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.
6 essential tips for small business payroll tax compliance
Staying compliant with payroll tax laws is crucial for small businesses. Mistakes can lead to fines, strained employee relationships and legal consequences. Here are 6 quick tips. Contact SEK's business tax advisors with questions. We can help you select the right system, calculate employee withholding, navigate multi-state filing requirements and more.
SEK Managing Member of the Firm named one of the region’s Power Players
Kara Darlington, CPA, Managing Member at SEK, CPAs & Advisors, has been named to the 2025 Power 100 by Central Penn Business Journal (CPBJ).
BOI injunction lifted: FinCEN updates requirements for US companies
Important Update: On March 21, 2025, FinCEN issued an interim final rule removing the new BOI reporting requirements for U.S. companies and U.S. persons. Now, the newly implemented BOI reporting requirements will only apply to those entities that are formed in another country.
Incentive trusts: Use them to pass your wealth and values on to beneficiaries
If your estate planning goals include distributing your wealth while also encouraging specific behaviors or achievements among your heirs, using an incentive trust might be right for your plan. Essentially, an incentive trust sets guidelines for how a beneficiary becomes eligible to benefit from the trust. Contact SEK's estate planning advisors for guidance.
Planning for the future: 5 business succession options and their tax implications
When it’s time to consider your business’s future, succession planning can protect your legacy and successfully set up the next generation of leaders or owners. Here are five options to consider: 1) Transfer the business directly to family members. 2) Transfer ownership through a trust. 3) Engage in an employee or management buyout. 4) Establish an employee stock ownership plan. 5) Sell stock or assets to an outside buyer. The best approach for you depends on several factors. Contact our business advisors about how to move forward with your succession planning.
Claiming losses on depreciated or worthless stock
Have you ever bought stock shares that later became worthless? You can claim a capital loss equal to your basis in the stock. Contact our tax advisors at SEK with your stock questions.