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Recent News & Blog

  • How renting out a vacation property will affect your taxes

    What are the tax implications of renting out a vacation home part of the year? It depends on the time it’s rented and the time you personally use the home. Questions? Contact the CPAs and tax advisors at SEK for more information and for more tax tips.

  • Bartering is a taxable transaction even if no cash is exchanged

    If your small business is strapped for cash (or likes to save money), you may find it beneficial to barter for goods and services. Bartering isn’t new, but the internet has made it easier. However, if your business barters, be aware that the fair market value of goods you receive is taxable income. And if you exchange services with another business, the transaction results in taxable income for both parties. Contact the CPAs and business tax advisors at SEK if you’d like assistance or more tax tips.

  • Beware of a stealth tax on Social Security benefits

    Some people mistakenly think that Social Security benefits are free from federal income tax. Unfortunately, that’s often not the case. Depending on how much “provisional income” you have, some benefits could be hit with federal tax. The CPAs and tax advisors at SEK can calculate any tax on your benefits. Give us a call to answer your tax questions.

  • DOL issues Final Rule on independent contractors

    The Department of Labor (DOL)’s Final Rule governing the standard for determining independent contractor status under the Fair Labor Standards Act (FLSA) became effective March 11, 2024.

  • Nonprofits: Making the most of your social media accounts

    Even though social media is generally free or low cost, your not-for-profit should apply staffing resources to it wisely. Review and potentially revise your social media strategy at least once a year, prioritizing frequent posting to platforms your supporters use most. If you don’t have a social media policy, create one. Contact the CPAs and business advisors at SEK for help with your nonprofit.

  • A job loss is bad but the tax implications could make it worse

    Unemployment is currently low, but some people are still losing their jobs. If you’re one of them, taxes probably aren’t on your mind. However, there may be tax implications. The CPAs and tax advisors at SEK can help you make the best decisions.

  • Maximize the QBI deduction before it’s gone

    The qualified business income (QBI) deduction is available to eligible businesses through 2025. After that, it’s scheduled to disappear unless Congress acts to extend it. Contact the CPAs and business tax advisors at SEK for your questions and more tax tips.

  • Making a nonprofit mission drift official

    If your not-for-profit has been operating for a long time, your local community probably has grown, the issues surrounding your mission may have evolved and new nonprofits may be addressing some of the same challenges. Under these circumstances, mission drift is to be expected. But if your mission has changed significantly, you’ll need to formalize the shift. Your board should evaluate any changes and potentially draw up a new mission statement. Contact the CPAs and business advisors at SEK with your nonprofit questions.

  • Empower your sellers with sales enablement

    The driving revenue force of just about every kind of business is sales. That’s why many companies today are investing in sales enablement. This is an enterprise-wide, collaborative and continuous approach to empowering the sales department to do its best work. A well-designed program can help new hires get up to speed faster, boost overall sales productivity, enhance sales reps’ knowledgeability and improve employee engagement. If you decide to implement one, contact the CPAs and business advisors at SEK for help.

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