H2R CPA Blog

R&D payroll tax credit expanded by Inflation Reduction Act

When President Biden signed the Inflation Reduction Act (IRA) into law in August, most of the headlines covered the law’s climate change and health care provisions. But the law also enhances an often overlooked federal tax break for qualifying small businesses. The IRA more than doubles the amount a qualified business can potentially claim as … Read more

H2R CPA Announces New Managing Partner

H2R CPA announced that Kieran O’Dea, CPA, will assume the role of Managing Partner effective January 1, 2023. Paul K. Rudoy, CPA/PFS, will remain at the firm as a tax partner and advisor following the transition. Kieran O’Dea will be the sixth Managing Partner in firm history, representing the fourth generation of firm leadership. With … Read more

Clean Vehicle Credit: What you need to know

The Inflation Reduction Act (IRA) includes a wide range of tax incentives aimed at combating the dire effects of climate change. One of the provisions receiving considerable attention from consumers is the expansion of the Qualified Plug-in Electric Drive Motor Vehicle Credit (IRC Section 30D), now known as the Clean Vehicle Credit. While the expanded credit seems … Read more

Tax penalty relief offered by IRS for 2019 and 2020

While the recently announced student loan debt relief has captured numerous headlines, it’s estimated that another federal relief program announced on the same day will provide more than $1.2 billion in tax refunds or credits. Specifically, IRS Notice 2022-36 extends penalty relief to both individuals and businesses who missed the filing deadlines for certain 2019 and/or 2020 … Read more

CHIPS Act poised to boost U.S. businesses

The Creating Helpful Incentives to Produce Semiconductors for America Act (CHIPS Act) was recently passed by Congress as part of the CHIPS and Science Act of 2022. President Biden signed it into law recently. Among other things, the $52 billion package provides generous tax incentives to increase domestic production of semiconductors, also known as chips. … Read more

Act now to make the most of bonus depreciation

The Tax Cuts and Jobs Act (TCJA) significantly boosted the potential value of bonus depreciation for taxpayers — but only for a limited duration. The amount of first-year depreciation available as a so-called bonus will begin to drop from 100% after 2022, and businesses should plan accordingly. Bonus depreciation in a nutshell Bonus depreciation has … Read more

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