Should you convert your business from a C to an S corporation?
The most common business structures are sole proprietorships, partnerships, LLCs, C corporations and S corporations. Choosing the right entity has many implications, including the taxes you pay. If you’re interested in an entity change, contact the CPAs and business tax advisors at SEK to learn about the tax implications.
Assets with sentimental value require extra planning
Personal items — which may have modest monetary value but significant sentimental value — may be more difficult to address in an estate plan than big-ticket items. In some cases, the legal fees and court costs can eclipse the monetary value of the property itself. Contact the estate planning advisors at SEK for help with your estate.
Nonprofits: Act thoroughly on audit findings
External audits can help assure your nonprofit’s stakeholders of your financial stability and help prevent fraud losses. Often, audit reports recommend actions organizations need to take. If you fail to make changes that respond to a report’s concerns, it could threaten your nonprofit’s future. Contact the CPAs and business advisors at SEK to answer your nonprofit audit questions.
A three-step strategy to save tax when selling appreciated vacant land
Let’s say you own one or more vacant lots and that property has appreciated greatly and you're ready to sell. Or maybe you have a parcel of appreciated land that you want to subdivide into lots, develop them and sell them off for a big profit. Either way, you’ll incur a tax bill. There’s a strategy to consider that allows favorable long-term capital gain tax treatment for all the pre-development appreciation in the value of your land. Contact the CPAs and tax advisors at SEK for tax assistance and to avoid potential pitfalls.
Tax tips when buying the assets of a business
If you’re buying a business, you want the best results possible AFTER taxes. You can potentially structure a purchase in two ways: 1) Buy the business assets. 2) Buy the seller’s entity ownership interest. Contact the CPAs and business tax advisors at SEK for answers to your tax questions.
New survey reveals top audit committee concerns
Audit committees act as gatekeepers over financial reporting. A recent study identified the following five priorities for audit committee members over the next 12 months: 1) cybersecurity, 2) enterprise risk management, 3) finance and internal audit talent, 4) compliance with laws and regulations, and 5) finance transformation. Contact the CPAs and business advisors at SEK with your audit questions.
Making will revisions by hand is rarely a good idea
To avoid the time and expense associated with formally updating your will, it may be tempting to simply make the change by hand and initial it. But this is almost always a bad idea. For one thing, handwritten changes are highly susceptible to a challenge. Even worse, depending on the law in your state, handwritten changes may not be binding.
Combatting negative public perceptions of your nonprofit
Although Americans trust philanthropic organizations more than government and businesses, almost a third believe not-for-profits are on the “wrong track,” according to a 2023 survey. But there are ways to manage public perception to help your nonprofit weather unexpected crises.
When do valuable gifts to charity require an appraisal?
If you donate valuable items to charity and you itemize deductions on your tax return, you may be required to get an appraisal. The IRS requires donors and charities to supply certain information to prove their right to deduct contributions. Questions? Contact the CPAs and tax advisors at SEK for more information.
Daryl Staley Named 2024 Young Leader Award Winner
The Pennsylvania Institute of Certified Public Accountants (PICPA) has selected Daryl Staley, CPA, MBA, Member of the Firm at SEK, CPAs & Advisors as a Young Leader