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.
Nonprofits: Gather information from clients without triggering survey fatigue
The sheer number of feedback requests has resulted in a widespread sense of “survey fatigue” among Americans. To overcome this barrier and find out what your nonprofit’s clients think about your programs, you likely need to go beyond offering online surveys with your email newsletters and on your website and social media platforms. Contact the business advisors at SEK for more information.
You may be entitled to tax breaks if caring for an elderly relative
There are many personal rewards for taking care of an elderly relative. You could also be eligible for tax breaks, especially if the person qualifies as your dependent. Contact the CPAs and tax advisors at SEK for more information and more tax tips.
Michael Manspeaker Appointed to Auditing Standards Board
Michael Manspeaker, CPA, CGMA, Consultant/Former Member at SEK, CPAs & Advisors,
7 tips for creating better invoices in QuickBooks Online
Unless your business always collects payment for items and services on the spot (or accepts credit cards on your website), you need to know how to create effective invoices. QuickBooks Online makes this easy.
Should you convert your business from a C to an S corporation?
The most common business structures are sole proprietorships, partnerships, LLCs, C corporations and S corporations. Choosing the right entity has many implications, including the taxes you pay. If you’re interested in an entity change, contact the CPAs and business tax advisors at SEK to learn about the tax implications.
Assets with sentimental value require extra planning
Personal items — which may have modest monetary value but significant sentimental value — may be more difficult to address in an estate plan than big-ticket items. In some cases, the legal fees and court costs can eclipse the monetary value of the property itself. Contact the estate planning advisors at SEK for help with your estate.
Nonprofits: Act thoroughly on audit findings
External audits can help assure your nonprofit’s stakeholders of your financial stability and help prevent fraud losses. Often, audit reports recommend actions organizations need to take. If you fail to make changes that respond to a report’s concerns, it could threaten your nonprofit’s future. Contact the CPAs and business advisors at SEK to answer your nonprofit audit questions.
A three-step strategy to save tax when selling appreciated vacant land
Let’s say you own one or more vacant lots and that property has appreciated greatly and you're ready to sell. Or maybe you have a parcel of appreciated land that you want to subdivide into lots, develop them and sell them off for a big profit. Either way, you’ll incur a tax bill. There’s a strategy to consider that allows favorable long-term capital gain tax treatment for all the pre-development appreciation in the value of your land. Contact the CPAs and tax advisors at SEK for tax assistance and to avoid potential pitfalls.
Tax tips when buying the assets of a business
If you’re buying a business, you want the best results possible AFTER taxes. You can potentially structure a purchase in two ways: 1) Buy the business assets. 2) Buy the seller’s entity ownership interest. Contact the CPAs and business tax advisors at SEK for answers to your tax questions.