Run the numbers before donating appreciated assets to charity
Are you charitably inclined? If so, you probably know that donations of long-term appreciated assets, such as stocks, have an advantage over cash donations. But in some cases, selling appreciated assets and donating the proceeds may be a better strategy.
Update on remote auditing
Remote work became a buzz topic when the United States went into lockdown mode in 2020 to combat the effects of COVID-19. Like many companies, audit firms quickly shifted to remote auditing with video conferencing and drones.
SECURE 2.0 law may make you more secure in retirement
A new law was recently signed that will help Americans save more for retirement, although many of the provisions don’t kick in for a few years. The Setting Every Community Up for Retirement Enhancement 2.0 Act (SECURE 2.0) was signed into law on December 29, 2022. Here are some of the significant retirement plan changes and when they’ll become effective.
Should your nonprofit accept that new grant?
Most not-for-profits can’t afford to turn down offers of financial support. At the same time, you shouldn’t blindly accept government or foundation grants simply because they’re offered. Some grants may come with excessive administrative burdens, cost inefficiencies and lost opportunities.
Renting to a relative? Watch out for tax traps
If you own a home and rent it to a relative, you may be surprised to find out there could be tax consequences. Quick rundown of the rules
Look forward to this year by revisiting your business plan
Businesses of all stripes are about to embark upon a new calendar year.
How to minimize the S corporation LIFO recapture tax
If you’re considering converting your C corporation to an S corporation, be aware that there may be tax implications if you’ve been using the last in, first out (LIFO) inventory method. That’s because of the LIFO recapture income that will be triggered by converting to S corporation status.
Tips to help nonprofits prevent accounting and tax errors
Although failing to file a Form 990 with the IRS when required to do so is probably a more serious mistake, filing it with data errors isn’t recommended. Similarly, your not-for-profit should strive to be as accurate as possible when preparing accounting and other tax documents.
SEK Admits Two New Members of the Firm
FOR IMMEDIATE RELEASE January 3, 2023 SEK Admits Two New Members of the Firm
PA Department of Revenue conversion from e-TIDES to myPATH
Effective November 30, 2022, the PA Department of Revenue (DOR) has migrated their tax filing and payment system from e-TIDES to myPATH.