Construction Business Owners: Prepare Now for Possible Tax Law Changes

The Tax Cuts and Jobs Act (TCJA) was signed into law in 2017 and generally took effect at the start of 2018. It brought sweeping changes to various aspects of tax law for both individuals Read More

Kirsch CPA Group

Jun 11, 2024

Close-Up on Pass-Through Entity Tax Laws

At the start of 2024, three dozen states and New York City already had pass-through entity taxes (PTETs) on their books, with legislation pending in three other states. These types of workarounds for the current Read More

Kirsch CPA Group

May 29, 2024

IRS Issues Final Regulations Regarding the Advanced Manufacturing Investment Credit

The Creating Helpful Incentives to Produce Semiconductors (CHIPS) for America Act — signed into law in 2022 — provides generous tax incentives to increase domestic production of semiconductors, also known as chips. More specifically, the Read More

Kirsch CPA Group

May 10, 2024

Updated Guidance on Business Vehicle Depreciation

The rules for deducting depreciation expenses on vehicles used for business purposes have been liberalized under current tax law, but they remain complicated. In addition, annual inflation adjustments make allowable depreciation deductions moving targets. (See Read More

Kirsch CPA Group

May 06, 2024

6 Potential Tax Deductions for Nonprofits

In general, organizations that qualify under Section 501(c)(3) of the tax code are exempt from paying federal income tax. However, some not-for-profits may seek to offset unrelated business income tax (UBIT) or income tax in Read More

Kirsch CPA Group

Apr 09, 2024

Court Rules Corporate Reporting Law is Unconstitutional but Requirements Remain

Under the Corporate Transparency Act (CTA), many businesses had to begin complying with new reporting requirements on January 1, 2024. But on March 1, 2024, the U.S. District Court for the Northern District of Alabama Read More

Kirsch CPA Group

Mar 27, 2024

Installment Sales Can Be a Win-Win for Buyers and Sellers

For federal income tax purposes, an installment sale is when at least one payment of proceeds from an eligible sale is deferred until after the end of the tax year in which the sale occurs. Read More

Kirsch CPA Group

Mar 25, 2024

Keys to Avoiding Payroll Tax Trouble

What would happen if your company failed to pay the IRS payroll taxes when they're due? You could be on the hook for penalties and, if you're treated as a "responsible party," held personally liable Read More

Kirsch CPA Group

Feb 27, 2024

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