Understanding reporting obligations under the Affordable Care Act (ACA)
The Affordable Care Act (ACA), also known as Obamacare, has been a landmark legislation impacting healthcare in the United States. Understanding and fulfilling reporting obligations under the ACA is crucial for employers to avoid penalties and ensure compliance.
The kiddie tax could affect your children until they’re young adults
The “kiddie tax” can cause some of a child’s unearned income to be taxed at the parent’s higher marginal federal income tax rates instead of at the usually much lower rates that a child would otherwise pay. Contact the CPA's and business tax advisors if you want more information or for more tax tips.
Does your business have employees who get tips? You may qualify for a tax credit
If you’re an employer with a business where tipping is routine when providing food and beverages, you may qualify for a federal tax credit involving the Social Security and Medicare (FICA) taxes that you pay on your employees’ tip income. The credit is claimed as part of the general business credit. Contact the CPA's and business tax advisors for questions about this potentially valuable tax break, tax news and more tax tips!
Nonprofits: Got independent contractors? Get to know Form W-9
If your not-for-profit is shorthanded, you may decide to engage independent contractors to pick up some of the slack. Organizations need a completed Form W-9 for every nonemployee they pay for services. Contact the CPA's and business tax advisors at SEK for your tax questions and more tax tips and tax news.
Going global: How your nonprofit can navigate potential obstacles
Are you planning to make 2024 the year your not-for-profit ventures overseas? If you plan to solicit donations, recruit members, employ staffers or sell products in foreign countries, make sure you’ve analyzed potential tax and legal issues, at home and abroad. We can analyze your financials to help ensure the venture is feasible. Contact the CPA's and business advisors at SEK for tax guidance, tax tips and tax news!
Timing counts when valuing a business
A business’s value may change significantly over time, so it’s important to choose the valuation date carefully. This date serves as a cutoff for the information that can be used to estimate value. In general, events that happen after the valuation date can’t be considered, unless the information was “reasonably known or knowable” on the valuation date. The CPA's and business advisors at SEK can help you determine what’s appropriate based on relevant laws and case facts.
Perform an operational review to see how well your business is running
In M&A, business buyers perform operational due diligence to identify the strengths and weaknesses of a target company’s day-to-day activities. Business owners can perform an operational review to glean the same insights. Business buyers typically evaluate three primary areas: production/operations, selling, general & administrative items, and human resources, to determine the reasonability and sustainability of things such as compensation, benefits and staff relations. Contact the CPA's and business tax advisors at SEK for help performing an operational review and more tax tips.
It’s possible (but not easy) to claim a medical expense tax deduction
Can you deduct your out-of-pocket medical costs on your tax return? It depends. Medical expenses can be deducted only to the extent unreimbursed costs exceed 7.5% of your adjusted gross income. Plus, medical costs are deductible only if you itemize, which means that your itemized deductions must exceed your standard deduction. Contact the CPA's and business tax advisors at SEK to asses if you can claim a deduction, for more tax tips or to answer any of your tax questions.
SEK announces Manager, Supervisor, Senior, and Marketing promotions
The Members are pleased to announce the following Manager, Supervisor, Senior Staff, and Marketing promotions effective January 1, 2024: