Using an exit agreement to manage your nonprofit’s leadership transition
If one of your nonprofit’s leaders is departing, an exit agreement may help smooth the process. This legal document, usually developed by the board of directors, is intended to compensate a founder or executive for past service or provide incentives to perform future work. There are several types of exit agreements, including “catch-up,” “stay” and one-time honorarium. Contact SEK's nonprofit advisors for guidance.
5 questions single parents should ask about their estate plans
In many respects, estate planning for single parents is similar to that of families with two parents. Parents want to provide for their children’s care and financial needs after they’re gone. However, when only one parent is involved, certain aspects of an estate plan demand special attention. If you’re a single parent, here are five questions you should ask an estate planning advisor.
Adopting a child? Bring home tax savings with your bundle of joy
Two tax breaks help eligible parents offset the costs of adopting a child. In 2025, adoptive parents may be able to claim a credit against their federal tax for up to $17,280 of “qualified adoption expenses” for each eligible child. Contact the CPAs and tax advisors at SEK with help with your tax deductions.
The latest on the Corporate Transparency Act BOI injunction
Important Update As of December 26, 2024, the U.S. Court of Appeals for the Fifth Circuit reinstated a nationwide preliminary injunction against the Corporate Transparency Act (CTA).
Valuing intangible assets
Intangible assets, such as patents, trademarks and goodwill, play a key role in businesses. The tax implications of intangibles can be complex, but businesses should understand them and the exceptions. Contact the CPAs and business advisors at SEK with questions about intangibles.
Maryland businesses: Claim your $300 exemption before year-end
If your business operates in Maryland, you may be eligible for a $300 exemption under the MarylandSaves Credit program. Here’s what you need to know:
Nonprofit start-ups: Form 1023 or 1023-EZ?
When new nonprofits apply to the IRS for approval to be 501(c)(3) tax-exempt organizations, which form should they use, Form 1023 or 1023-EZ? The first is much longer and more costly to file. However, not all nonprofits qualify to use the shorter, less expensive-to-file Form 1023-EZ. Contact the nonprofit advisors at SEK for help selecting and filing a form.
Understanding GASB 101: Accounting for Compensated Absences
The Governmental Accounting Standards Board (GASB) issued Statement No. 101 (GASB 101), Compensated Absences, in June 2022. A compensated absence refers to paid leave earned by employees for time off, such as vacation leave, sick leave, holiday leave, or other types of paid time off.
Your guide to Medicare premiums and taxes
Medicare health insurance premiums can add up to big bucks — especially if you’re upper-income, married, and you and your spouse both pay premiums. Read on to understand how taxes fit in. Contact the CPAs and tax advisors at SEK with your tax questions.
What local transportation costs can your business deduct?
You and your small business likely incur a variety of local transportation costs each year. Commuting costs aren’t deductible, but the cost of any local trips you take for business purposes is a deductible business expense. Contact the CPAs and tax advisors at SEK with your tax deduction questions.