H2R CPA Blog

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

How much is my business worth?

by Alex M. Kindler, CPA/ABV/CFF/PFS, CVA, MBA There are many circumstances which might require a professional assessment of the value of your business, such as selling the business, succession planning, divorce, retirement planning and estate planning. Because a business is a significant asset to owners, lenders, creditors and other parties of interest, it is critical … Read more

Overtime Rule Will Not Go Into Effect Dec 1

by H2R CPA Team​On November 22nd, a Federal judge issued a preliminary injunction against a US Department of Labor Final Rule updating the Fair Labor Standards Act (FLSA), which was set to go into effect December 1, 2016. The rule specified a new salary level above which certain white collar workers may be exempt from overtime pay … Read more

Update on Recent PA Tax Changes

by H2R CPA Team The recently enacted Pennsylvania House bill, HB 1198, contains the following noteworthy items: The 1% sales tax discount for timely filing will be maxed out at $25 per month. PA lottery winnings are now taxable for PA. This is effective 1-1-16, so anyone who won earlier this year may need to pay some estimates. Going … Read more