Recent News & Blog / Business Tax
New annual report requirement for Pennsylvania businesses in 2025
Starting in 2025, Pennsylvania businesses will need to comply with a new annual report requirement introduced by the Pennsylvania Department of State.
How Section 1231 gains and losses affect business asset sales
When selling business assets, understanding the tax implications is crucial. One area to focus on is Section 1231 of the tax code, which governs the treatment of gains and losses. Gains and losses from selling Sec. 1231 assets receive favorable federal income tax treatment. Contact the business advisors at SEK to help you plan the timing of gains and losses for optimal tax results.
Choosing a business entity? Here are the pros and cons of a C corporation
When deciding on the best business structure, one option is a C corporation. There are pros and cons to doing business this way. Here’s a detailed look at the pros and cons of operating as a C corporation. Contact the business advisors at SEK with questions.
The latest on the Corporate Transparency Act BOI injunction
Important Update As of December 26, 2024, the U.S. Court of Appeals for the Fifth Circuit reinstated a nationwide preliminary injunction against the Corporate Transparency Act (CTA).
Valuing intangible assets
Intangible assets, such as patents, trademarks and goodwill, play a key role in businesses. The tax implications of intangibles can be complex, but businesses should understand them and the exceptions. Contact the CPAs and business advisors at SEK with questions about intangibles.
What local transportation costs can your business deduct?
You and your small business likely incur a variety of local transportation costs each year. Commuting costs aren’t deductible, but the cost of any local trips you take for business purposes is a deductible business expense. Contact the CPAs and tax advisors at SEK with your tax deduction questions.
Healthy savings: How tax-smart HSAs can benefit your small business and employees
As a small business owner, managing health care costs for yourself and your employees is challenging. So you may want to provide some benefits through an employer-sponsored Health Savings Account (HSA). For eligible individuals, HSAs are a tax-advantaged way to set aside funds (or have their employers do so) to meet medical needs. Contact the business advisors at SEK with questions.
Corporate Transparency Act blocked nationwide by Texas court
The Corporate Transparency Act and its implementing regulations, which require US business entities to report stakeholder information to the Treasury Department, were preliminarily blocked nationwide by a Texas federal court on Tuesday.
When can you deduct business meals and entertainment?
Business-related meal deductions can be valuable, but the rules can be complex. Under current law, your business can’t deduct most entertainment expenses. There are, of course, several exceptions. Contact the business tax advisors at SEK if you want more information.
Self-employment tax: A refresher on how it works
Do you own a growing, unincorporated small business, and are you concerned about high self-employment (SE) tax? The SE tax is how Social Security and Medicare taxes are collected from self-employed individuals. Contact the CPAs and tax advisors at SEK if you have questions or want more information about the SE tax and ways to reduce it by operating as an S corporation.