus-Related Distributions and RMD Rollovers

The CARES Act was enacted in an attempt to mitigate the economic effects of the COVID-19 pandemic. Among other things, it extends favorable tax treatment to qualified individuals who take so-called “coronavirus-related distributions” (CRDs) from IRAs, 401(k) plans and certain other retirement plans. Specifically, the CARES Act waives the 10% early distribution penalty for CRDs … Read more

Webinar Recording: Financial and Legal Risks for School Districts

This H2R CPA webinar was presented live on May 27, 2020. The webinar recording can be accessed here. A PDF of the webinar presentation can be accessed here. Webinar Summary School board members and leadership continue to manage the effects of COVID-19. From remote teaching to canceling graduation ceremonies, the state of confusion is more likely … Read more

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