Being proactive vs. reactive with tax planning will have a tremendous impact on profitability and long-term wealth creation. Keep in mind, I am not a CPA and I am not giving tax advice. Rather, I’m passing on information that I learned as a practice owner and now implement in my financial planning practice. While not an exhaustive list, here are a few items to contemplate in 2025 as you watch the dollars in your practice.
Red Flags Rule Delayed Until August
Due to Congressional pressure supported by the American Chiropractic Association (ACA), the Federal Trade Commission has announced that it will delay enforcement of the new "Red Flags Rule" until Aug. 1, 2009. This will give creditors and financial institutions more time to develop and implement written identity theft prevention programs. The ACA will continue to monitor this important policy and support compliance by doctors of chiropractic.
Details of the red flags rule were published in the Nov. 9, 2007 issue of the Federal Register. To view the complete guidelines and access additional information regarding the red flags rule, click here.
Source: American Chiropractic Association.