Avoiding Nonprofit Tax Traps

If your organization has met the IRS qualifications to be considered tax-exempt, the income you receive — such as donor contributions — is exempt from federal income tax. However, it's still possible for not-for-profits to Read More


Kirsch CPA Group

Aug 04, 2022

Spring Cleaning Your Personal Tax Files

The general rule for retaining federal tax records is three years. That's because the statute of limitations for the IRS to audit your tax return is typically three years. The statute of limitations starts on Read More


Kirsch CPA Group

May 12, 2022

7 Midyear Tax-Reduction Strategies for Manufacturers

As the midpoint of the year fast approaches, it's a good time for manufacturers to assess their tax status and plan appropriate strategies for reducing their 2022 tax liability. Although each situation is unique, here Read More


Kirsch CPA Group

May 12, 2022

How Fringe Benefits for S Corporation Owners Are Taxed

In general, the value of statutory fringe benefits paid to employees is exempt from federal income tax. But special rules apply to S corporation shareholders who own 2% or more of a company. For these Read More


Kirsch CPA Group

Apr 14, 2022

Take Advantage of Tax Breaks for Small Businesses

If you own a small or medium-sized business, it may be eligible for some significant tax breaks that aren't available for larger entities. Here are three examples to consider as you file your tax return Read More


Kirsch CPA Group

Mar 17, 2022

Manufacturers Need to Act Soon to Take Advantage of 100% First-year Bonus Depreciation

First-year bonus depreciation typically creates a powerful tax incentive for eligible manufacturers to purchase qualified property needed for business reasons. These tax write-offs can benefit a manufacturer's cash flow, but claiming them isn't always the Read More


Kirsch CPA Group

Mar 17, 2022

How to Make the Most of the Annual Gift Tax Exclusion

The holidays often inspire a spirit of generosity. So, at year end, many people decide to give money or assets to their loved ones. Over time, lifetime gifts can also be an effective way for Read More


Kirsch CPA Group

Dec 02, 2021

House Democrats Release Tax Proposal

Recently House Democrats released a draft proposal of federal tax changes. Included in the proposal are numerous tax increases. These are proposals only at this point but provide some insight into changes that may eventually Read More


John Kirsch

Sep 17, 2021

How Virtual Currency Transactions Affect Your Tax Situation

Virtual currencies, also known as cryptocurrencies, have gone mainstream. For example, you can use Bitcoin to buy a Tesla, or you can use a Bitcoin wallet on your smartphone to make everyday purchases. But beware: Read More


Kirsch CPA Group

May 13, 2021

Tax Planning Tips for Individuals

It is the 4th quarter, it's time to think about your current federal tax situation. Tax planning strategies are especially complicated for 2020. There are a lot of moving pieces: The COVID-19 pandemic has caused Read More


Kirsch CPA Group

Oct 09, 2020