Best Practices When Filing a Business Interruption Claim
Many companies, especially those that operate in areas prone to natural disasters, should consider business interruption insurance.
When are LLC members subject to self-employment tax?
Limited liability company (LLC) members commonly claim that their distributive shares of LLC income — after deducting compensation for services in the form of guaranteed payments — aren’t subject to self-employment (SE) tax. But the IRS has been cracking down on LLC members it claims have underreported SE income, with some success in court.
4 Questions of Compensation Philosophy to Ponder
In the simplest of worlds, an employee effectively performs a set of tasks on an agreed-upon schedule and you pay him or her a fair wage. End of story.
Financial statements tell your business's story, inside and out
In short, financial statements are detailed and carefully organized reports about the financial activities and overall position of a business. As any company evolves, it will likely encounter an increasing need to properly generate these reports to build credibility with outside parties, such as investors and lenders, and to make well-informed strategic decisions.
Private Companies: Have You Implemented the New Revenue Recognition Standard?
Private companies that follow U.S. Generally Accepted Accounting Principles (GAAP) must comply with the landmark new revenue recognition standard in 2019. Many private company CFOs and controllers report that they still have significant work to do to meet the demands of the sweeping rules.
DOL increases penalties for many labor law violations
Every employer knows that failing to comply with federal laws is costly, but it’s getting even more so. The Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015 directs federal agencies to adjust civil penalties for inflation each year.
Refine Your Strategic Plan with SWOT
With the year underway, your business probably has a strategic plan in place for the months ahead. Or maybe you’ve created a general outline but haven’t quite put the finishing touches on it yet.
Craig E. Witmer, CPA, CGFM Earns Advanced Single Audit Certificate
SEK, CPAs & Advisors is pleased to announce Craig E. Witmer, CPA, CGFM, Member of the Firm, has successfully completed the certification process with the American Institute of CPAs (AICPA) to earn the Advanced Single Audit Certificate.
Evaluating Your Audit Committee
Under the Sarbanes-Oxley Act, the audit committee — not management or the full board of directors — is directly responsible for appointing, compensating and overseeing external auditors.
What Does "At-Will Employment" Really Mean Anyway?
Many, if not most, employers today use some form of an “at-will” employment contract when hiring. The arrangement is theoretically simple: The employer can terminate the employee at any time, for any cause — with or without notice. But is that what at-will employment really means?