Beware of a stealth tax on Social Security benefits
Some people mistakenly think that Social Security benefits are free from federal income tax. Unfortunately, that’s often not the case. Depending on how much “provisional income” you have, some benefits could be hit with federal tax. The CPAs and tax advisors at SEK can calculate any tax on your benefits. Give us a call to answer your tax questions.
DOL issues Final Rule on independent contractors
The Department of Labor (DOL)’s Final Rule governing the
Nonprofits: Making the most of your social media accounts
Even though social media is generally free or low cost, your not-for-profit should apply staffing resources to it wisely. Review and potentially revise your social media strategy at least once a year, prioritizing frequent posting to platforms your supporters use most. If you don’t have a social media policy, create one. Contact the CPAs and business advisors at SEK for help with your nonprofit.
A job loss is bad but the tax implications could make it worse
Unemployment is currently low, but some people are still losing their jobs. If you’re one of them, taxes probably aren’t on your mind. However, there may be tax implications. The CPAs and tax advisors at SEK can help you make the best decisions.
Maximize the QBI deduction before it’s gone
The qualified business income (QBI) deduction is available to eligible businesses through 2025. After that, it’s scheduled to disappear unless Congress acts to extend it. Contact the CPAs and business tax advisors at SEK for your questions and more tax tips.
Making a nonprofit mission drift official
If your not-for-profit has been operating for a long time, your local community probably has grown, the issues surrounding your mission may have evolved and new nonprofits may be addressing some of the same challenges. Under these circumstances, mission drift is to be expected. But if your mission has changed significantly, you’ll need to formalize the shift. Your board should evaluate any changes and potentially draw up a new mission statement. Contact the CPAs and business advisors at SEK with your nonprofit questions.
Empower your sellers with sales enablement
The driving revenue force of just about every kind of business is sales. That’s why many companies today are investing in sales enablement. This is an enterprise-wide, collaborative and continuous approach to empowering the sales department to do its best work. A well-designed program can help new hires get up to speed faster, boost overall sales productivity, enhance sales reps’ knowledgeability and improve employee engagement. If you decide to implement one, contact the CPAs and business advisors at SEK for help.
Use a business valuation pro to evaluate solvency
Solvency refers to a business’s ability, at a specific point in time, to meet its long-term interest and repayment obligations. Business valuation pros may be hired to provide solvency opinions that can help creditors determine whether liquidating companies can meet repayment obligations. They also may come into play in fraudulent conveyance, bankruptcy alter ego and due diligence actions. Contact the CPAs and business advisors at SEK to perform a comprehensive solvency analysis for your business.
Better tax break when applying the research credit against payroll taxes
The credit for increasing research activities is a valuable tax break for eligible businesses. To qualify for the election a taxpayer: 1) must have gross receipts for the election year of less than $5 million, and 2) be no more than five years past the period for which it had no receipts (the start-up period). Contact the CPAs and business tax advisors at SEK for more information and tax tips.