Don’t have a tax-favored retirement plan? Set one up now
If your business doesn’t already have a retirement plan, it might be a good time to take the plunge. There are several retirement plan options for different contribution limits. We can provide information on the best one for you. Contact the CPAs and business tax advisors at SEK for more info and answers to your tax questions.
Nonprofits: Board committees can help members make time for critical work
For many not-for-profits, maintaining a full and active board of directors is challenging. But breaking down the workload by committee can help give board members a focus for their efforts. Contact the CPAs and business advisors at SEK with your nonprofit questions.
After you file your tax return: 3 issues to consider
Make sure to consider these issues after filing your tax return. Contact the CPAs and tax advisors at SEK with your questions.
Scrupulous records and legitimate business expenses are the key to less painful IRS audits
If you operate a business, you know records of income and expenses need to be kept. Specifically, you should carefully record expenses to claim all the tax deductions to which you’re entitled. And you want to make sure you can defend the amounts reported on your tax returns in case you’re ever audited by the IRS. Contact the CPAs and business tax advisors at SEK with questions.
Nonprofits: Don’t be surprised by a sudden influx of support
Disaster-relief charities have long contended with sudden influxes of attention and donations. But any nonprofit could face this enviable “problem.” While your nonprofit is in a period of relative calm, consider how you might handle it. Contact the CPAs and business advisors at SEK for help with your nonprofit or for more financial advice.
A general look at generative AI for businesses
Many businesses are now using “generative” artificial intelligence (AI). Essentially, this is software that’s able to generate new content based on input from users and existing data either inputted during development or gathered from the internet. If you’re intrigued by the concept, discuss it with your leadership group. If you decide to move forward, be sure to explore potential liabilities. Contact the CPAs and business advisors at SEK for help.
The tax deadline is almost here: File for an extension if you’re not ready
The April 15 tax filing deadline is right around the corner. However, you might not be ready to file. If you need more time, you should file for an extension on Form 4868. An extension will give you until Oct. 15 to file and allow you to avoid “failure-to-file” penalties. However, it only provides extra time to file, NOT TO PAY. Contact the CPAs and tax advisors at SEK if you have questions about IRS penalties or have more tax questions.
2024 Q2 tax calendar: Key deadlines for businesses and employers
Here are some key tax deadlines for businesses during the second quarter of 2024. Contact the CPAs and business tax advisors at SEK to learn more about filing requirements and to answer your tax questions.
How a business valuation pro can help avoid M&A pitfalls
Is your business contemplating a merger or acquisition? M&A activity increased significantly in the fourth quarter of 2023, signaling a hot market for 2024. But there are some potential pitfalls for unwary buyers and sellers. The best defense against M&A failure is thorough due diligence that addresses financial, operational, technology and human resource issues. Contact the CPAs and business advisors at SEK to help evaluate your deal and avoid potential pitfalls.
5 things you should do every time you open QuickBooks Online
Not all habits are bad. Here are five good ones you should develop during each QuickBooks Online work session.