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When Should Not-for-Profit Organizations Return Donations?
A donor makes a cash contribution to a nonprofit community health organization. The donor itemizes income tax deductions and meets the IRS's substantiation requirements. So he's entitled to take a deduction for the donation. The…
- Kirsch CPA Group
- Jan 07, 2021
A Dozen New Year’s Resolutions for Small Business Owners
Have you made any New Year's resolutions for 2021? Resolutions usually take the form of personal goals like eating healthier or getting rid of clutter around the house. But you can also make New Year's…
- Kirsch CPA Group
- Jan 07, 2021
Appropriations Law Adds Some Business Tax Breaks and Extends Others
President Trump signed the Consolidated Appropriations Act (CAA) into law on December 27, 2020. The legislation adds a few new tax breaks for businesses and extends a bevy of other business breaks that were set…
- Kirsch CPA Group
- Jan 07, 2021
The Tax Implications of Closing a Schedule C Business
Unfortunately, many businesses have already been forced to close their doors due to the economic fallout from COVID-19, and more will surely follow. Closing a business has important federal income tax implications that owners should…
- Kirsch CPA Group
- Jan 07, 2021
Energy-Related Tax Breaks Are Extended in the New Law
The massive economic stimulus and government spending law, which was signed on December 27, 2020, extends several energy-related tax breaks. Before the Consolidated Appropriations Act (CAA) was signed, these federal income tax breaks (often called…
- Kirsch CPA Group
- Jan 07, 2021
COVID-Related Tax Relief Is Signed Into Law
On December 27, President Trump signed the Consolidated Appropriations Act of 2021 (CAA), which provides pandemic relief, as well as other tax and health-related provisions. The CAA contains the COVID-Related Tax Relief Act of 2020…
- Kirsch CPA Group
- Dec 28, 2020
Just in Time for the Holidays: Pandemic Relief for Individuals
On December 21, Congress passed the Consolidated Appropriations Act of 2021 (CAA), which provides pandemic relief for individuals and businesses, as well as other tax and health-related provisions. White House aides had indicated that President…
- Kirsch CPA Group
- Dec 23, 2020
Covid Relief – Second Act Stimulus
On Monday, December 21, 2020, Congress voted to approve a long-awaited stimulus related to the ongoing Covid-19 Coronavirus pandemic. The legislation is expected to be signed into law this week. The bill contains numerous provisions…
- Kirsch CPA Group
- Dec 22, 2020
Current Individual Federal Income Tax Rate Scene
Here's an overview of the current individual tax rates under the Tax Cuts and Jobs Act (TCJA). Many of its provisions that affect individuals will expire in 2026, unless Congress extends them. Federal Income…
- Kirsch CPA Group
- Dec 17, 2020
Tax Implications of Holding Precious Metal Assets in Your IRA
Given today's stock market valuations and historically low-interest rates on fixed-income investments, some IRA owners may be interested in moving some funds from equities and low-risk securities (such as Treasuries and money-market funds) to precious…
- Kirsch CPA Group
- Dec 17, 2020
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