Eyes on related parties
Business transactions with related parties — such as friends, relatives, parent companies, subsidiaries and affiliated entities — may sometimes happen at above- or below-market rates.
A beneficiary designation or joint title can override your will
Inattention to beneficiary designations and jointly titled assets can quickly unravel your estate plan. Suppose, for example, that your will provides for all of your property to be divided equally among your three children.
Conflict-of-interest policies are too important for nonprofits to neglect
To ensure your nonprofit remains well-regarded by the public and donors, you need to closely monitor its ethical standards. This includes writing — and actively adhering to — a strong conflict-of-interest policy. Contact the nonprofit advisors at SEK for more information.
Business owners, lean into sales staff retention
Although there have been some positive signs for the U.S.
Does your business barter? Here are some facts you should know
In today’s economy, many small businesses are strapped for cash. They may find it beneficial to barter or trade for goods and services instead of paying cash for them. Bartering is the oldest form of trade and the internet has made it easier to engage with other businesses.
No audit required? Do it anyway
Your not-for-profit may not be required to undergo regular audits. But an audit can reassure donors and other stakeholders that you take seriously your responsibility. An audit can also help you identify risks before they become intractable problems.
Are you ready for the new disclosure requirements for government assistance?
Starting in fiscal year 2022, all entities — except nonprofit organizations in the scope of Topic 958, Not-for-Profit Entities, and employee benefit plans — must provide detailed disclosures about government assistance. Here are the details of the new rules.
New business? It’s a good time to start a retirement plan
If your business doesn’t have a retirement plan and see one in your immediate future, you’ll want to carefully select the one that will work best for your company and its employees. Here are some basics about three of the most tried-and-true plans.
Should your business address retirement plan leakage?
Under just about any circumstances, the word “leakage” has negative connotations. And so it follows that this indeed holds true for retirement planning as well.
Hiring an independent contractor? How QuickBooks Online can help
Are you taking on a worker who’s not an employee? QuickBooks Online includes tools for tracking and paying independent contractors.