The pros and cons of turning your home into a rental
If you’re buying a new home, you may have considered keeping your current home and renting it out. This carries potential tax benefits and pitfalls. Contact the CPA's and tax advisors at SEK to answer your tax questions.
Estimating damages: Lost profits vs. diminished business value
In commercial litigation, it’s common for business valuation experts to measure damages based on lost profits, diminished business value or both. Both measures may be considered when a defendant’s wrongful conduct initially causes profits to decline for a period but eventually causes the plaintiff to go out of business. Contact the CPAs and business valuators at SEK to determine what’s right for your case.
Upcoming Changes to Federal Award Regulations
You may have heard changes are coming to the Uniform Guidance, which affects how federal awards are managed. Organizations need to understand how these changes could affect future requirements for a federal single audit.
Don’t have a tax-favored retirement plan? Set one up now
If your business doesn’t already have a retirement plan, it might be a good time to take the plunge. There are several retirement plan options for different contribution limits. We can provide information on the best one for you. Contact the CPAs and business tax advisors at SEK for more info and answers to your tax questions.
Nonprofits: Board committees can help members make time for critical work
For many not-for-profits, maintaining a full and active board of directors is challenging. But breaking down the workload by committee can help give board members a focus for their efforts. Contact the CPAs and business advisors at SEK with your nonprofit questions.
Keep these 3 issues in mind after you file your return
After filing a 2023 tax return, keep these three issues in mind: 1) You can check on your refund by going to irs.gov. 2) Some tax records can now be thrown out. However, keep your actual returns indefinitely. 3) If you forgot something, you can file an amended tax return. If you have questions, contact the CPAs and tax advisors at SEK.
Scrupulous records and legitimate business expenses are the key to less painful IRS audits
If you operate a business, you know records of income and expenses need to be kept. Specifically, you should carefully record expenses to claim all the tax deductions to which you’re entitled. And you want to make sure you can defend the amounts reported on your tax returns in case you’re ever audited by the IRS. Contact the CPAs and business tax advisors at SEK with questions.
Nonprofits: Don’t be surprised by a sudden influx of support
Disaster-relief charities have long contended with sudden influxes of attention and donations. But any nonprofit could face this enviable “problem.” While your nonprofit is in a period of relative calm, consider how you might handle it. Contact the CPAs and business advisors at SEK for help with your nonprofit or for more financial advice.
A general look at generative AI for businesses
Many businesses are now using “generative” artificial intelligence (AI). Essentially, this is software that’s able to generate new content based on input from users and existing data either inputted during development or gathered from the internet. If you’re intrigued by the concept, discuss it with your leadership group. If you decide to move forward, be sure to explore potential liabilities. Contact the CPAs and business advisors at SEK for help.
The tax deadline is almost here: File for an extension if you’re not ready
The April 15 tax filing deadline is right around the corner. However, you might not be ready to file. If you need more time, you should file for an extension on Form 4868. An extension will give you until Oct. 15 to file and allow you to avoid “failure-to-file” penalties. However, it only provides extra time to file, NOT TO PAY. Contact the CPAs and tax advisors at SEK if you have questions about IRS penalties or have more tax questions.