Insights

The Financial Crimes Enforcement Network (FinCEN) has revamped the Corporate Transparency Act, offering relief to U.S. businesses by lifting domestic reporting requirements while tightening scrutiny on foreign entities. This significant policy shift emphasizes transparency in combating financial crimes, but raises questions on how foreign companies will navigate the stricter 30-day reporting deadlines. Stay informed on how these changes could impact your business operations and compliance strategies.

Stay ahead of tax scammers this season by verifying communications, being cautious on social media, using security software, educating yourself, and reporting suspicious activity!

In an era of IRS resource constraints, tax fraud is becoming more sophisticated, leaving taxpayers vulnerable to scams like phishing and ghost tax preparers. Explore common fraud tactics and learn proactive measures to protect your finances, with insights from The Phillips Group on navigating today's complex tax landscape.

As of February 18, 2025, the CTA’s nationwide injunction has been lifted, and the BOI reporting mandate is once again fully in effect. Most entities now must file by March 21, 2025, if they do not already have a later established deadline. Further modifications to these deadlines and requirements may still occur, particularly for low-risk entities, and it remains crucial for businesses to keep a close watch on FinCEN communications.

Discover the vital role a Healthcare Accountant plays in transforming your dental practice from just surviving to truly thriving. From effective tax strategies to managing payroll complexities, learn how specialized financial expertise can ensure your practice remains profitable and compliant.

In response to the devastating 2025 wildfires in Los Angeles County, both the IRS and the California Franchise Tax Board have announced significant tax relief measures, extending deadlines and waiving penalties to aid affected individuals and businesses.

Learn about President-elect Trump’s proposed tax changes and how they could affect your financial strategy. This nonpartisan article discusses the potential impacts of extending and expanding the Tax Cuts and Jobs Act of 2017, among other proposed changes. Stay informed about potential tax changes and learn how to prepare for them.

Significant changes to the IRS’s 1099-K reporting thresholds are on the horizon, affecting anyone who uses payment apps or online marketplaces. Starting in 2024, more of your transactions could be reported to the IRS, potentially impacting your tax obligations. Find out what these updates mean for you and how to navigate the new requirements.

A rule that sought to increase the salary threshold for overtime exemption has been struck down by U.S. District Judge Sean Jordan. Learn the impact of this decision, how the situation unfolded, and potential future scenarios.

The Financial Accounting Standards Board (FASB) proposes changes to accounting for internal software development costs. Learn about the proposed changes and how they might affect your company’s financial reporting.

As the year-end approaches, it’s time to for strategic tax planning. From assessing your current tax situation and understanding deductions to maximizing retirement contributions and managing investment gains, this guide offers valuable insights to help minimize your tax burden.

As year-end approaches, small business owners face crucial tax planning decisions that can impact their financial health. From leveraging deductions and managing cash flow to understanding the intricacies of the QBI deduction, this article offers strategic insights to optimize your tax position before ringing in the new year.