Estate planning for residential real estate with a qualified personal residence trust
If you own your principal residence, it may be beneficial to transfer ownership of your home to a qualified personal residence trust (QPRT). Using a QPRT, you can continue to live in the home for the duration of the trust’s term. When the term ends, the remainder interest passes to designated beneficiaries. Contact the CPAs and estate planning advisors at SEK for more details.
When your nonprofit’s debt-financed income is subject to tax
If your nonprofit has investment income, dividends, interest, rents and annuities, they’re generally excluded when calculating unrelated business income tax (UBIT). However, income from debt-financed property typically is taxable. So it’s important to segregate income from such property and include it in UBIT calculations to help ensure you don’t trigger unwanted IRS attention. Contact the CPAs and nonprofit advisors at SEK for information.
Understanding the $7,500 federal tax credit for buying an electric vehicle
An eligible taxpayer can claim a credit of up to $7,500 for a new clean vehicle. These are qualified plug-in electric vehicles (EVs) and fuel cell vehicles. An EV must meet certain requirements, and there are income limits to qualify. Contact the CPAs and tax advisors at SEK for more information on tax credits.
Maryland Department of Labor issues new guidance on Wage Transparency and Paystub Notice obligations
Maryland will have two significant laws go into effect on October 1, 2024. These laws will require employers to provide employees with more upfront information about a job's wage and benefits, as well as, more transparency on paystubs. Read here to ensure your business is compliant.
What you can do to protect your financial future from the recent social security data breach
Over 2.7 billion Social Security numbers were found to be leaked in a recent data breach. Read how to protect your financial future.
Reasons an LLC might be the ideal choice for your small to medium-size business
For many businesses, a limited liability company (LLC) is an enticing choice. It can be structured to resemble a corporation for owner liability purposes and a partnership for federal tax purposes. This may provide the owners with several advantages. Contact the CPAs and business tax advisors at SEK to discuss whether an LLC is the best option for you and your business.
6 tax-free income opportunities
There are ways to collect income and gains free from federal income tax. Contact the CPAs and tax advisors at SEK. Advance planning may lead to better tax results.
Welcome charitable pledges for your nonprofit— and account for them properly
Because pledges are promises to contribute later, not immediate contributions, accounting for them can be challenging. Accounting for pledges’ future value can also require accounting staffers to apply a “discount” rate when reporting them. Contact the CPAs and business advisors at SEK for help with what can be a tricky process.
Let's Talk HR - Tips for conducting a successful job interview
As a manager and leader in your organization one of your key responsibilities is hiring the right people for your team. Below are a few practical tips to help you conduct effective interviews and make informed hiring decisions.
Comparison of Harris and Trump tax policy proposals
Presidential nominees Kamala Harris (D) and Donald Trump (R) are floating proposals ahead of what will be a consequential year for tax, with key provisions from the GOP’s 2017 tax overhaul (Public Law 115-97