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.
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.
SEK Accountant Bonnie Aleshire Has Passed Away
With great sadness, SEK, CPAs & Advisors announces the passing of our colleague and friend Bonnie Aleshire. Bonnie was a Support Accountant Supervisor in the Chambersburg office, working with clients and team members throughout the firm.
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.
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.