Failing to keep up with tax payments now could lead to an expensive surprise come next spring. As of Oct. 1, the Internal Revenue Service is charging 8% interest on estimated tax underpayments, up from 3% two years ago, the Wall Street Journal reports. The increase is one of the many effects of rising interest rates.

For the second consecutive year, the IRS has postponed the implementation of a new rule that would have led to an estimated 44 million taxpayers receiving tax forms from payment apps and online marketplaces such as Venmo and eBay. While the delay should spare such taxpayers some confusion, it won’t affect their tax liability or income reporting responsibilities. And the IRS indicated that it intends to begin phasing in the rule in 2024.

Several factors are making 2023 a confounding tax planning year for many people. They include turbulent markets, stabilizing but still high interest rates and significant changes to the rules regarding retirement planning. While much uncertainty remains, the good news is that you still have time to implement year-end tax planning strategies that may reduce your income tax bill for the year. Here are some steps to consider as 2023 comes to a close.

Constant vigilance is the most critical control to prevent fraud risk. Employee fraud happens when a motivated individual who knows of a weakness decides that no one is paying attention. The minute that directors and employees let their guard down, someone who has been thinking about stealing will become much more likely to start doing it.

Businesses planning to pay employees year-end bonuses can time their payments to reduce taxes. For example, if your business operates on a cash basis, you must deduct bonuses in the year they’re paid. So you could pay bonuses either in late 2023 or early 2024, whichever makes the most tax sense.

Does your company struggle to close its books at the end of each month? The month-end close requires accounting personnel to round up data from across the organization. This process can strain internal resources, potentially leading to delayed financial reporting, errors and even fraud. Here are some simple ways to streamline your company’s monthly closing process.

Perhaps you’ve been in this situation before: You have a financial emergency and need to get your hands on some cash. You consider taking money out of a traditional IRA or 401(k) account but if you’re under age 59½, such distributions are not only taxable but also are generally subject to a 10% penalty tax.

The IRS has released the latest annual inflation adjustments for more than 60 tax provisions, including updated tax rate schedules and significant tax modifications, for the upcoming tax year 2024.

Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a final rule regarding when a reporting company may report an entity’s FinCEN identifier instead of information about an individual beneficial owner.