Author: Kirsch CPA Group

Attempts to claim write-offs for bad debt losses have fueled controversies with the IRS for many years. Unfortunately, bad debt losses are increasingly common during the COVID-19 pandemic. Here's an overview of the federal income Read More

Good news! Business taxpayers may still be able to take actions to lower their federal income tax liabilities for 2020, as well as for future years. Consider these ideas for reducing your tax bill before Read More

Many investors are unaware of the potential to defer taxes by investing in a qualified opportunity zone (“QOZ”). Created by the Tax Cuts and Jobs Act of 2017 and intended to spur economic development in Read More

The COVID-19 pandemic has put unprecedented stress on private business owners. Some are now considering selling their businesses before Congress has a chance to increase the rates on long-term capital gains. Before putting your business Read More

The Consolidated Appropriations Act (CAA) — the massive spending package passed in December 2020 — includes many tax breaks designed to help businesses that have been struggling during the COVID-19 pandemic. Specifically, the new law Read More

The following table provides some important federal tax information for 2021, as compared with 2020. Some of the dollar amounts are unchanged and some changed only slightly due to inflation. Social Security/ Medicare 2021 2020 Social Read More

From equipment theft to padded time to cyberattacks, contractors are vulnerable to a variety of fraud schemes. According to the Association of Certified Fraud Examiners, the median loss due to internal fraud is $200,000 for Read More

A lot can change over a lifetime — including with your wealth, family composition, and priorities. That's why you need to revise your estate plan as you progress through life. Milestones such as becoming a Read More

The Consolidated Appropriations Act (CAA) enacted in December 2020 extends and modifies several key tax provisions originally included in the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The CARES Act provided several forms of Read More

Signed into law in the waning days of 2020, the Consolidated Appropriations Act (CAA) provides some new tax breaks for employers — including three payroll-related items. These are the employee retention tax credit, family and Read More