Nonprofits: Best practices for effective board meeting minutes
If you think the recorded minutes of your nonprofit’s board meetings are just a formality, think again. Meeting minutes can become critical documents if, for example, your organization is audited by the IRS or your directors are sued due to a board decision.
Key 2024 inflation-adjusted tax amounts for individuals
The IRS recently announced various 2024 inflation-adjusted federal tax amounts that affect individual taxpayers.
Key 2024 inflation-adjusted tax parameters for small businesses and their owners
The IRS recently announced various inflation-adjusted federal income tax amounts. Here’s a rundown of the amounts that are most likely to affect small businesses and their owners. Rates and brackets
Overview of the offsetting rules
As companies explore hedging strategies in today’s uncertain economy, management might need to become familiar with the accounting rules for offsetting. Here are the basics, including what needs to be disclosed in your footnotes about these contractual arrangements.
How to get the financing your nonprofit needs
Relatively high interest rates and tight lending standards are making it difficult for even for-profit businesses to apply and qualify for bank loans.
SEK, CPAs & Advisors celebrates 60th anniversary
A full-service, certified public accounting and consulting firm, SEK, CPAs & Advisors first opened its doors in 1963.
11 Exceptions to the 10% penalty tax on early IRA withdrawals
If you’re facing a serious cash shortfall, one possible solution is to take an early withdrawal from your traditional IRA. That means one before you’ve reached age 59½. For this purpose, traditional IRAs include simplified employee pension (SEP-IRA) and SIMPLE-IRA accounts.
A cost segregation study may cut taxes and boost cash flow
Is your business depreciating over 30 years the entire cost of constructing the building that houses your enterprise? If so, you should consider a cost segregation study. It may allow you to accelerate depreciation deductions on certain items, thereby reducing taxes and boosting cash flow.
Consider providing your beneficiaries with the power to remove a trustee
To ensure that a trust operates as intended, it’s critical to appoint a trustee that you can count on to carry out your wishes.
What you need to know about restricted stock awards and taxes
Restricted stock awards are a popular way for companies to offer equity-oriented executive compensation. Some businesses offer them instead of stock option awards. The reason: Options can lose most or all of their value if the price of the underlying stock takes a dive.