by William M. Bodnar, CPA, MST, Tax DirectorAs 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
by Kieran O’Dea, CPA, Partner My advice to clients is to always have an exit strategy in mind. Regardless of whether you’re transferring your business to the next generation, facilitating a management-led buyout or selling to an outside party, it’s never too early to start preparing your business for transition. At a minimum, you will … Read more
by Paul K. Rudoy, CPA/PFS, Managing Partner No. Beneficiary designations control how these assets are transferred upon death. Wills do not play a role here. This is a serious mistake many people make, particularly when second marriages and two families are involved, when your spouseis not a parent of your children, or when you want … Read more
by H2R CPA Team In December, Congress passed the 21st Century Cures Act. The long and complex bill covers a broad range of health care topics, but of particular interest to some businesses should be the Health Reimbursement Arrangement (HRA) provision. Specifically, qualified small employers can now use HRAs to reimburse employees who purchase individual … Read more
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
by H2R CPA Team Beginning in January 2017 for the 2016 tax year, 1099-MISC forms need to be filed with the IRS, and a copy provided to the recipient, by January 31st. Filing is one month earlier than in prior years. You are required to issue a form if you pay more than $600 for services … Read more
by H2R CPA TeamOn 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
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
by H2R CPA Team On May 18, 2016, the US Department of Labor issued a Final Rule updating the Fair Labor Standards Act (FLSA) salary level above which certain white collar workers may be exempt from overtime pay requirements (time and one-half) when working more than 40 hours per week. Important features of the Final … Read more
by H2R CPA Team Did you know…? You may be able to deduct moving expenses (for you and your pet!) if the move was associated with a job change. If you changed jobs or employers, then you might be able to deduct your moving expenses — with conditions. Your move must coincide with the start of … Read more