H2R CPA Blog

Should I be worried about the Equifax data breach?

by H2R CPA Team What happened?On September 7, 2017, Equifax, one of the three main American credit reporting agencies, announced a massive cybersecurity incident that exposed consumer information – including names, addresses, birth dates, and Social Security numbers – leaving millions vulnerable to identity theft. What can I do?1. To check if you or anyone … Read more

How Long Should I Keep Financial Records?

by H2R CPA Team How long should tax returns, credit card statements, loan documents, and other important paperwork be kept? Whether running a household or a business, it is important to know when it is safe to dispose of financial and legal documents. ​​It is extremely important to hold on to financial paperwork in the case … Read more

IRS Warning About Summertime Scams

by H2R CPA Team The IRS has issued a warning regarding several new summertime scams involving the Electronic Federal Tax Payment System (EFTPS), robo-call messages and private debt collectors. It is important to remember that the IRS will never: Call to demand immediate payment using a specific payment method such as a prepaid debit card, … Read more

Leveraging the Foreign Earned Income Exclusion

by H2R CPA Team US taxpayers, both citizens and residents, are often surprised to learn that they need to pay taxes on all income earned whether generated in the US or abroad. This includes income that is earned while working overseas as an employee, independent contractor or from supplementary income sources such as investments, pensions … Read more

Do you have Unclaimed Property at the Pennsylvania Treasury?

by H2R CPA Team​ The Pennsylvania Treasury reports that it is currently holding $2.3 billion in unclaimed property. It also estimates that one in ten Pennsylvania residents have unclaimed property waiting for them. Could some of this property be yours? Sources of unclaimed property include: Abandoned bank accounts Forgotten stocks and bonds Uncashed checks, including paychecks Proceeds … Read more

What are the tax incentives available in 2017 for making improvements to business property?

by William M. Bodnar, CPA, MST, Tax Director​As an incentive for capital spending, accelerated tax deductions are now available for “Qualified Improvement Property” (QIP). QIP includes improvements to the interior of any nonresidential property after the building was originally placed into service, but may not include those to enlarge a building, any escalator or elevator … Read more