Member of the Firm Evan Wabrick named Forty Under 40 honoree
Central Penn Business Journal has selected Evan Wabrick, CPA, MBA, Member of the Firm at SEK, CPAs & Advisors as a Forty Under 40 recipient for 2024.
Restricted gifts for your nonprofit: What to do when strings are attached
Restricted gifts to nonprofits require greater care than unrestricted ones. If a donor attaches strings to a gift, your staffers should follow procedures designed to ensure the restrictions are honored. Because of this you may need to decline some restricted gifts if they’ll be more trouble than they’re worth. Contact the CPAs and advisors at SEK to learn more.
FTC noncompete ban struck down
A federal court in Texas struck down the Federal Trade Commission’s (FTC) proposed rule banning noncompete agreements which was to go into effect on September 4, 2024.
If you’ve inherited an IRA, you need to know about these new final IRS regulations
The IRS has issued final regulations relevant to taxpayers subject to the “10-year rule” for required minimum distributions (RMDs) from inherited IRAs and defined contribution plans, such as 401(k) plans. In a nutshell, the final regs largely adopt proposed regs issued in 2022.
Outsourcing HR tasks can help understaffed, overworked nonprofits
At one time, not-for-profit HR departments might have been responsible primarily for recruiting and hiring and occasionally for intervening in disciplinary matters. Today, HR generally also handles employee benefits, regulatory compliance, employee training, policy formulation and possibly payroll. Outsourcing part or all of your HR function can help with workloads and potentially lower costs. SEK can help recommend providers and provide other cost-cutting suggestions.
Cash or accrual accounting: What’s best for tax purposes?
Many businesses have a choice between using the cash or accrual method of accounting for tax purposes. The cash method often provides significant tax benefits for businesses that qualify, but some may be better off using the accrual method. The CPAs and business tax advisors at SEK can help you evaluate the most beneficial tax approach.
Are you unfairly burdened by a spouse’s tax errors? You may qualify for “innocent spouse relief”
Navigating tax law complexities can be difficult, especially when faced with an unexpected tax bill due to the errors of a spouse or ex-spouse. In some cases, spouses are eligible for “innocent spouse relief.” If you’re interested in trying to obtain relief, paperwork must be filed and deadlines must be met. The process is challenging. The CPAs and tax advisors at SEK can assist you with the details.
Understanding taxes on real estate gains
Let’s say you own real estate that has been held for more than one year and is sold for a taxable gain. You may expect to pay the standard 15% or 20% federal income tax rate that usually applies to long-term capital gains from assets. However, some real estate gains can be taxed at higher rates due to depreciation deductions. The calculations are complex. The CPAs and tax advisors at SEK will handle them when we prepare your tax return.
A power of appointment can provide estate planning flexibility
After your death, events may transpire that you couldn’t have reasonably foreseen. To provide some flexibility, consider including a trust provision in your estate plan that provides a designated beneficiary a power of appointment over the trust’s property. The holder of the power of appointment can have the discretion to change distributions from the trust. Contact the CPAs and estate planning advisors at SEK for details.
Making your nonprofit board retreat rejuvenating — and productive
Not-for-profit board members tend to be busy people. So even if your budget is tight, try to organize periodic retreats that enable members to clear their minds and focus on your organization’s most pressing issues. Make sure you write a thorough agenda and schedule adequate time for brainstorming, as well as breaks to have fun as a group. Contact the business advisors at SEK if you need more financial tips.