QBI Deduction: Use It or (Possibly) Lose It

The qualified business income (QBI) deduction is available to eligible individuals through 2025. After that, it's scheduled to disappear, unless Congress passes legislation to extend it. With 2024 underway, it's now use-it-or-lose-it time for the Read More

Kirsch CPA Group

Feb 26, 2024

How Manufacturers Can Factor Depreciation Tax Breaks Into Their 2024 Asset Purchase Planning

What's the tax outlook when manufacturers purchase equipment and other tangible property, various tax breaks are available, including Section 179 expensing and first-year bonus depreciation. For 2024, bonus depreciation has dropped another 20 percentage points Read More

Kirsch CPA Group

Feb 12, 2024

Change Order Management: Best Practices for Construction Businesses

As you know, change orders are an inherent part of the construction industry. Alterations to the original design, specifications, execution methods or scope of a job can impact the budget and timeline. And when not Read More

Kirsch CPA Group

Jan 16, 2024

New Threshold for Filing Electronic Information Returns Kicked In Jan. 1

If your business files 10 or more information returns, you must now file them electronically. This is a significant rule change that went into effect on January 1, 2024, for 2023 tax year information returns. Read More

Kirsch CPA Group

Jan 15, 2024

IRS Delays $600 Form 1099-K Reporting Threshold

Businesses and individuals concerned about the confusing 1099-K reporting requirements can breathe a sigh of relief: On November 21, 2023, the IRS announced that the deadline for the new $600 reporting threshold won't go into Read More

Kirsch CPA Group

Jan 03, 2024

Is Your Business Subject to the New BOI Reporting Rules?

Starting January 1, 2024, an anticipated 32.6 million businesses will be required to comply with new beneficial ownership information (BOI) reporting rules under the Corporate Transparency Act (“CTA”). BOI reporting involves the disclosure of information Read More

Cassidy Hicks

Dec 06, 2023

Year-End Review of S Corp Compensation: Stay on the Right Side of the IRS

With 2024 right around the corner, your shareholders might be thinking about year-end bonuses or distributions. Before doing so, it's important to review the potential tax implications and requirements.   Distributions vs. Bonuses S corporations Read More

Kirsch CPA Group

Dec 04, 2023

Six Cash Flow Best Practices for Cyclical Businesses

While cash flow best practices apply across all types of businesses, there’s added difficulty for businesses that experience dramatic fluctuations in sales and cash flow due to the seasonal or cyclical nature of their products Read More

Kirsch CPA Group

Oct 19, 2023

Leveraging AI to Add Value to Your Business

Artificial intelligence (AI) has been around for years. In November 2022, however, the technology became more broadly used by the general public with the advent of Chat Generative Pre-Trained Transformer (ChatGPT). This conversation bot uses Read More

Kirsch CPA Group

Oct 12, 2023

New Upcoming Requirement for Businesses that Receive Large Amounts of Cash

Does your business receive large amounts of cash or cash equivalents? If so, you're generally required to report these transactions to the IRS — and not just on your tax return. Beginning January 1, 2024, Read More

Kirsch CPA Group

Sep 07, 2023