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Recent News & Blog

  • Steer clear of the wash sale rule if you’re selling stock by year end

    Are you thinking about selling stock shares at a loss to offset gains that you’ve realized during 2020? If so, it’s important not to run afoul of the “wash sale” rule. IRS may disallow the loss

  • Nonprofit boards must remain vigilant as long as the crisis continues

    It’s been a tough year for not-for-profits. Many have experienced an increased demand for services just as revenues have plummeted. Until the COVID-19 pandemic is over, your organization’s board of directors will likely play a special role in ensuring that it remains on track financially.

  • Family business owners must weave together succession and estate planning

    It’s been estimated that there are roughly 5 million family-owned businesses in the United States. Annually, these companies make substantial contributions to both employment figures and the gross domestic product.

  • Small businesses: Cash in on depreciation tax savers

    As we approach the end of the year, it’s a good time to think about whether your business needs to buy business equipment and other depreciable property. If so, you may benefit from the Section 179 depreciation tax deduction for business property.

  • 5 Resolutions QuickBooks Online Users Should Make for 2021

    New year, new challenges, and the potential for new successes. Here are five ways you can improve your financial management in 2021.

  • Avoid these four estate planning deadly sins

    According to literature, the “seven deadly sins” are lust, gluttony, greed, laziness, wrath, envy and pride. Although individuals may be guilty of these from time to time, other types of “sins” can be fatal to an estate plan if you’re not careful. Here are four transgressions to avoid.

  • How COVID-19 could impact year-end inventory counts

    Many businesses are closed or are limiting third-party access as COVID-19 surges across the United States. These restrictions could still be in place at year end — a time when external auditors traditionally observe physical inventory counts for calendar-year entities.

  • Lessons of 2020: Change management

    The year 2020 has taught businesses many lessons. The sudden onset of the COVID-19 pandemic followed by drastic changes to the economy have forced companies to alter the size of their workforces, restructure work environments and revise sales models — just to name a few challenges.

  • Principles to guide your nonprofit’s relationship with donors

    In 1993, a consortium of philanthropic organizations came up with the Donor Bill of Rights to guide not-for-profits in their interactions with financial supporters. For the most part, the basic principles remain valid.

  • The importance of S corporation basis and distribution elections

    S corporations can provide tax advantages over C corporations in the right circumstances. This is true if you expect that the business will incur losses in its early years because shareholders in a C corporation generally get no tax benefit from such losses.

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