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.
House rich but cash poor? Consider a reverse mortgage strategy
Are you a taxpayer age 62 or older who needs income and owns a house that has appreciated greatly? A reverse mortgage may be a solution. With one, you can raise needed cash and also take advantage of the tax-saving basis “step-up” rule. Contact the CPAs and tax advisors at SEK with more information and to answer your tax questions.
Nonprofits: Thinking ahead to your next Form 990
The deadline for calendar-year not-for-profits to file Form 990 with the IRS has come and gone. But it’s never too early to think about reporting responsibilities for the next deadline. Work with the CPAs and business advisors at SEK to help ensure you accurately track activities during the year and are prepared to file Form 990.
An HSA can be a healthy supplement to your wealth-building regimen
Health Savings Accounts (HSAs) allow eligible individuals to lower their out-of-pocket health care costs and federal tax bills. An HSA can also supplement your other retirement savings vehicles and offer estate planning benefits. Be aware that the tax implications of inheriting an HSA differ substantially depending on who receives it. Contact the CPAs and tax advisors at SEK for more information.
Erroneous notices issued by IRS and PA Department of Revenue
Some clients are receiving late notices about their 2023 tax bill from the IRS. This is an error in the IRS systems.