Nonprofit: Cross-training initiatives can get your whole organization in shape
Elite athletes cross-train to promote full-body strength, enhance performance and reduce the risk of injury. Nonprofits that cross-train staffers on one another’s jobs can reap similar results. If your employees understand the basic functions of other positions, they can jump in and help out if someone goes on disability leave or there’s a work surge in a particular department. For more information, contact the CPAs and business advisors at SEK.
2024 Q3 tax calendar: Key deadlines for businesses and other employers
Here are a few key tax-related deadlines for businesses and other employers during the third quarter of 2024.
Social Security tax update: How high can it go?
Employees, self-employed individuals and employers all pay Social Security tax, and the amounts can get bigger every year. And yet, many people don’t fully understand the Social Security tax they pay. Contact the CPAs and tax advisors at SEK with your tax questions.
Hiring your child to work at your business this summer
Are you hiring your child to work at your business this summer? Certain noncorporate entities can hire an owner’s under-age-18 children and their wages will be exempt from the following federal payroll taxes: Social Security tax, Medicare tax and federal unemployment (FUTA) tax. Contact the CPAs and business tax advisors at SEK to learn how to take advantage of these tax tips.
Cory Cuffley, QKA®, CFP®, CPA Earns Qualified 401(k) Administrator Credential
SEK, CPAs & Advisors is pleased to announce Cory Cuffley, QKA®, CFP®, CPA, Manager, has successfully completed the certification process with the American Society of Pension Professionals and Actuaries (ASPPA) to earn the Qualified 401(k) Administrator (QKA®) credential.
Don’t overlook digital assets in your estate plan
When it comes to digital assets, it’s important to know that, unlike other asset types, they leave little to no “paper trail.” Thus, unless your estate plan specifically provides for them, it may be difficult for your family to access these assets (or even know that they exist). Contact SEK for more information.
Nonprofits: Why private foundations need to avoid self-dealing
The IRS strictly prohibits self-dealing between private foundations and “disqualified persons.” Self-dealing generally includes lending money and extending credit and providing goods and facilities. Financial penalties for violations can range from 5% up to 200% of the amount involved in a transaction. Contact the CPAs and business advisors at SEK for questions on staying compliant.
Figuring corporate estimated tax
The next quarterly estimated tax payment deadline is June 17 for individuals and businesses. (The normal June 15 due date falls on a Saturday, so it’s extended until Monday.) Let’s review the rules for computing corporate federal estimated payments.
SEK Wins Two Categories in Best of Cumberland County Awards
SEK, CPAs & Advisors won two categories in The Sentinel’s Best of Cumberland County Awards for 2024: SEK was voted Best Accounting Firm and Joel Flinchbaugh
Inflation enhances the 2025 amounts for Health Savings Accounts
The IRS recently released the inflation-adjusted amounts for Health Savings Accounts (HSAs) next year. Contact the CPAs and tax advisors at SEK with your tax questions.