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Accounting & Business Advisory Blog
Should Your Business Elect to Pay Pass-Through Entity Taxes?
With most states now offering entity level PTE taxes as a workaround for federal limits on deductions for state and local tax (SALT) payments for individuals, it’s a good time to review whether you should…
- Sue Schloemer
- Jan 31, 2024
Answers to Common Payroll Questions
Understanding the payroll tax rules can be challenging when your company hires workers or the personal situations of existing employees change. Employers often have questions about their shifting recordkeeping and withholding requirements. Here are some…
- Kirsch CPA Group
- Jan 30, 2024
7 Tasks For a Successful Nonprofit Finance Committee
A nonprofit's finance committee oversees and keeps its board of directors apprised of the organization's overall financial health. This should be more than simply scanning financial reports. An active finance committee is crucial to maintain…
- Kirsch CPA Group
- Jan 29, 2024
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