In the midst of tax filing season, many business owners find that preparing information for tax returns is frustrating and time consuming. Cleaning up the prior year’s transactions is not an enjoyable or efficient task while trying to run a successful business. Support for prior transactions may be hard to find, and the details may … Read more
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
by Christopher L. Chonko Recent guidance provides multiple models for businesses and nonprofits (nongovernmental entities) to use when planning to account for a forgivable loan received under the Small Business Administration Paycheck Protection Program (PPP). A summary of the available options is provided below. Business Accounting Options FASB ASC 470 debt model Generally speaking, the … 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 H2R CPA Team Does your small business engage in qualified research activities? If so, you may be eligible for a research tax credit that you can use to offset your federal payroll tax bill. This relatively new privilege allows the research credit to benefit small businesses that may not generate enough taxable income to … 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 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