Independent contractor vs. employee: The DOL issues new final rule

The U.S. Department of Labor’s (DOL’s) test for determining whether a worker should be classified as an independent contractor or an employee for purposes of the federal Fair Labor Standards Act (FLSA) has been revised several times over the past decade. Now, the DOL is implementing a new final rule rescinding the employer-friendly test that … Read more

Does your business have to comply with the new corporate transparency reporting rules?

Your business may soon have to meet new reporting requirements that take effect on January 1, 2024. Under the Corporate Transparency Act (CTA), enacted in 2021, certain companies will be required to provide information related to their “beneficial owners” — the individuals who ultimately own or control the company — to the Financial Crimes Enforcement Network (FinCEN). … Read more

ESOPs as an Exit Strategy

H2R CPA Partner, Lucas Rihely, CPA and Senior Associate, Cameron Zandier, CPA, MST, recently wrote an article published in the July/August 2023 issue of Breaking Ground magazine, a publication of the Master Builders Association of Western Pennsylvania. The article, “ESOPS as an Exit Strategy for Construction Companies” can be found on page 41 of the … Read more

Video: Valuation of Family Limited Partnerships (FLPs)

In this video, Steve Dotterer of H2R CPA discusses the valuation of Family Limited Partnerships (FLPs) for Federal estate and gift purposes. To determine the Fair Market Value (FMV), the three primary approaches that need to be taken into consideration are income, market, and asset approach – in conjunction with the composition of the assets … 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

PPP forgiveness and repayment: Critical deadlines approaching

A critical deadline is approaching for many of the businesses that have received loans under the Paycheck Protection Program (PPP), which was created in March 2020 by the CARES Act. If these borrowers don’t take action before the deadline expires, their loans will become standard loans, and the borrowers could be responsible for repaying the … Read more

Video: Identifying Personal Assets for Equitable Distribution

During a divorce, all assets should be considered so that they can be properly divided. H2R CPA Partner, Alex Kindler, CPA/ABV/ CFF/PFS, CVA, MBA, discusses some of the assets that can be overlooked during the divorce process. He also explores the strategies that some individuals may use to try to hide assets from their spouse. … Read more