With Labor Day behind us, it's time to take proactive steps that may help reduce your small business's taxes for this year and next. A common strategy is to defer income and accelerate deductions to minimize taxes. Additionally, bunching deductible expenses into this year or next can maximize their tax value.

A high income could subject you to two extra taxes: the 3.8% Net Investment Income Tax (NIIT) and the 0.9% additional Medicare tax on wage and self-employment income. Let's break down these taxes and what they could mean for you.

The IRS recently published new regulations for taxpayers subject to the "10-year rule" for required minimum distributions (RMDs) from inherited IRAs or defined contribution plans. Effective in 2025, these final regulations require many beneficiaries to take annual RMDs over the ten years following the deceased's death.

Your business likely has a disaster plan to address fires, natural disasters, or other incidents that could disrupt operations. While a fraud contingency plan might not seem as critical, most companies need one. Here's how to develop and implement a fraud contingency plan.

With the deadline for the Corporate Transparency Act (CTA) fast approaching, the Financial Crimes Enforcement Network (FinCEN) continues to clarify beneficial ownership reporting requirements. Small businesses and other entities must submit beneficial ownership information (BOI) by January 1, 2025, although earlier deadlines apply for newly established businesses. FinCEN's goal is to use this information to combat illicit activities involving shell companies.

The college athletics landscape is undergoing a significant transformation, particularly with introducing Name, Image, and Likeness (NIL) compensation for student-athletes. Educational institutions must proactively address this new era's potential tax implications to ensure compliance and mitigate risks.

Attention S Corporations and Partnerships: An important tax filing deadline is approaching! Ensure you submit Forms 1120S and 1065 by September 16, 2024.

In April 2024, the Federal Trade Commission (FTC) approved a groundbreaking rule that would have prohibited most noncompete agreements with employees nationwide. This ban, scheduled for September 4, 2024, faced immediate legal challenges. Now, in a significant development, a federal court has blocked the rule, casting doubt on its future.

Office supply scams are a tricky type of vendor fraud that generally use behavioral psychology and often depend on poor intraoffice communications for their "success." Although they may not result in substantial financial losses for defrauded companies, falsified invoices can add up to thousands of dollars. Fortunately, you can help prevent them.