H2R CPA Blog

Disasters and your taxes: What you need to know

Homeowners and businesses across the country have experienced weather-related disasters in recent months. From hurricanes, tornadoes and other severe storms to the wildfires again raging in the West, natural disasters have led to significant losses for a wide swath of taxpayers. If you’re among them, you may qualify for a federal income tax deduction, as … Read more

Cara Colavita: 20 People to Know in Accounting

H2R CPA Partner, Cara M. Colavita, CPA, recently shared her insights as one of Pittsburgh Business Times 20 People to Know in Accounting, a series which profiles “influential businesspeople working in key industries” and provides “an introduction to some of the behind-the-scenes players, key leaders and up-and-comers.” In the Q & A interview, Cara discusses … Read more

ERC guidance issued by IRS as Congress considers early termination

The IRS has published new guidance on the Employee Retention Credit (ERC). The credit was created in March 2020 to encourage employers to keep their workforces intact during the COVID-19 pandemic. Notice 2021-49 addresses various issues, particularly those related to the extension of the credit through 2021 by the American Rescue Plan Act (ARPA). The … Read more

PPP loan forgiveness simplified by SBA

The Small Business Administration (SBA) has released new guidance intended to expedite the forgiveness process for certain borrowers under the Paycheck Protection Program (PPP). The simplified process generally is available for loans of $150,000 or less, which the SBA reports account for 93% of outstanding PPP loans. The guidance comes at a time when many … Read more

PPP forgiveness and repayment: Critical deadlines approaching

A critical deadline is approaching for many of the businesses that have received loans under the Paycheck Protection Program (PPP), which was created in March 2020 by the CARES Act. If these borrowers don’t take action before the deadline expires, their loans will become standard loans, and the borrowers could be responsible for repaying the … Read more

Video: Identifying Personal Assets for Equitable Distribution

During a divorce, all assets should be considered so that they can be properly divided. H2R CPA Partner, Alex Kindler, CPA/ABV/ CFF/PFS, CVA, MBA, discusses some of the assets that can be overlooked during the divorce process. He also explores the strategies that some individuals may use to try to hide assets from their spouse. … Read more

Understanding the child tax credit payments

The first advance payments under the temporarily expanded child tax credit (CTC) will begin to arrive for nearly 39 million households in mid-July 2021 — unless, that is, they opt out. Most eligible families won’t need to do anything to receive the payments, but you need to understand the implications and why advance payments might … Read more

Far-reaching tax overhaul proposed by the Biden administration

President Biden recently announced his $1.8 trillion American Families Plan (AFP), the third step in his Build Back Better policy initiative. The announcement followed the previous releases of the proposed $2.3 trillion American Jobs Plan and the Made in America Tax Plan. These plans propose major investments in various domestic initiatives, such as expanded tax credits for … Read more

President Biden details his tax proposals for individuals

President Biden’s proposals for individual taxpayers were outlined in an April 28 address to Congress and in an 18-page fact sheet released by the White House. The “American Families Plan” contains tax breaks for low- and middle-income taxpayers and tax increases on those “making over $400,000 per year.” Here’s a summary of some of the … Read more