Are you familiar with the new Qualified Business Income deduction for partnerships, LLCs, S corps, trusts, estates and sole proprietorships? 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. Mechanics of the new Sec. 199A deduction for qualified business income
by H2R CPA Team A company’s management team is often interested in painting the rosiest possible picture of a company’s financial performance. But aggressive earnings management, or “spin,” can mislead investors and lenders. Here are some ways U.S. Generally Accepted Accounting Principles (GAAP) can be manipulated to obscure the truth.Creative accounting vs. cooking the booksEarnings … Read more
by Joseph M. Delisi, CPA With audit season upon us, it is important to remember that auditors are required to address “risk of fraud” during the audit process for both businesses and nonprofit organizations. The most common type of fraud is asset misappropriation, occurring in 85% of cases, according to a Global Fraud Study by … Read more
by H2R CPA TeamWhen accountants conduct an audit or review, they can’t test every transaction. Instead, they set a “materiality” threshold. This benchmark is used to obtain reasonable assurance in an audit — or limited assurance in a review — of detecting misstatements that could be large enough, individually or in the aggregate, to be … Read more
by H2R CPA Team The “sandwich generation” accounts for a large segment of the population. These are people who find themselves caring for both their children and their parents at the same time. In some cases, this includes providing parents with financial support. As a result, estate planning — which traditionally focuses on providing for … Read more
by Joseph M. Delisi, CPA, Principal Despite the continuing decline in overall paper check usage, check fraud continues to pose a risk for many organizations. Since checks are passed person-to-person on their way to payment, they can easily be stolen, duplicated, altered or cashed illegally. Are you concerned about check fraud losses at your business? … Read more
by Leo A. Hannah, CPA, MBA, Partner I recently attended the Pennsylvania Institute of Certified Public Accountants (PICPA) Insurance Conference and wanted to share what I thought were the most relevant topics for my Fraternal Benefit Society clients: One of the main themes was cybersecurity. The Pennsylvania Department of Insurance will eventually be bringing in specialists … Read more
As part of H2R CPA’s Litigation Support practice, we provide expert consulting and testimony services to assist counsel and their clients going through divorce and marital disputes. Family-law attorneys often require these services on behalf of dependent and independent spouses in cases involving a variety of complex issues. Beginning with this post, and on a … Read more
by Nate DeFilippi, CPA, MBA H2R CPA is pleased to provide a summary of the new rules regarding meals and entertainment tax deductions, signed into law with the Tax Cuts and Jobs Act of 2017. We recommend that businesses update general ledgers in accordance with these changes to plan for the 2018 tax year. In general, the … Read more
by Nate DeFilippi, CPA, MBA In response to a request from the Pennsylvania Institute of Certified Public Accountants (PICPA), The Pennsylvania Department of Revenue (DOR) has agreed to delay the implementation of new 1099-MISC withholding requirements. Act 43 of 2017 introduced a new and more complicated withholding requirement for Pennsylvania businesses. Beginning January 1, 2018, … Read more