New bonus depreciation guidance issued by IRS

The Tax Cuts and Jobs Act (TCJA) significantly expands bonus depreciation under Section 168(k) of the Internal Revenue Code for both regular tax and alternative minimum tax (AMT) purposes. Now, the IRS has released proposed regulations that clarify the requirements that businesses must satisfy to claim bonus depreciation deductions. Although the regs are only proposed … Read more

What to expect from additional tax reform

​President Trump and Republican lawmakers currently are considering a second round of tax reform legislation as a follow-up to last year’s Tax Cuts and Jobs Act (TCJA). As of this writing, there’s been no actual bill drafted. However, House Ways and Means Committee Chair Kevin Brady (R-TX) just released a broad outline or framework of … Read more

Recommended Reading: Qualified retirement plans can provide additional tax savings for business owners

by H2R CPA Team Because qualified retirement plan contributions lower the taxable income of business owners of passthrough entities (sole proprietorships, partnerships, S corporations, and LLCs), increasing contributions can qualify business owners for additional tax deductions under the Tax Cuts and Jobs Act that they would not otherwise have been eligible to receive, such as … Read more

Recommended Reading: Paycheck Checkup

by H2R CPA Team The Tax Cuts and Jobs Act changed the way tax is calculated. As a result, the IRS encourages everyone to perform a “paycheck checkup” to see if you have the right amount of tax withheld for your personal situation. People who are especially encouraged to check their withholding using the IRS Withholding … Read more

Recommended Reading: Revisions to Form 1040

Did you know that the IRS is working on reducing the size of Form 1040, eliminating more than 50 lines? ​See article below from Journal of Accountancy for details and contact H2R CPA at 412-391-2920 or with any questions you may have. Form 1040 to be shorter but with more schedules

Tax Alert: State and Local Taxation of Online Sales

by H2R CPA Team​In a much-anticipated ruling that confounded the expectations of many court watchers, the U.S. Supreme Court has given state and local governments the green light to impose sales taxes on out-of-state online sales. The 5-4 decision in South Dakota v. Wayfair, Inc. was met by cheers from brick-and-mortar retailers, who have long … Read more

Pennsylvania Tax Credits: R&D and More

by H2R CPA Team​Do you qualify for Pennsylvania’s R&D tax credit? If so, you can now apply online. The PA Department of Revenue is launching a new online application system for the Research and Development Tax Credit that can be accessed through its website.  All R&D credit applications must be submitted online by 9/15/18 to be eligible for the program. … Read more