We get a lot of inquiries about the Form 8938. The Form 8938 is used to report overseas financial assets over a certain threshold. The threshold amount varies by type of person. For 2017, here are the filing requirements: Unmarried taxpayers living inside the United States with financial assets outside of the United States that [...]
Our CPAAI member firm in Pittsburgh H2R CPA firm recently posted this blog on estate planning tips for the sandwich Generation. The “sandwich generation” accounts for a large segment of the population. These are people who find themselves caring for both their children and their parents at the same time. In some cases, this [...]
From our CPAAI member firm H2R CPAs in Pittsburgh, "New Tax Rules for Meals and Entertainment". The article provides a summary of the new rules regarding meals and entertainment tax deductions, signed into law with the Tax Cuts and Jobs Act of 2017. by Nate DeFilippi, CPA, MBA H2R CPA is pleased to provide a [...]
From our CPAAI (CPA Associates International) Colleagues, Rosenswig Mcrae Thorpe in Canada Utilization of Key Performance Indicators As a Measure of Success There are many challenges to managing a business in an ever-changing and competitive marketplace. Monitoring the company’s performance and progress is a key aspect of management. Many businesses use key performance indicators to [...]
As you know, significant “tax reform” legislation is currently being worked on in the House and Senate. They have each passed their own versions and now they need to be reconciled and combine into one bill. The chart below compares the two versions as of December 4, 2017. Note that most of the provisions in [...]
Tis the season to battle it out on The Hill. You may have heard about a little thing called Tax Reform. Well, the House of Representatives passed its version of the tax reform bill a few weeks ago. Recently, the Senate passed its version and, shockingly (sarcasm inserted here), they do not match. Both houses [...]
Many businesses report unusual, extraordinary gains and losses in addition to their usual revenue, income and, expenses. Recording a gain increases an asset or decreases a liability, while recording a loss decreases an asset or increases a liability. When a business has recorded an extraordinary gain or loss during the period, its income statement [...]
Some people view the IRS as a blood-sucking ogre intent on harassing businesses. Perhaps that’s the reason why the saying, “if something can be taxed, it is taxed” rings true for so many business owners and managers. Even in a relatively small business with just a few employees, one accountant can keep busy filing [...]
Existing product markets are often attractive growth avenues. For many businesses, existing product markets are the ‘low hanging fruit’ when it comes to increasing sales -- both new and repeat. An established firm typically has a base on which to build, which means it is easier for momentum to be exploited. Also, the firm [...]
Living life to its fullest isn’t always cheap. Unfortunately, neither is dying, particularly if you have a hefty estate. The federal government imposes an estate tax on large estates and with the help from the IRS, they make it a priority to collect. How? IRS Form 706, United States Estate (and Generation-Skipping Transfer) Tax Return. [...]
