Annual Action Required for Schedules K-2 and K-3

The IRS released two new schedules in recent years, Schedules K-2 and K-3. These new schedules are an expanded reporting requirement intended to provide more clarity and transparency for partners and shareholders of pass-through entities…

  • Sue Schloemer
  • Jan 17, 2024

New Voluntary Disclosure Program for Employers that Filed Dubious ERC Claims

As part of its continuing fight against questionable Employee Retention Credit (ERC) claims, the IRS recently announced a voluntary disclosure program for employers. Under the program, businesses can "pay back the money they received after…

  • Kirsch CPA Group
  • Jan 16, 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…

  • 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.…

  • Kirsch CPA Group
  • Jan 15, 2024

Unlock Tax Savings for Your Business – Work Opportunity Tax Credit (WOTC)

As we turn the page to a new tax year, now is the time to start planning for tax savings opportunities for tax year 2024. The Work Opportunity Tax Credit (WOTC) is one potential opportunity.…

  • Matt Harper
  • Jan 03, 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…

  • Kirsch CPA Group
  • Jan 03, 2024

Pay Attention To These 6 Tax-related Items in 2024

What's the tax outlook for manufacturers as 2024 begins? While certain provisions of the Tax Cuts and Jobs Act (TCJA) begin to phase out, other tax laws, including the Inflation Reduction Act (IRA) and the…

  • Kirsch CPA Group
  • Jan 02, 2024

How Construction Company Owners Can Build a Succession Plan Framework

At some time or another, construction company owners must hang up their hard hats. But what will happen to your business when you retire or move on to the next professional opportunity? And what if…

  • Kirsch CPA Group
  • Jan 02, 2024
Beneficial Ownership Information

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…

  • Cassidy Hicks
  • Dec 06, 2023

Construction Companies: Lean Into Tech to Optimize Accounting and Financial Management

The construction industry is renowned for its quality craftsmanship. However, it's also sometimes known for a historical reluctance to adopt new technology. When it comes to your construction company's accounting and financial management, there's never…

  • Kirsch CPA Group
  • Dec 05, 2023
Kirsch CPA Next Level Accounting Guide Download the Guide

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