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.
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.