Disaster relief charities: Know the rules before providing aid
Tax-exempt disaster relief charities are allowed to provide short-term emergency assistance and long-term aid to ensure that victims have necessities. But they must observe IRS rules. For more help following guidelines, contact the CPAs and business advisors at SEK.
When businesses may want to take a contrary approach with income and deductions
In general, businesses want to delay taxable income into future years and accelerate deductions into the current year. But they sometimes want to do the opposite. There are ways to accelerate income into the current year and delay deductions to later years. Contact the CPAs and business tax advisors at SEK for help and to answer your tax questions.
Why some businesses choose to execute a pivot strategy
Under a pivot strategy, a company consciously changes its strategic focus in a series of carefully considered and executed moves. Some common situations often prompt a pivot include financial distress, weak demand, competition or change of heart. Contact the CPAs and business advisors for help with your business strategic planning.
Nonprofits don’t lose as much to fraud, but risk requires action
Nonprofits suffer a median loss of $76,000 per fraud incident, according to the Association of Certified Fraud Examiners’ 2024 Report to the Nations. If your organization can’t afford to lose that much (and what nonprofit can?), make sure you have strong internal controls. This starts with training staffers, board members and some volunteers to recognize and report fraud. Contact the CPAs and business advisors at SEK for help with internal controls.
The pros and cons of turning your home into a rental
If you’re buying a new home, you may have considered keeping your current home and renting it out. This carries potential tax benefits and pitfalls. Contact the CPA's and tax advisors at SEK to answer your tax questions.
Estimating damages: Lost profits vs. diminished business value
In commercial litigation, it’s common for business valuation experts to measure damages based on lost profits, diminished business value or both. Both measures may be considered when a defendant’s wrongful conduct initially causes profits to decline for a period but eventually causes the plaintiff to go out of business. Contact the CPAs and business valuators at SEK to determine what’s right for your case.
Upcoming Changes to Federal Award Regulations
You may have heard changes are coming to the Uniform Guidance, which affects how federal awards are managed. Organizations need to understand how these changes could affect future requirements for a federal single audit.
Don’t have a tax-favored retirement plan? Set one up now
If your business doesn’t already have a retirement plan, it might be a good time to take the plunge. There are several retirement plan options for different contribution limits. We can provide information on the best one for you. Contact the CPAs and business tax advisors at SEK for more info and answers to your tax questions.
Nonprofits: Board committees can help members make time for critical work
For many not-for-profits, maintaining a full and active board of directors is challenging. But breaking down the workload by committee can help give board members a focus for their efforts. Contact the CPAs and business advisors at SEK with your nonprofit questions.
Keep these 3 issues in mind after you file your return
After filing a 2023 tax return, keep these three issues in mind: 1) You can check on your refund by going to irs.gov. 2) Some tax records can now be thrown out. However, keep your actual returns indefinitely. 3) If you forgot something, you can file an amended tax return. If you have questions, contact the CPAs and tax advisors at SEK.