Central Penn Business Journal and Lehigh Valley Business have named SEK, CPA & Advisors as one of the Best Places to Work in PA. The awards are held in partnership with Best Companies Group.
Preparing for an audit is a year-round process with several components, making it a challenging task for some. Understanding the contributing factors and timeline of an audit can help ensure you complete yours on time and accurately.
Even nonprofits that generally play it safe can get tripped up by the commerciality doctrine. It was created to address concerns about nonprofits competing at an unfair tax advantage with for-profits. The doctrine generally says that when some otherwise exempt activities are substantially the same as those of commercial entities, a nonprofit can risk its exempt status. Risky activities include set ting prices to maximize profits, accumulating unreasonable reserves and advertising services to the public. With these exemptions and other technicalities, it can be tricky to remain compliant. Contact the CPA's and financial advisors at SEK to help navigate you through nonprofit tax, tax tips and other financial advice.
The Governmental Accounting Standards Board (GASB) is in the process of making significant changes to governmental financial statements and the underlying basis of accounting and has issued several documents for public comment.
One of the most appreciated fringe benefits for owners and employees of small businesses is the use of a company car. This perk results in tax deductions for the employer and tax breaks for the owners and employees using the cars. For tax deduction purposes, a business treats the car much the same way it would any other business asset and comes with complications and paperwork. Our CPA's and Tax Advisors can help keep you in compliance with the rules. Give our accounting firm a call today for more tax tips and financial advice.
While you’re making plans for the new year, consider how you could improve your financial management – and maybe even your profits.
If you wish to leave a charitable legacy while generating income during your lifetime, a charitable remainder trust (CRT) may be a viable solution. A CRT is an irrevocable trust to which you contribute stock or other assets. The trust pays you income for life or for a term of up to 20 years, then distributes the remaining assets to one or more charities. When you fund the trust, you’re entitled to a charitable income tax deduction (subject to applicable limits) equal to the present value of the charitable beneficiaries’ remainder interest. Contact the CPA's and financial advisors at SEK for help in establishing your CRT or for more financial advice and tax tips.
Not-for-profit trade associations are organized to promote the common interests of their members. But to maintain their 501(c)(6) tax-exempt status, they must observe certain rules. Your association needs to offer services that benefit your entire group or profession as a whole, not individual members. Even when services for individuals are allowed (because they’re limited in number and scope), they can trigger unrelated business income tax. On the other hand, activities such as attempting to influence legislation relating to common business interests of members and testing and certifying products are generally acceptable. The CPAs and financial advisors at SEK can help you navigate this process.
A business may have more than one value, depending on the purpose of the business valuation and the characteristics of the ownership interest. Before an expert starts working on a business valuation, it’s important to discuss the appropriate level of value.
New FinCEN reporting requirement: beneficial ownership information reporting under the Corporate Transparency Act
The Corporate Transparency Act (“CTA”) was enacted January 1, 2021, as part of the National Defense Authorization Act, representing the most significant reformation of the Bank Secrecy Act and related anti–money laundering rules since the U.S. Patriot Act.