How business valuation professionals estimate reasonable compensation
Reasonable compensation is an issue that comes into play in divorce, shareholder disputes and tax cases. It’s also a common financial statement adjustment that valuators make when valuing a business.
Plan now for year-end gifts with the gift tax annual exclusion
Now that Labor Day has passed, the holidays are just around the corner. Many people may want to make gifts of cash or stock to their loved ones.
Member of the Firm Daryl Staley named Forty Under 40 honoree
Central Penn Business Journal has selected Daryl Staley, CPA, MBA, Member of the Firm at SEK, CPAs & Advisors as a Forty Under 40 recipient for 2023.
Make fundraising a year-round commitment
If your not-for-profit focuses all of its fundraising energy on the holiday season and end of the year, it’s not misguided. After all, 26% of charitable giving to nonprofits occurs in December, according to the 2023 M+R Benchmarks Study.
SEK wins 2023 Best of Accounting Award for service excellence
SEK, CPAs & Advisors announced that the firm has won ClearlyRated's 2023 Best of Accounting® Award. This is the third consecutive year SEK has won this award.
Did your spouse’s estate make a portability election? If not, there may still be time
Portability helps minimize federal gift and estate tax by allowing a surviving spouse to use a deceased spouse’s unused gift and estate tax exemption amount. Currently, the exemption is $12.92 million, but it’s scheduled to return to an inflation-adjusted $5 million on January 1, 2026.
Life insurance can be a powerful estate planning tool for nontaxable estates
For years, life insurance has played a critical role in estate planning, providing a source of liquidity to pay estate taxes and other expenses.
How do you move transactions from your bank into QuickBooks Online?
Manual transaction entry doesn’t make sense anymore – not when QuickBooks Online makes the process of importing them from your bank so easy.
The tax consequences of employer-provided life insurance
If your employer provides life insurance, you probably find it to be a desirable fringe benefit. However, if group term life insurance is part of your benefits package, and the coverage is higher than $50,000, there may be undesirable income tax implications.
Guaranteeing a loan to your corporation? There may be tax implications
Let’s say you decide to, or are asked to, guarantee a loan to your corporation. Before agreeing to act as a guarantor, endorser or indemnitor of a debt obligation of your closely held corporation, be aware of the possible tax implications.