Did your spouse’s estate make a portability election? If not, there may still be time
Portability helps minimize federal gift and estate tax by allowing a surviving spouse to use a deceased spouse’s unused gift and estate tax exemption amount. Currently, the exemption is $12.92 million, but it’s scheduled to return to an inflation-adjusted $5 million on January 1, 2026.
Life insurance can be a powerful estate planning tool for nontaxable estates
For years, life insurance has played a critical role in estate planning, providing a source of liquidity to pay estate taxes and other expenses.
How do you move transactions from your bank into QuickBooks Online?
Manual transaction entry doesn’t make sense anymore – not when QuickBooks Online makes the process of importing them from your bank so easy.
The tax consequences of employer-provided life insurance
If your employer provides life insurance, you probably find it to be a desirable fringe benefit. However, if group term life insurance is part of your benefits package, and the coverage is higher than $50,000, there may be undesirable income tax implications.
Guaranteeing a loan to your corporation? There may be tax implications
Let’s say you decide to, or are asked to, guarantee a loan to your corporation. Before agreeing to act as a guarantor, endorser or indemnitor of a debt obligation of your closely held corporation, be aware of the possible tax implications.
IRS clarifies erroneous late-filing notices received by plan sponsors and advisors
The Internal Revenue Service (IRS) has clarified issues regarding erroneous notices sent to retirement plan sponsors and advisors related to their supposed late filing of 2022 Form 8955-SSA.
HRAs - A viable option to traditional health insurance
Are you considering offering health insurance to your employees? Are you already offering traditional group health insurance and frustrated with the cost and administration?
You may be ABLE to save for a disabled family member with a tax-advantaged account
If you have family members with disabilities, there may be a tax-advantaged way to save for their needs. It can be done though an Achieving a Better Life Experience (ABLE) account, which is a tax-free account that can be used for disability-related expenses. Contact the CPAs and tax advisors at SEK for more info.
Every nonprofit needs a disaster plan
Almost no region of the United States has escaped some form of natural disaster or extreme weather this summer.
IRS delays Roth 401(k) contributions rule for high earners
Recently, there’s been concern over planned changes to rules governing catch-up contributions for 401(k) plans. The changes, which initially were going to be effective in 2024, will require catch-up contributions for higher-income earners to be made on a Roth basis.