H2R CPA Blog

Year-End Tax Strategies for 2020

Like so many things this year, the recommended practices for your annual end-of-the-year tax planning reflect the COVID-19 pandemic and its far-flung effects. The economic impact, as well as federal relief packages like the CARES Act, may render some tried-and-true strategies for reducing your income tax liability less advisable for 2020. Adding to the uncertainty … Read more

Treasury Issues Guidance on Employee Payroll Tax Deferral

by Joseph M. Dickert, CPA Background on the Tax Deferral Per IRS Notice 2020-65, the notice provides the employer with the option to defer the withholding, deposit, and payment of the employee portion of the Social Security Tax of 6.2% on wages/compensation paid between September 1, 2020-December 31, 2020 (Applicable Wages). However, the deferred withholding … Read more

Documents for PPP Forgiveness

by Jeff Wolstoncroft, CPA With the Small Business Administration (SBA) opening the portal for banks to apply for forgiveness, we wanted to take a moment to let you know the documents you may need in regard to PPP forgiveness. Please note, we continue to promote patience when it comes to applying for PPP forgiveness. While … Read more