Why employers should offer an Employee Assistance Program (EAP)
In today’s fast-paced work environment and the ongoing demands of running a small business, it is easy to overlook the personal challenges your employees might be facing. However, these challenges can significantly impact their productivity and overall well-being. One of the most effective ways employers can support their workforce is by offering an Employee Assistance Program (EAP). An EAP is a powerful tool that can transform your workplace into a supportive and thriving environment.
Looking ahead to 2025 tax limits as you prepare to file your 2024 return
Many people are more concerned about their 2024 tax bills than they are about their 2025 tax situations. However, it’s a good time to acquaint yourself with tax amounts for this year, some of which have increased due to inflation. Questions? Contact the CPAs and tax advisors at SEK.
Automate transaction categorization using QuickBooks Online's rules
QuickBooks Online’s Rules make it possible to minimize the time you spend categorizing transactions. However, it’s critical that you set these up correctly. Let us help. Contact our QuickBooks Online advisors today.
Regaining your nonprofit tax-exempt status
Has your not-for-profit lost its tax-exempt status because it failed to file its annual Form 990, 990-EZ or 990-N for three consecutive years? The good news is you can potentially file Form 1023 or 1024 (depending on circumstances) with the IRS for reinstatement. Because the reinstatement process can be confusing, contact SEK's nonprofit advisors. We can help you navigate IRS rules and prevent the situation from occurring again.
Beware if your estate plan leaves specific assets to specific heirs
Does your estate plan leave specific assets to specific family members? If so, you may want to reconsider your plan. While it may be tempting to, doing so risks leaving someone significantly less in value. However, if it’s important to you that certain heirs receive certain assets, there may be planning strategies you can use to ensure your heirs are treated fairly. Contact SEK's estate planning advisors for details.
Businesses: The Form W-2 and 1099-NEC deadline is coming up fast
The deadline is here for businesses to submit certain information returns to the government and furnish them to workers. By Jan. 31, 2025, employers must file Forms W-2 that show the wages paid and taxes withheld for 2024 for each employee. Employers must also file Form W-3 to transmit Copy A of Form W-2 to the SSA. The Jan. 31 deadline also applies to Form 1099-NEC. Contact the business tax advisors at SEK with questions.
Making cost-allocation decisions for your nonprofit
Nonprofits often struggle with allocating program expenses properly. Yet the process is critical because your supporters want to know how you use financial resources. And you likely must comply with Financial Accounting Standards Board (FASB) guidance. Contact our nonprofit advisors with questions on your nonprofit's cost allocations.
The standard business mileage rate increased in 2025
The optional standard mileage rate used to calculate the tax-deductible cost of operating a business vehicle increased in 2025. The standard mileage rate is adjusted annually and calculated based on driving costs, including the price of gas. Contact the tax advisors at SEK with questions about tax-deductions.
Why you might want to file early and answers to other tax season questions
The IRS will start the 2025 filing season for individual income tax returns on Jan. 27. Even if you usually don’t file until April, you may want to file early. It can potentially protect you from tax identity theft. Another benefit of early filing is that if you’re getting a refund, you’ll get it faster. Contact SEK's CPAs and tax advisors for an appointment to prepare your return.
Moving a trust over state lines can offer tax savings and other benefits
Relocating a trust may offer a tax advantage if the trust is an irrevocable, nongrantor trust, accumulates substantial amounts of ordinary income or capital gains, and can be moved to a state with low or no taxes on accumulated trust income. There also may be other advantages to moving a trust. Contact SEK's estate planning advisors with questions.