by Paul K. Rudoy, CPA/PFS Based on what we know to date, taxpayers should look at accelerating deductions. Mortgage interest deductions are being proposed to be limited to $500,000 for new debt, property tax deductions limited to $10,000 and with the doubling of the standard deduction, taxpayers’ charitable and medical deductions may not save you … Read more
by Paul K. Rudoy, CPA/PFS One of the provisions of the Trump Tax Proposal (TTP) is the repeal of the Federal Estate Tax. This is an onerous tax that taxes people’s net worth after they pass away. Taxation begins currently at $5.49M, or married couples have the opportunity to increase this limit to $10.98M. Generally, … Read more
by H2R CPA Team When businesses provide meals to their employees, generally their deduction is limited to 50%. But there are exceptions. One is if the meal qualifies as a de minimis fringe benefit under the Internal Revenue Code. A recent U.S. Tax Court ruling could ultimately mean that more employer-provided meals will be 100% … Read more
by H2R CPA Team How long should tax returns, credit card statements, loan documents, and other important paperwork be kept? Whether running a household or a business, it is important to know when it is safe to dispose of financial and legal documents. It is extremely important to hold on to financial paperwork in the case … Read more
by H2R CPA Team The IRS has issued a warning regarding several new summertime scams involving the Electronic Federal Tax Payment System (EFTPS), robo-call messages and private debt collectors. It is important to remember that the IRS will never: Call to demand immediate payment using a specific payment method such as a prepaid debit card, … Read more
by H2R CPA Team US taxpayers, both citizens and residents, are often surprised to learn that they need to pay taxes on all income earned whether generated in the US or abroad. This includes income that is earned while working overseas as an employee, independent contractor or from supplementary income sources such as investments, pensions … Read more
by Paul K. Rudoy, CPA/PFS Managing Partner, Paul K. Rudoy, CPA/PFS, shares his thoughts on the current issues faced by small and middle market business owners via Home Business Magazine. These issues include security, health care, tax rates and ROTHs.
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 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 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