H2R CPA Blog

2022 cost-of-living adjustments and year-end tax planning

The IRS recently issued its 2022 cost-of-living adjustments for more than 60 tax provisions. With inflation up significantly this year, mainly due to the COVID-19 pandemic, many amounts increased considerably over 2021 amounts. As you implement 2021 year-end tax planning strategies, be sure to take these 2022 adjustments into account. Also, keep in mind that, … Read more

Tax-related provisions in the Infrastructure Investment and Jobs Act

Almost three months after it passed the U.S. Senate, the U.S. House of Representatives has passed the Infrastructure Investment and Jobs Act (IIJA), better known as the bipartisan infrastructure bill. While the bulk of the law is directed toward massive investment in infrastructure projects across the country, a handful of noteworthy tax provisions are tucked … Read more

Year-end tax planning for individuals in light of potential tax law changes

As if another year of the COVID-19 pandemic wasn’t enough to produce an unusual landscape for year-end tax planning, Congress continues to negotiate the budget reconciliation bill. The proposed Build Back Better Act (BBBA) is certain to include some significant tax provisions, but much uncertainty remains about their impact. While we wait to see which … Read more

Phillip D. Zlokas Promoted to Tax Director

H2R CPA announced that Phillip D. Zlokas, CPA, was promoted to Tax Director effective November 1, 2021. In his new role, Phil will help lead the firm’s tax client service team and the implementation of ongoing technological advances in tax service delivery. He will also be the key tax technical resource for the firm’s senior … Read more

Proposed tax changes: Debate continues in Congress

Negotiations continue in Washington, D.C., over the future of President Biden’s agenda. Tax law changes may be ahead under two proposed laws, the Build Back Better Act (BBBA) and the Bipartisan Infrastructure Bill (BIB), also known as the Infrastructure Investment and Jobs Act. The final provisions remain to be seen, but the BBBA and, to … Read more

Disasters and your taxes: What you need to know

Homeowners and businesses across the country have experienced weather-related disasters in recent months. From hurricanes, tornadoes and other severe storms to the wildfires again raging in the West, natural disasters have led to significant losses for a wide swath of taxpayers. If you’re among them, you may qualify for a federal income tax deduction, as … Read more

Cara Colavita: 20 People to Know in Accounting

H2R CPA Partner, Cara M. Colavita, CPA, recently shared her insights as one of Pittsburgh Business Times 20 People to Know in Accounting, a series which profiles “influential businesspeople working in key industries” and provides “an introduction to some of the behind-the-scenes players, key leaders and up-and-comers.” In the Q & A interview, Cara discusses … Read more

Video: Identifying Business Assets for Equitable Distribution

In this video, Alex Kindler of H2R CPA provides insight into how a business owner might hide business assets during a divorce. He also discusses ways that a business owner may try to devalue the worth of the business and when a spouse should consider hiring a forensic accountant to review the business’s books. 0:27 … Read more

ERC guidance issued by IRS as Congress considers early termination

The IRS has published new guidance on the Employee Retention Credit (ERC). The credit was created in March 2020 to encourage employers to keep their workforces intact during the COVID-19 pandemic. Notice 2021-49 addresses various issues, particularly those related to the extension of the credit through 2021 by the American Rescue Plan Act (ARPA). The … Read more

PPP loan forgiveness simplified by SBA

The Small Business Administration (SBA) has released new guidance intended to expedite the forgiveness process for certain borrowers under the Paycheck Protection Program (PPP). The simplified process generally is available for loans of $150,000 or less, which the SBA reports account for 93% of outstanding PPP loans. The guidance comes at a time when many … Read more