Ohio Tax Benefit for S-Corp and Partnership Owners

What changed? For the last 5 years, federal tax deductions for state and local taxes were limited to $10,000 for individuals. For owners of Ohio pass-through entities that limitation ended, on June 14, 2022, when…


  • Sam Brizgis
  • Dec 02, 2022

Prevent Fraud at Your Construction Company With a Holistic Approach

Most experts would agree that the best way to minimize fraud at any company, including a construction business, is to take a holistic approach. As the owner, you must set the tone at the top…


  • Kirsch CPA Group
  • Nov 30, 2022

Financial Reporting Check-Up: How Fiscally Fit Is Your Company?

Comprehensive financial statements prepared under U.S. Generally Accepted Accounting Principles (GAAP) include three reports: the balance sheet, income statement, and statement of cash flows. Together these reports can be powerful diagnostic tools to help evaluate…


  • Kirsch CPA Group
  • Nov 30, 2022

The IRS Has Announced Various Tax Benefit Increases for 2023

The IRS recently announced many inflation adjustments for the 2023 tax year. IRS Revenue Procedure 2022-38 provides details about these amounts. Because inflation is high, many of the amounts for 2023 will change more than they…


  • Kirsch CPA Group
  • Nov 30, 2022

Does your Business Deduct Research & Development Expenses? Major Changes Impact 2022 Taxes…

The 2017 Tax Cuts and Jobs Act (TCJA) included a deferred provision that changes the way research and development (R&D) expenses are deducted for tax purposes beginning with the 2022 tax year. Prior to 2022,…


  • Elizabeth Michalak
  • Nov 09, 2022

Manufacturers Must Act Now to Maximize Depreciation-Related Tax Breaks for 2022

As the end of the year nears, manufacturers are looking to get the most tax bang for their buck. One proven method is to maximize tax breaks relating to depreciation. In some cases, your company…


  • Kirsch CPA Group
  • Nov 09, 2022

It’s Time for Businesses to Rethink Their Working Capital Practices

In today's uncertain marketplace, businesses are being forced to re-evaluate their working capital needs. Some managers have learned the hard way during the pandemic that operating "lean" has its limits.   What Is Working Capital?…


  • Kirsch CPA Group
  • Nov 09, 2022

How Can Small Business Owners Lower Taxes for 2022?

It's time for year-end tax planning. Every fall, small business owners should review their tax situations to determine steps they should consider to reduce their federal income taxes for the current year — and beyond.…


  • Kirsch CPA Group
  • Oct 27, 2022

Employers: Beware of Improper Employee Retention Credit Claims

The IRS is warning employers to beware of third parties who are advising them to claim the Employee Retention Credit (ERC) when they may not qualify. Some third parties are taking improper positions related to…


  • Kirsch CPA Group
  • Oct 27, 2022

Social Security Wage Base and Earnings Test Amounts Increase in 2023

The Social Security Administration (SSA) recently announced that the "wage base" for computing Social Security tax will increase for 2023 to $160,200. This is up from $147,000 for 2022. Federal law limits the amount of…


  • Kirsch CPA Group
  • Oct 27, 2022