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

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 Read More

Sue Schloemer

Jan 17, 2024

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 Read More

Cassidy Hicks

Dec 06, 2023

Will Your Crypto Transactions Be Reported on a Form 1099?

Some taxpayers may be unaware of all the federal tax reporting requirements for cryptocurrency transactions — especially when it comes to issuing and receiving a Form 1099 for 2023. If you buy something with cryptocurrency, Read More

Kirsch CPA Group

Oct 06, 2023

New Upcoming Requirement for Businesses that Receive Large Amounts of Cash

Does your business receive large amounts of cash or cash equivalents? If so, you're generally required to report these transactions to the IRS — and not just on your tax return. Beginning January 1, 2024, Read More

Kirsch CPA Group

Sep 07, 2023

Ohio Enacts Bill Containing Favorable Tax Changes

On July 3, 2023, Governor Mike DeWine signed into law House Bill 33, Ohio’s 2024-2025 biennial budget legislation. This new law includes changes that will affect the Commercial Activity Tax exemptions, the resident tax credit, Read More

Sue Schloemer

Jul 06, 2023

Manufacturers: If Available, Take Advantage of Sales Tax Exemptions

Manufacturers must comply with all relevant tax laws to avoid dire consequences. While the most attention is generally directed toward federal income and payroll taxes, there's another potential aspect to consider: state sales tax. The Read More

Kirsch CPA Group

Jun 14, 2023

Is Your Manufacturing Company Eligible for Clean Energy Tax Credits?

The Inflation Reduction Act (IRA), enacted in late 2022, provides valuable tax credits that support clean energy manufacturing. Significantly, the law created the Advanced Manufacturing Project Tax Credit (45X MPTC), which is an incentive for Read More

Kirsch CPA Group

May 09, 2023

Meeting Your Organization’s Tax-Filing Obligations

The 2022 tax-filing deadline is fast approaching for many not-for-profit organizations. If you operate on a calendar-year basis, your filing deadline is May 15, 2023. Otherwise, you must file by the 15th day of the Read More

Kirsch CPA Group

Mar 02, 2023

7 Tax-Saving Opportunities for Manufacturers in 2023

After your manufacturing company's 2022 tax return has been filed, you can focus your efforts on reducing its 2023 tax liability. What are the top tax-saving opportunities available to manufacturers this year? Here are seven Read More

Kirsch CPA Group

Mar 02, 2023