Welcome charitable pledges for your nonprofit— and account for them properly
Because pledges are promises to contribute later, not immediate contributions, accounting for them can be challenging. Accounting for pledges’ future value can also require accounting staffers to apply a “discount” rate when reporting them. Contact the CPAs and business advisors at SEK for help with what can be a tricky process.
Let's Talk HR - Tips for conducting a successful job interview
As a manager and leader in your organization one of your key responsibilities is hiring the right people for your team. Below are a few practical tips to help you conduct effective interviews and make informed hiring decisions.
Year-end tax planning ideas for your small business
It’s time to take proactive steps that may help lower your business’s taxes for 2024 and 2025. Eligible businesses also may be able to defer income or accelerate deductions to keep income under certain thresholds to claim a qualified business income deduction. Contact the CPAs and business tax advisors at SEK to customize a tax plan for your business.
Comparison of Harris and Trump tax policy proposals
Presidential nominees Kamala Harris (D) and Donald Trump (R) are floating proposals ahead of what will be a consequential year for tax, with key provisions from the GOP’s 2017 tax overhaul (Public Law 115-97
Filing a joint tax return for the year of a spouse’s death can be beneficial
When a person dies, his or her personal representative (called an executor in some states) is responsible for filing an income tax return for the year of death. In some cases, filing jointly can provide tax savings, such as from a lower tax rate, larger tax credits and higher IRA contribution limits. Contact the CPAs and tax advisors at SEK for more information.
Fundamental differences between nonprofit and for-profit accounting
Your not-for-profit’s new board members and staffers may not necessarily know the differences between for-profit and nonprofit accounting systems, particularly if they come from a corporate background. Contact the advisors at SEK for help explaining nonprofit accounting concepts to your stakeholders.
Are you liable for two additional taxes on your income?
High-income taxpayers may face two extra taxes: the 3.8% net investment income tax (NIIT) and a 0.9% additional Medicare tax. Income subject to the NIIT includes interest, dividends, annuities, royalties, rents, passive business income, and net gains from property sales. Wage income and income from an active trade or business aren’t included. Contact the CPAs and tax advisors at SEK to discuss extra taxes and how their impact may be reduced.
Navigating tax complexities: Craft partnership agreements and LLC operating agreements with precision
Often multi-member LLCs that are treated as partnerships for tax purposes. A major reason is that these entities offer federal income tax advantages. They also must follow special, sometimes complicated federal tax rules. Contact the CPAs and business tax advisors at SEK to be involved in the creation process.
5 Ways to see who owes you in QuickBooks Online
If you micromanage one thing in QuickBooks Online, let it be your accounts receivable. Here’s an overview of the tools available.
Working remotely is convenient, but it may have tax consequences
While there are lots of advantages to working remotely, it may also lead to some tax surprises, especially if a job crosses state lines. If you live in one state and work remotely for an employer in another state, you may need to file income tax returns in both states. Contact the CPAs and business tax advisors at SEK with questions about your tax situation.