How Construction Business Owners Can Prepare for an IRS Audit
The IRS has historically considered construction a high-risk compliance industry because of its potential for cash transactions, underreported income and worker misclassification. What's more, as the tax agency rolls into the future under new leadership,…
- Kirsch CPA Group
- May 10, 2023
Is Your Manufacturing Company Eligible for Clean Energy Tax Credits?
The Inflation Reduction Act (IRA), enacted in late 2022, provides valuable tax credits that support clean energy manufacturing. Significantly, the law created the Advanced Manufacturing Project Tax Credit (45X MPTC), which is an incentive for…
- Kirsch CPA Group
- May 09, 2023
Got a “Business” Idea? You Might Want to Form a Nonprofit
Do you have an idea for a new venture with social benefits or environmental applications? You can set up as a for-profit entity — such as a C corporation, S corporation or limited liability company…
- Kirsch CPA Group
- May 08, 2023
Got Fraud? Call a Forensic Accountant
Fraud perpetrated by employees, management, vendors or customers can happen to any business. And if it does, it can take years to recover from the financial losses and reputational damage. In some cases — especially…
- Kirsch CPA Group
- May 08, 2023
Need a CFO? Hire or Outsource
Small business owners often have accounting questions and financial advisory needs that don’t always occur at regular intervals or around tax time. Opportunities to grow your business crop up with a little warning. How does…
- Kirsch CPA Group
- Apr 28, 2023
Resist Purging After Filing Your 2022 Tax Return
The statute of limitations for the IRS to audit your tax return is typically three years. It begins on the later of: 1) the due date for your tax return or 2) the date on…
- Kirsch CPA Group
- Apr 27, 2023
How External Auditors Can Leverage Your Internal Audit Work
If your organization has an internal audit function, you may be able to use your internal audit team to streamline financial reporting by external auditors. External auditors aren't required to use internal auditors in any…
- Kirsch CPA Group
- Apr 26, 2023
New SECURE 2.0 Act Boosts 401(k) Benefits
The 401(k) plan is the most popular employer-sponsored retirement plan in the United States. As of September 30, 2022, more than $6.3 trillion in assets were held in 401(k) accounts by more than 60 million…
- Kirsch CPA Group
- Apr 25, 2023
Measuring Fair Value for Financial Reporting Purposes
Fair market value is the appropriate standard of value in most business valuation assignments. But when valuing an asset for financial reporting purposes, fair value is generally used. Here's an overview of what fair value…
- Kirsch CPA Group
- Apr 12, 2023
IRS Issues Guidance for Manufacturers on New Semiconductor Tax Credit
The IRS has released proposed regulations that provide guidance for manufacturers on the implementation of the Advanced Manufacturing Investment Credit. The credit, created by the Creating Helpful Incentives to Produce Semiconductors (CHIPS) Act, encourages manufacturers…
- Kirsch CPA Group
- Apr 12, 2023