SEK named one of the Best Places to Work in PA for 2024
Central Penn Business Journal and Lehigh Valley Business have named SEK, CPA & Advisors as one of the 2024 Best Places to Work in PA in the medium employer category. The awards are held in partnership with Best Companies Group.
Nonprofits: Get the word out about IRA qualified charitable distributions
Qualified charitable distributions (QCDs) have been beneficial for donors and nonprofits for almost 20 years. Enhancements in the SECURE 2.0 Act have made QCDs even more appealing, but you may need to educate your supporters about them. Contact the CPAs and nonprofit advisors at SEK to learn more.
What are the duties of an executor?
A key decision you must make when drafting your estate plan is who to appoint as the executor. Your first inclination may be to name a family member. But this can cause complications. Frequently, a professional advisor whom you trust is a good alternative. Contact the estate planning advisors at SEK with your questions.
Seller-paid points: Can homeowners deduct them?
Potential homebuyers may now have an opportunity to attain their dreams of purchasing property. If you’re a homebuyer, you may wonder if you can deduct mortgage points paid on your behalf by the seller. The answer is “yes,” subject to some limits. Contact the CPAs and tax advisors at SEK for answers to your tax questions.
Make year-end tax planning moves before it’s too late!
It’s an ideal time to begin making moves that could reduce your tax bills for 2024 and 2025. If you itemize deductions, you may be able to deduct medical expenses, state and local taxes up to $10,000, charitable donations, and eligible mortgage interest. Contact the CPAs and tax advisors at SEK for assistance.
How to protect your nonprofit’s credit cards from misuse
Without a credit card use policy, you could have trouble responding satisfactorily if a staffer misuses your organization’s card. You may also have a hard time recovering funds lost as a result of improper charges. So it’s important to craft a policy explicitly stating that employees can’t use a work-issued card for personal expenses. Contact the CPAs and nonprofit advisors at SEK for help preventing fraud.
Is your business required to report employee health coverage?
Certain employers are required to report information about employees’ health coverage. Is your business required to comply? Read this article to find out or contact the CPAs and business advisors at SEK.
Q&A: Paying contractors through QuickBooks Online
Payroll is probably the most difficult element of running a small business. Especially if your business is hiring independent contractors. QuickBooks Online can simplify the payments process. It can also track contractor payments, create 1099-NECs easily, and ensure correct classification for the IRS - who cares a lot.
A real-life example of why a holographic will isn’t enough
Many states permit holographic wills. But while holographic wills can be cheap and easy to produce, they tend to invite challenges and interfamily conflict. Also, because an attorney doesn’t prepare them, holographic wills tend to be less thorough and often contain ambiguous or unclear language. Contact the estate planning advisors at SEK for more information.
A spendthrift trust can act as a wealth preserver
A spendthrift trust can be an invaluable tool for preserving wealth for your heirs. It prohibits a beneficiary from directly tapping its funds or transferring its rights to someone else. Instead, the trust beneficiary relies on the trustee to provide payments based on the trust’s terms. Contact the CPAs and estate planning advisors at SEK if you have questions regarding a spendthrift trust.