Major provisions of the new tax legislation

by Bill Bodnar, CPA, MST​, Tax Director The Tax Cuts and Jobs Act was signed by President Trump on December 22, 2017. The Act represents the most comprehensive change to the Internal Revenue Code since 1986. There have been a number of changes affecting all taxpayers, and to assist in identifying those which may impact … Read more

Highlights of the Tax Cuts and Jobs Act

by Rick Tonarelli, CPA, Tax Senior Manager The Tax Cuts and Jobs Act (H.R. 1) has been approved by Congress and awaits the President’s signature. Highlights of both the corporate and individual aspects of the new law are provided below. Note: Leaders in the Congress have signaled that a technical corrections bill may be necessary in 2018 … Read more

Two actions for every taxpayer before year end

​by Paul K. Rudoy, CPA/PFS We are in a period of uncertainty with two tax bills proposed and nothing finalized. However, there are two items that every taxpayer should look at before year-end: state & local tax and charity. State and local tax deductions (SALT)The State and Local tax deduction is very likely going away. Therefore, if … Read more

How Long Should I Keep Financial Records?

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

IRS Warning About Summertime Scams

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

Leveraging the Foreign Earned Income Exclusion

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