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.
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.
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.
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.
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.
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.
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.
Evaluate whether a Health Savings Account is beneficial to you
With the escalating cost of health care, many people are looking for a more cost-effective way to pay for it. For eligible individuals, a Health Savings Account (HSA) offers a tax-favorable way to set aside funds (or have an employer do so) to meet future medical needs.
Investment swings: What’s the tax impact?
If your investments have fluctuated wildly this year, you may have already recognized some significant gains and losses. But nothing is decided tax-wise until year end when the final results of your trades will reveal your 2023 tax situation.
Avoiding probate: How to do it (and why)
Few estate planning subjects are as misunderstood as probate. But circumventing the probate process is usually a good idea, and several tools are available to help you do just that.