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.

As summer, a season often associated with relaxation and fun comes to a close, it's important to remember that it's not too late to capitalize on potential tax savings that could benefit you during filing season. Whether you've tied the knot, sent the kids to camp, or embarked on a business trip, these activities might have impacted your tax situation. Here are some key summertime activities and tips to consider.

The Tax Cuts and Jobs Act of 2017 introduced significant changes to Section 174 of the Internal Revenue Code, affecting how businesses handle Research and Experimental (R&E) expenditures. Starting in 2022, these expenses must be capitalized and amortized over a specific period rather than deducted in the year they are incurred. This blog post will guide you through the new rules and how to navigate them effectively.

Institutions are grappling with significant changes around athlete employment status in the rapidly evolving landscape of collegiate athletics. The National Labor Relations Board (NLRB) decision regarding Dartmouth athletes suggests a broader shift toward recognizing athletes as employees. Universities must navigate this new terrain with strategic foresight and an eye toward compliance.

For many, the word "audit" conjures up images of tax auditors camping out in dark offices or reading intimidating letters from the IRS. However, an internal audit can become an invaluable tool that business owners and executives come to love.