“Privacy, please” when your nonprofit stores sensitive data
A critical issue that’s neglected too often by not-for-profits is the protection of private data. Assess your organization’s risk and ensure your security procedures protect records. Make sure your nonprofit complies with all applicable privacy laws.
Tired of trying to tackle HR on your own?
For many small business owners, managing human resources (HR) can easily feel overwhelming. Between keeping up with employment laws, finding the right people, and handling day-to-day employee issues, managing HR without the right support can be stressful and risky.
Nonprofits: How to attract the best, most qualified interns
Internships are an excellent way to build a pipeline of future employees and leaders. Although students and recent graduates are often eager, but many also expect to be paid. This can be tough if your budget is already strained. Also, before you engage interns, make sure you know whether the positions are subject to FLSA regulations.
Sharing your estate plan’s details with family has pros and cons
When it comes to estate planning, one important decision many people struggle with is whether to share the details of their plans with family members. There’s no one-size-fits-all answer; it largely depends on your goals and your family dynamics. Contact our estate planning advisors for more information.
Deduct a loss from making a personal loan to a relative or friend
Suppose your adult child or friend needs to borrow money. You may want to help by making a personal loan. But there are tax implications that you should understand. That way, if the loan goes bad, you can claim a non-business bad debt deduction for the year the loan becomes worthless. Contact SEK's tax advisors if you have questions.
Small business alert: Watch out for the 100% penalty
Some tax sins are worse than others. But not paying income and employment taxes that have been withheld from employees’ paychecks is the worst. In these cases, the IRS can assess the trust fund recovery penalty. It’s called the 100% penalty because the entire unpaid tax amount can be assessed personally against a responsible person or several persons, including a shareholder, director, officer, partner or employee of a business. Contact our business tax advisors at SEK with payroll tax questions.
Stepped-up basis rules can ease the income tax bite of an inheritance
The stepped-up basis rules can reduce capital gains tax for family members who inherit your assets. Under these rules, when your loved one inherits an asset, its tax basis is adjusted to its fair market value at the time of your death. However, these rules don’t apply to retirement assets such as 401(k) plans or IRAs. Contact our estate planning advisors for details.
Some taxpayers qualify for more favorable “head of household” tax filing status
You may feel you’re the head of your household if you’re married, single, divorced, a parent or child-free. However, only certain people can file a tax return with the favorable “head of household” status. Here are the rules. Contact SEK's tax advisors with questions.
7 best practices you should be implementing in QuickBooks Online
They’re not enforceable laws, but QuickBooks Online best practices can improve productivity and keep you informed. Here are 7 tips.
SEK named Best Accounting/Tax Firm in the Tristate
SEK, CPAs & Advisors has been recognized as Best Accounting Firm/Tax Firm in the Tristate for 2025 by VerStandig Media.