Providing fringe benefits to employees with no tax strings attached
Businesses can provide benefits to employees that don’t cost them much or anything at all. However, in some cases, employees may have to pay tax on the value of these benefits. Here are examples of two types of benefits which employees generally can exclude from income:
M&A on the way? Consider a QOE report
Whether you’re considering selling your business or acquiring another one, due diligence is a must. In many mergers and acquisitions (M&A), prospective buyers obtain a quality of earnings (QOE) report to evaluate the accuracy and sustainability of the seller’s reported earnings.
The FLSA asks your nonprofit to accurately classify staffers
Are your not-for-profit’s staffers employees or independent contractors? It’s an important question because under the Fair Labor Standards Act (FLSA), misclassifying workers can lead to penalties and other costs.
Life insurance still plays an important role in estate planning
Because the federal gift and estate tax exemption amount currently is $12.06 million, fewer people need life insurance to provide their families with the liquidity to pay estate taxes.
What local transportation costs can your business deduct?
You and your small business are likely to incur a variety of local transportation costs each year. There are various tax implications for these expenses.
Don’t let disaster fraud victimize your nonprofit
It’s been a busy year for natural disasters, with Hurricane Ian only the latest calamity to befall the United States and its territories. If your not-for-profit operates in or serves clients in a disaster zone, you know how difficult the recovery process can be.
Shine a light on sales prospects to brighten the days ahead
When it comes to sales, most businesses labor under two major mandates: 1) Keep selling to existing customers, and 2) Find new ones.
2022 Year-End Year-Round Tax Planning Guide
At SEK, we are dedicated to helping you maximize your income through a variety of tax-saving strategies. We are excited to share our 2022 Year-End Year-Round Tax Planning Guide, which includes:
Year-end tax planning ideas for individuals
Now that fall is officially here, it’s a good time to start taking steps that may lower your tax bill for this year and next.
FASB proposes last-minute changes to lease accounting rules
Accounting Standards Codification Topic 842, Leases, requires organizations to report the full magnitude of their long-term lease obligations on their balance sheets. For private companies and nonprofits, the changes take effect this year.