Whether you're structuring a new partnership or updating an existing LLC operating agreement, understanding the tax implications of your decisions is critical. Partnerships and multi-member LLCs are subject to specific tax rules that must be addressed in their operating agreements to avoid future tax liabilities.

Since the NCAA began allowing college athletes to profit from their Name, Image, and Likeness (NIL) in 2021, athletes across the country have been able to enter into lucrative endorsement deals. However, the legal landscape around NIL is fragmented, with 32 states, including Pennsylvania, passing their own laws to regulate how these deals work. This patchwork of state laws has led to calls for federal action to create a more uniform approach.

Many business owners are often confused when they show a profit but still struggle to pay bills. The key to understanding this discrepancy is recognizing the difference between profits and cash flow. These two financial metrics measure different things, and both are essential for understanding the overall health of a business.

The IRS has announced the annual inflation adjustments for tax year 2025, as outlined in Revenue Procedure 2024-40. These adjustments will impact more than 60 tax provisions, affecting taxpayers when they file their returns in 2026.

Early voting for the 2024 election has already kicked off in some states, but voters are still seeking additional information on the candidates’ platforms, including their tax proposals. The details can be hard to come by — and additional proposals continue to emerge from the candidates. Here’s a breakdown of some of the most notable tax-related proposals of former President Donald Trump and Vice President Kamala Harris.

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.