President-Elect Donald Trump will return to the White House in 2025 — a year that already was expected to see significant activity on the federal tax front. A projected unified GOP Congress is poised to help him notch early legislative tax victories. (Republicans have won back a majority in the U.S. Senate and are projected to retain a majority in the U.S. House of Representatives.) The most obvious legislative win will likely be the extension and expansion of Trump's signature 2017 tax legislation, the Tax Cuts and Jobs Act (TCJA).

Audit season is just around the corner for calendar-year entities. Understanding the types of source documents your audit team might request can minimize disruptions during audit fieldwork and maximize your audit's effectiveness. Here are some common sources of "substantive evidence" that auditors gather to help them form an opinion regarding your financial statements.

As the year winds down, the clock begins ticking for tax season—and 1099 filing is a key priority. For businesses that work with independent contractors, ensuring timely and accurate filing of Form 1099-NEC is crucial. Missing deadlines can lead to costly penalties and strained contractor relationships.

As we look ahead to 2025, changes are on the horizon that may affect your business's payroll planning. The Social Security Administration has announced that the wage base for calculating Social Security tax will increase to $176,100 in 2025, up from $168,600 in 2024. This means wages and self-employment income above this threshold will no longer be subject to the Social Security tax. If your business employs high earners, it's essential to budget for the additional payroll costs resulting from this change.

A recent case involved a 401(k) plan participant who was defrauded of approximately $740,000 by overseas criminals. Unfortunately, fraud involving 401(k) accounts doesn't stop there—friends, family members, and even employers have been implicated in stealing millions of dollars from retirement savings every year. Here's what your organization can do to help protect your employees' 401(k) accounts from fraud.

As the year winds down, now is the perfect time to combine effective estate tax planning with potential tax savings through the annual gift tax exclusion. This exclusion allows you to gift cash or property (up to a specified value) to unlimited family members or friends each year without triggering gift tax implications.

If you have a child or grandchild planning to attend college, you've likely heard about 529 plans—qualified tuition programs designed to help prepay higher education costs in a tax-advantaged way.

If you're self-employed or own a small business with no employees (other than your spouse), a solo 401(k) can be an excellent option for retirement savings. This plan is also ideal if you want to upgrade from a SIMPLE IRA or SEP (Simplified Employee Pension) plan.

In 2023, the IRS Chief Counsel released Memorandum AM 2023-004, which examined whether Name, Image, and Likeness (NIL) collectives, established to support college athletes, qualify for tax-exempt status under Section 501(c)(3). The memorandum concluded that many of these collectives fail to meet the necessary criteria because they primarily serve private interests—specifically benefiting student-athletes directly.