The crucial role of accurate financial reporting: why regular review matters
Accurate financial reporting is the backbone of any successful business. It serves as a mirror reflecting the financial health and performance of a company, helping stakeholders make informed decisions.
An art collection is a special asset to account for in an estate plan
Some assets pose more of a challenge than others when it comes to valuing and accounting for them in an estate plan. Take, for instance, an art collection. If you possess paintings, sculptures or other pieces of art, they may represent a significant portion of your estate.
Business owners: Think carefully about fringe benefits related to smartphones
You’d be hard-pressed to find many employees these days who don’t use smartphones for some aspect of their jobs. Even someone who works behind a point-of-sale device may use a phone to interact with a supervisor or log work hours.
2023 Q4 tax calendar: Key deadlines for businesses and other employers
Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2023. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you.
Trust and internal controls can coexist in your nonprofit
Not-for-profit organizations have about a 9% chance of being defrauded, according to the Association of Certified Fraud Examiners. Fortunately, strong internal controls can reduce your nonprofit’s risk. You may not think you need them, but controls and trust can coexist. Contact the nonprofit advisors at SEK with your questions.
What are the tax implications of winning money or valuable prizes?
If you gamble or buy lottery tickets and you’re lucky enough to win, congratulations! After you celebrate, be aware that there are tax consequences attached to your good fortune. Winning at gambling
Build a better nonprofit board with term limits
Are your not-for-profit’s board members subject to term limits? If not, you might want to consider implementing what’s widely considered a best practice.
Selling Your Home? Consider These Tax Implications
Many homeowners across the country have seen their home values increase in recent years. Be aware of the tax implications if you’re selling your home or you sold one in 2023. You may owe capital gains tax and net investment income tax (NIIT). Contact the CPAs and tax advisors at SEK with your tax questions.
Why nonprofits should be transparent about compensation
More and more U.S. workers are calling for “pay transparency,” and not-for-profit employers need to listen — and act. Pay transparency is the idea that employers should openly share their compensation policies and practices with job candidates, current employees and the public.
FASB finalizes new crypto standard in record time
On September 6, the Financial Accounting Standards Board (FASB) unanimously voted to finalize new accounting rules on cryptocurrency assets — less than five months after the proposed standard was issued for public comment. Here’s what companies that hold these assets should know.