With the Republicans poised to control both the White House and Congress in 2025, significant changes to federal tax laws are expected. From the extension of key TCJA provisions, such as individual tax rates and QBI deductions, to new proposals on research and experimentation (R&E) expenditures, small businesses may experience major shifts. It’s important to keep an eye on these developments and consult with tax advisors to ensure optimal tax strategies moving forward.

Embezzlement by employees can be hard to detect but devastating for businesses. This article explains how fraud is often carried out internally and highlights a $7 million embezzlement case in which corporate expenses were misused. Practical tips on fortifying your defenses, such as separating duties, performing regular reconciliations, and engaging forensic accountants, are shared to help small businesses avoid becoming victims of internal fraud. Read the full article for comprehensive prevention strategies.

Withdrawing funds from your retirement plan before age 59½ can trigger penalties and taxes, but there are exceptions that may allow you to access your funds penalty-free. This article explains early distribution rules, exceptions like birth or adoption, and strategies like Substantially Equal Periodic Payments (SEPP) to help minimize the tax burden. Learn how to navigate these rules to ensure you're making informed decisions about your retirement funds. Read the full article for complete details.

A well-drafted buy-sell agreement is crucial for businesses with multiple owners. It provides clarity on what happens if an owner exits the business due to death, disability, or other reasons, ensuring that the business continues smoothly. This article covers the benefits of buy-sell agreements, including avoiding estate tax complications, creating liquidity for heirs, and preventing disputes over business ownership.

The gig economy is expanding, offering increased flexibility for workers but also unique tax responsibilities. In this article, we explore the essential tax considerations for gig workers, including filing requirements and available deductions. We also provide four actionable tips to help you successfully enter the gig economy. Whether you're just starting or looking to grow your gig work, these strategies can guide your success while ensuring you're meeting your tax obligations. Read the full article for expert advice and insights.

Tax-advantaged retirement plans are vital for reducing your tax burden and securing a comfortable retirement. This article explores the key differences between Defined Contribution Plans and Defined Benefit Plans, highlighting their benefits, contribution limits, and ideal use cases for business owners and high-income earners. Discover how to choose the right plan for your business and financial goals. Read the full article for a deeper dive into retirement planning strategies.

Lockbox services can accelerate payment processing and improve cash flow for businesses receiving large volumes of checks. This article breaks down the benefits, costs, and considerations of traditional and electronic lockbox systems. Learn how these services reduce postal float, save labor costs, and integrate payment data into your accounting system. Explore whether a lockbox solution could be right for your business.

Starting a business involves careful planning, especially regarding tax deductions. This article explains how expenses incurred before a business officially begins operations are treated under Sections 162 and 195 of the Internal Revenue Code. Learn about start-up costs, deduction limits, and compliance risks to avoid IRS complications. Read the full article for strategies to optimize tax outcomes.

Explore our insights shared at the California State University Auxiliary Organizations Association (AOA) conference held on January 12–14, 2025, at the Sheraton San Diego Hotel and Marina in San Diego, California. Our presentation, "Ahead of the Curve: Future Trends in Finance and Accounting for Higher Education – Auxiliary Operations," highlights key trends shaping the financial and operational landscape of U.S. higher education. Access our presentation and brochure to learn how auxiliary organizations can adapt and thrive amidst evolving challenges. Connect with our partners for more information on how we can support your institution’s goals.