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
This H2R CPA webinar was presented live on May 15, 2020. The webinar recording can be accessed here. A PDF of the webinar presentation can be accessed here. Webinar Summary People often lean on their local nonprofits during challenging times, but how do nonprofits serve those who need it most when their operations have been upended? … Read more
The SBA has provided some guidance regarding the requirement for borrowers to certify their economic need for a PPP loan. If the loan amount is under $2m, then the loan will fall under safe harbor and will not need to be certified. The SBA has stated that it will not be able to review these … Read more
The IRS has issued new guidance addressing a question that has lingered since the launch of the Paycheck Protection Program (PPP) — whether expenses paid for with forgiven, tax-free PPP loan proceeds are deductible business expenses under Section 162 of the Internal Revenue Code (IRC). The guidance in IRS Notice 2020-32 doesn’t provide the answer … Read more
In light of the novel coronavirus (COVID-19) pandemic, many businesses are interested in donating to charity. In order to incentivize charitable giving, the Coronavirus Aid, Relief and Economic Security (CARES) Act made some liberalizations to the rules governing charitable deductions. Here are two changes that affect businesses: The limit on charitable deductions for corporations has … Read more
This H2R CPA webinar was presented live on May 8, 2020. The webinar recording can be accessed here. A PDF of the webinar presentation can be accessed here. Webinar Summary As a business owner, you may have already started the process of selling your business or you may have considered taking your company to market in … Read more
This H2R CPA webinar was presented live on May 7, 2020. The webinar recording can be accessed here. A PDF of the webinar presentation can be accessed here. Webinar Summary The clock is ticking for those businesses lucky enough to have received a Paycheck Protection Program (PPP) loan. You have 8 weeks to use 75% of … Read more
As a result of the coronavirus (COVID-19) crisis, your business may be using independent contractors to keep costs low. But you should be careful that these workers are properly classified for federal tax purposes. If the IRS reclassifies them as employees, it can be an expensive mistake. The question of whether a worker is an … Read more
Congress and the Trump administration have struck a deal on another piece of legislation, the latest in a series of federal measures intended to provide relief in response to the novel coronavirus (COVID-19) pandemic. The $484 billion legislation, which is being referred to as the Interim Stimulus Plan, amends the Coronavirus Aid, Relief and Economic … Read more
Many people’s estates typically include IRAs. Be aware that two major laws passed into law recently, the Setting Every Community Up for Retirement Enhancement (SECURE) Act and the Coronavirus Aid, Relief, and Economic Security (CARES) Act, have had a direct effect on IRAs. In a nutshell, the CARES Act waives required minimum distribution (RMD) rules … Read more