This is an update to a previous post on the Ohio Scholarship Donation Credit. Reducing your income taxes while benefiting a charitable organization at the same time provides a welcome opportunity for many taxpayers. The State of Ohio introduced the Ohio Scholarship Donation Credit in 2021, and it continues to
Most business owners review their financial statements every month. They look at revenue, expenses, profitability, and cash flow, then get back to running the business. The problem is that financial statements only tell part of the story. They show what happened, but they don’t explain why it happened or what’s
The IRS has released additional guidance on how individual taxpayers can determine their deduction amounts for qualified tips and overtime wages under the OBBBA for 2025. This update is important because Forms W-2 1099 forms will not be modified for 2025 to reflect these new deductions. Refresher As noted in
Balancing the Scales: Investing in Women Leaders Half of all accounting graduates today are women, yet only a small percentage of firm partners are women. We don’t like that math. So, we’re working to change it. We’re striving to be a leader among accounting firms in attracting, retaining, developing, and
In a significant turn of events, a federal court has issued an injunction halting the enforcement of the Corporate Transparency Act (CTA) and its accompanying Beneficial Ownership Information (BOI) reporting requirements. This development has stirred both relief and uncertainty among businesses across the nation – and understanding what this suspension
It seems like giving should be easier. Charitable giving is widespread in the U.S. and plays a crucial role in supporting countless non-profit organizations across a wide range of categories: education, healthcare, environmental protection, social services, and the arts. To foster charitable giving, the tax code under Section 170 and
The Inflation Reduction Act (“IRA”) provided a new tax credit under Internal Revenue Code Section 45X, allowing certain manufacturers to qualify for a production tax credit for the domestic production and sale of eligible components. On December 14, 2023, proposed regulations were issued to provide more insight into this new
Can’t watch the video? Get the transcript. Barnes Dennig Senior Manager Lynn Meiser and Manager Christa Woelfel—top professionals in non-profit tax and audit—team up in this short video to share how the firm’s tax and assurance teams collaborate to serve non-profit clients better. They cover how our teams make the
Most non-profit finance teams treat the audit as something that happens after year-end. The books close in December, the auditors arrive in February, and then the scramble begins. Believe it or not, there’s a better way. August and September are the most valuable months on your financial calendar, and using
As organizations grow, requirements change rapidly – and one of the biggest challenges for many growing companies and not-for-profits is the need for an employee benefit plan (EBP) audit. In this Q&A, we’ll unpack key requirements, how to prepare for your first EBP audit, what documents you’ll need to collect,
The non-profit sector faces a complex financial landscape in 2025, with economic pressures, staffing shortages, and evolving compliance requirements creating significant hurdles. A recent survey conducted by BTQ Financial, in collaboration with Cascade Insights, sheds light on the pressing financial challenges faced by non-profit leaders and the transformative role that
Manage HR with less stress and more strategy People power every part of your business—and so does HR. Whether you’re a growing business, non-profit organization, or an established entity, building a full in-house HR team may not always be feasible. That’s where Barnes Dennig comes in. Our Fractional HR Support