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.

The outcome of the November 5 election is likely to impact taxes significantly. Many provisions in President-elect Donald Trump’s signature tax legislation from his first time in the White House, the Tax Cuts and Jobs Act (TCJA), are scheduled to expire at the end of 2025. Now, there’s a better chance that most provisions will be extended.

Choosing the right business structure is a critical decision for any business owner. For many small and medium-sized businesses, a limited liability company (LLC) offers significant advantages, blending liability protection with flexible tax treatment.

Offering employee health coverage is a major benefit for many companies, but with it comes a range of reporting requirements to federal agencies like the IRS. If you're unsure about your obligations, here's what you need to know.

Electric vehicles (EVs) are becoming more popular, with their share of the U.S. vehicle market rising from 5.9% in 2022 to 7.6% in 2023, according to Kelley Blue Book. To encourage EV purchases, the federal government offers a tax credit of up to $7,500 for eligible vehicles under the Clean Vehicle Tax Credit, created by the Inflation Reduction Act. Here are answers to some common questions about the credit.

Public companies are required by the Securities and Exchange Commission (SEC) to evaluate and report on their internal controls over financial reporting using a recognized control framework. However, private companies also benefit from implementing checks and balances to ensure the accuracy of their financial statements and reduce the risk of fraud. In addition, transparent reporting on these controls can increase confidence among lenders, investors, and other stakeholders in the company's financial results.

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.