Nonprofits: Consider these 2 issues before searching for new staffers
Despite many predictions to the contrary, U.S. employers have continued to add workers to their payrolls and the unemployment rate has remained low. Is your nonprofit among the employers that need new staffers? To make the right decision, conduct a human resources assessment. Our CPA's and business tax advisors can help your nonprofit by reviewing your finances and suggesting ways to free up cash. Contact us today for all more tax tips and financial advice.
Liquidation vs. going-concern value: What’s right for a distressed business?
U.S. commercial bankruptcies have surged in 2023. And many distressed businesses are currently considering reorganizing or liquidating their operations. Business valuation experts can be critical advisors throughout the bankruptcy process. Contact the CPA's and business tax advisors at SEK to evaluate your situation and for more tax tips!
In your own words: A letter of instruction complements a will
A smart estate plan should leave no doubt as to your intentions. Writing a letter of instruction can go a long way toward clearly communicating all of your thoughts and wishes.
FASB issues new segment expense disclosure rules
On November 27, 2023, the FASB issued updated accounting rules on segment reporting. The guidance concludes several years of discussions aimed at providing investors with better information about a company’s business unit costs from the viewpoint of management. Contact the CPA's and business tax advisors at SEK for help implementing the updated guidance, more tax tips and financial advice.
Updated Maryland minimum wage and overtime law
Effective January 1, 2024, Maryland State's employee minimum wage is increasing to $15 per hour for all employers, regardless of size. In contrast to the 2023 state rate hike, the rate remains consistent regardless of whether a company has more or fewer than 15 employees.
Business owners: Giving gifts and throwing parties can help show gratitude and provide tax breaks
It’s holiday time again! Your business may want to show its appreciation to employees and customers by giving them gifts or hosting parties. It’s important to understand the tax implications. Gifts to customers, “De minimis” noncash gifts to employees (such as a holiday turkey), holiday parties and holiday cards are also likely to be deductible. Contact the CPA's and business tax advisors at SEK with your holiday tax questions and for more tax tips.
QuickBooks Desktop Payroll - direct deposit fee update
If you are using QuickBooks Desktop Payroll for employee direct deposits, we would like to notify you of an important pricing change that QuickBooks will be implementing.
SEK named one of the Best Places to Work in PA for 2023
Central Penn Business Journal and Lehigh Valley Business have named SEK, CPA & Advisors as one of the Best Places to Work in PA. The awards are held in partnership with Best Companies Group.
Governmental entities: How to prepare for an audit
Preparing for an audit is a year-round process with several components, making it a challenging task for some. Understanding the contributing factors and timeline of an audit can help ensure you complete yours on time and accurately.
Why your nonprofit shouldn’t operate like a for-profit business
Even nonprofits that generally play it safe can get tripped up by the commerciality doctrine. It was created to address concerns about nonprofits competing at an unfair tax advantage with for-profits. With the exemptions and other technicalities, it can be tricky to remain compliant. Contact the CPA's and business tax advisors at SEK to help navigate you through nonprofit tax, tax tips and other financial advice.