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Big Changes to the Child Credit for 2021
The American Rescue Plan Act (ARPA) significantly liberalizes the rules for the federal child tax credit, which means more money in the pockets of eligible parents this year. However, the liberalizations are only for the…
- Kirsch CPA Group
- Mar 31, 2021
The Evolution of the Employee Retention Credit
The pandemic has adversely affected many sectors of the U.S. economy, causing widespread job losses. At the start of the national emergency, Congress created a novel tax break — the Employee Retention Credit (ERC) —…
- Kirsch CPA Group
- Mar 31, 2021
Penalties Imposed on Employers for Federal Labor Violations
The U.S. Department of Labor's Wage and Hour Division (WHD) recently issued news releases announcing judgments against three companies investigated for various violations of laws and regulations. Here are the details. Case Number 1:…
- Kirsch CPA Group
- Mar 18, 2021
Self-Employed May Be Eligible for COVID-Related Tax Breaks for 2020
If you're self-employed as a sole proprietor, partner or limited liability company (LLC) member, COVID-relief legislation passed in 2020 included tax breaks that may affect your 2020 personal federal income tax return. In some cases,…
- Kirsch CPA Group
- Mar 17, 2021
4 Important Changes on Your 2020 Tax Return
The pandemic has led to several changes to the tax rules for last year. Here's a summary of four taxpayer-friendly changes that may affect your 2020 federal income tax return. 1. Limited Charitable Deduction…
- Kirsch CPA Group
- Mar 17, 2021
COVID-19 Relief: Overview of the New American Rescue Plan Act for Individuals
The American Rescue Plan Act (ARPA) was signed into law on March 11, 2021. The new law will provide roughly $1.9 trillion in much-needed financial relief to individuals, businesses, not-for-profit organizations, and state and local…
- Kirsch CPA Group
- Mar 17, 2021
COVID-19 Relief: Business Overview of the New American Rescue Plan Act
The American Rescue Plan Act (ARPA) was signed into law on March 11, 2021. The new law will provide roughly $1.9 trillion in much-needed financial relief to individuals, businesses, not-for-profit organizations, and state and local…
- Kirsch CPA Group
- Mar 17, 2021
Nine Ways Contractors Can Maintain Healthy Cash Flow
Contractors trying to keep their construction companies financially healthy face two intrinsic challenges: the seasonal nature of construction work and the unpredictability of an invoice-based business. Both can disrupt cash flow and make collecting and paying…
- Kirsch CPA Group
- Mar 04, 2021
How Your Nonprofit Can Act on 2021’s Biggest Trends
What can not-for-profit organizations expect in 2021 and beyond? One recent report, "11 Trends in Philanthropy for 2021," offers some answers. Produced by the Dorothy A. Johnson Center for Philanthropy at Grand Valley State University (Grand…
- Kirsch CPA Group
- Mar 04, 2021
Gauging the Reasonableness of Owners’ Compensation Deductions
For most privately held businesses, owners' compensation is one of the largest expenses on the income statement, especially when all the related perks and hidden costs are calculated. Compensation should accurately reflect what others would receive…
- Kirsch CPA Group
- Mar 04, 2021
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