Higher interest rates spark interest in charitable remainder trusts
If you wish to leave a charitable legacy while generating income during your lifetime, a charitable remainder trust (CRT) may be a viable solution. The trust pays you income for life or for a term of up to 20 years, then distributes the remaining assets to one or more charities. Contact the CPA's and business tax advisors at SEK for help in establishing your CRT or for more financial advice and tax tips.
When do 501(c)(6) organizations risk their exempt status?
Not-for-profit trade associations are organized to promote the common interests of their members. But to maintain their 501(c)(6) tax-exempt status, they must observe certain rules. The CPAs and business tax advisors at SEK can help you navigate this process.
Levels of value: Why it matters in a business valuation
A business may have more than one value, depending on the purpose of the business valuation and the characteristics of the ownership interest. Before an expert starts working on a business valuation, it’s important to discuss the appropriate level of value.
New FinCEN reporting requirement: beneficial ownership information reporting under the Corporate Transparency Act
The Corporate Transparency Act (“CTA”) was enacted January 1, 2021, as part of the National Defense Authorization Act, representing the most significant reformation of the Bank Secrecy Act and related anti–money laundering rules since the U.S. Patriot Act.
Don’t forget to empty out your flexible spending account
If you have a tax-saving flexible spending account (FSA) with your employer to help pay for health or dependent care expenses, there’s an important date coming up. You may have to use the money in the account by year-end or you’ll lose it (unless your employer has a grace period).
Nonprofits: Best practices for effective board meeting minutes
If you think the recorded minutes of your nonprofit’s board meetings are just a formality, think again. Meeting minutes can become critical documents if, for example, your organization is audited by the IRS or your directors are sued due to a board decision.
Key 2024 inflation-adjusted tax parameters for small businesses and their owners
The IRS recently announced various inflation-adjusted federal income tax amounts. Here’s a rundown of the amounts that are most likely to affect small businesses and their owners. Rates and brackets
Key 2024 inflation-adjusted tax amounts for individuals
The IRS recently announced various 2024 inflation-adjusted federal tax amounts that affect individual taxpayers.
Overview of the offsetting rules
As companies explore hedging strategies in today’s uncertain economy, management might need to become familiar with the accounting rules for offsetting. Here are the basics, including what needs to be disclosed in your footnotes about these contractual arrangements.
SEK, CPAs & Advisors celebrates 60th anniversary
A full-service, certified public accounting and consulting firm, SEK, CPAs & Advisors first opened its doors in 1963.