Blog - Philadelphia CPA
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Let me introduce you to the Section 105-HRA--created from the IRS Section 105 medical reimbursement plan and the health reimbursement arrangement (HRA).This plan provides the best possible medical reimbursement plan. To qualify you must have only 1 employee and operate your business as:Proprietorship reporting on...

 Finally, the health insurance rules that apply to small businesses make more sense and allow some benefits. Beginning January 1, 2017, you can install a new qualified small employer health reimbursement arrangement (QSEHRA) and start helping your employees pay for their health insurance and other medical...

If your business withholds taxes from its employees and does not pay them, your business and possibly yourself are exposed to substantial liabilities.The IRS trust fund recovery penalty can make you personally liable for the unpaid trust fund taxes for your business. Trust fund taxes...

This article examines a failed rental property purchase and the related tax consequences.Tom Jones lives in Philadelphia, PA and travels to Florida to purchase a rental property. He enters into a contract and that includes a nonrefundable deposit to secure the transaction, and spends $1300...

If you take the proper tax planning actions in reference to your rental property or office building,  you can put more cash in your pocket with the following 4 tax reductions strategies:Accelerate depreciation on certain components of the building identify repairs allocate less to land retire old building...

Let's start with this most important statement of fact. All the numbers included in your tax return are your responsibility. You create the numbers, not your accountant or CPA. You are required to have adequate documentation for your tax return. When you sign your return,...