Certain charitable donations allow you to avoid taxable IRA withdrawals
Are you philanthropic? If you’re 70½ or older, you may want to consider making a potential tax-saving strategy called a qualified charitable distribution (QCD). How does it save tax? The money given to charity counts toward your RMDs but doesn’t increase your adjusted gross income (AGI), which may allow you to qualify for other tax breaks. Questions? Contact the CPAs and tax advisors at SEK.
An overview of the updates to 2 Code of Federal Regulations (CFR) Part 200 (Uniform Guidance)
Uniform Guidance is a framework introduced by the Office of Management and Budget (OMB) and used across various government agencies and departments for grant management.
Government training sites
In today's rapidly changing environment, governmental organizations must stay informed on the latest policies, developments, and best practices. Access to high-quality training resources is essential to help these organizations thrive.
Consider borrowing from your corporation but structure the deal carefully
If you own a closely held corporation, you can borrow from it for personal purposes at rates below those charged by a bank. But be sure to set up a bona-fide loan to avoid adverse tax consequences. Contact the CPAs and tax advisors at SEK to answer your tax questions.
Beware these 5 estate planning pitfalls
No one likes to contemplate his or her mortality, but having a plan in place can provide you and your loved ones peace of mind should you unexpectedly become incapacitated or die. Here are five basic pitfalls you’ll want to avoid. Contact the CPAs and estate planning advisors at SEK for assistance to help ensure you’ve covered all the estate planning bases.
Nonprofit: Even a lower-cost benefits menu can help you attract talent
If your not-for-profit is recruiting new staffers, it can be difficult to overcome the widely held belief that nonprofits offer lower salaries than for-profit businesses. To entice candidates to give your organization a second look, consider enhancing your benefits menu. It doesn’t have to cost a lot. Talk to a benefits expert or contact the business advisors at SEK for more information.
Having trouble budgeting? QuickBooks Online can help
Have you explored QuickBooks Online’s budget tools? We can help you get set up and provide some helpful tips.
SEK Receives United Way of Washington County, MD’s FIRE Award
SEK, CPAs & Advisors received the United Way of Washington County, Maryland’s annual FIRE Award, presented for Distinguished Achievements in the Finance, Insurance and Real Estate (FIRE) sectors.
What might be ahead as many tax provisions are scheduled to expire?
We’re likely to see major federal tax changes within the next year or two. The reason has to do with the upcoming elections and provisions of the Tax Cuts and Jobs Act (TCJA) that are set to expire on Dec. 31, 2025. What will happen to YOUR taxes depends on which scenario becomes reality. Contact the CPAs and tax advisors at SEK for more information.
SEK Announces Mid-Year Promotions
The Members of SEK, CPAs & Advisors are pleased to announce the following Manager, Supervisor, and Senior Associate promotions effective July 1, 2024: