FASB issues new segment expense disclosure rules
On November 27, 2023, the FASB issued updated accounting rules on segment reporting. The guidance concludes several years of discussions aimed at providing investors with better information about a company’s business unit costs from the viewpoint of management. Contact the CPA's and business tax advisors at SEK for help implementing the updated guidance, more tax tips and financial advice.
Updated Maryland minimum wage and overtime law
Effective January 1, 2024, Maryland State's employee minimum wage is increasing to $15 per hour for all employers, regardless of size. In contrast to the 2023 state rate hike, the rate remains consistent regardless of whether a company has more or fewer than 15 employees.
Business owners: Giving gifts and throwing parties can help show gratitude and provide tax breaks
It’s holiday time again! Your business may want to show its appreciation to employees and customers by giving them gifts or hosting parties. It’s important to understand the tax implications. Gifts to customers, “De minimis” noncash gifts to employees (such as a holiday turkey), holiday parties and holiday cards are also likely to be deductible. Contact the CPA's and business tax advisors at SEK with your holiday tax questions and for more tax tips.
QuickBooks Desktop Payroll - direct deposit fee update
If you are using QuickBooks Desktop Payroll for employee direct deposits, we would like to notify you of an important pricing change that QuickBooks will be implementing.
SEK named one of the Best Places to Work in PA for 2023
Central Penn Business Journal and Lehigh Valley Business have named SEK, CPA & Advisors as one of the Best Places to Work in PA. The awards are held in partnership with Best Companies Group.
Governmental entities: How to prepare for an audit
Preparing for an audit is a year-round process with several components, making it a challenging task for some. Understanding the contributing factors and timeline of an audit can help ensure you complete yours on time and accurately.
Why your nonprofit shouldn’t operate like a for-profit business
Even nonprofits that generally play it safe can get tripped up by the commerciality doctrine. It was created to address concerns about nonprofits competing at an unfair tax advantage with for-profits. With the exemptions and other technicalities, it can be tricky to remain compliant. Contact the CPA's and business tax advisors at SEK to help navigate you through nonprofit tax, tax tips and other financial advice.
GASB - Upcoming changes to reporting model and basis of accounting
The Governmental Accounting Standards Board (GASB) is in the process of making significant changes to governmental financial statements and the underlying basis of accounting and has issued several documents for public comment.
A company car is a valuable perk but don’t forget about taxes
One of the most appreciated fringe benefits for owners and employees of small businesses is the use of a company car. This perk results in tax deductions for the employer and tax breaks for the owners and employees using the cars. Our CPA's and Tax Advisors can help keep you in compliance with the rules. Give our accounting firm a call today for more tax tips and financial advice.
5 resolutions QuickBooks Online users should make for 2024
While you’re making plans for the new year, consider how you could improve your financial management – and maybe even your profits.