by H2R CPA Team The Tax Cuts and Jobs Act (TCJA) created a new general business tax credit for certain businesses that grant their qualifying employees paid family and medical leave in 2018 and 2019. The IRS now has released Notice 2018-71, which addresses several related issues, including eligibility, types of leave covered and calculation … Read more
The IRS recently released highly anticipated regulations addressing the deduction for up to 20% of qualified business income (QBI) from pass-through entities. The deduction was a major component of the Tax Cuts and Jobs Act, which became law late last year. It has also been referred to as the pass-through deduction, the QBI deduction or … Read more
The Tax Cuts and Jobs Act (TCJA) significantly expands bonus depreciation under Section 168(k) of the Internal Revenue Code for both regular tax and alternative minimum tax (AMT) purposes. Now, the IRS has released proposed regulations that clarify the requirements that businesses must satisfy to claim bonus depreciation deductions. Although the regs are only proposed … Read more
President Trump and Republican lawmakers currently are considering a second round of tax reform legislation as a follow-up to last year’s Tax Cuts and Jobs Act (TCJA). As of this writing, there’s been no actual bill drafted. However, House Ways and Means Committee Chair Kevin Brady (R-TX) just released a broad outline or framework of … Read more
by H2R CPA TeamIn today’s complex world of mergers and acquisitions (M&As), buyers need to get to know business sellers and their executives, test their representations about asset condition and financial performance, and screen for common fraud schemes. Here’s why.Whose side are they on?Without adequate M&A due diligence, unwary buyers could fall victim to false … Read more
by H2R CPA Team Because qualified retirement plan contributions lower the taxable income of business owners of passthrough entities (sole proprietorships, partnerships, S corporations, and LLCs), increasing contributions can qualify business owners for additional tax deductions under the Tax Cuts and Jobs Act that they would not otherwise have been eligible to receive, such as … Read more
by H2R CPA Team The Tax Cuts and Jobs Act changed the way tax is calculated. As a result, the IRS encourages everyone to perform a “paycheck checkup” to see if you have the right amount of tax withheld for your personal situation. People who are especially encouraged to check their withholding using the IRS Withholding … Read more
by H2R CPA Team There’s an old saying regarding family-owned businesses: “Shirtsleeves to shirtsleeves in three generations.” It means the first-generation owner started in shirtsleeves and built the company up from nothing but, by the third generation, the would-be owner is back in shirtsleeves with nothing because the business failed or was sold. Although you … Read more
Did you know that the IRS is working on reducing the size of Form 1040, eliminating more than 50 lines? See article below from Journal of Accountancy for details and contact H2R CPA at 412-391-2920 or team@h2rcpa.com with any questions you may have. Form 1040 to be shorter but with more schedules
by H2R CPA TeamIn a much-anticipated ruling that confounded the expectations of many court watchers, the U.S. Supreme Court has given state and local governments the green light to impose sales taxes on out-of-state online sales. The 5-4 decision in South Dakota v. Wayfair, Inc. was met by cheers from brick-and-mortar retailers, who have long … Read more