How business valuation professionals estimate reasonable compensation
Reasonable compensation is an issue that comes into play in divorce, shareholder disputes and tax cases. It’s also a common financial statement adjustment that valuators make when valuing a business.
Make fundraising a year-round commitment
If your not-for-profit focuses all of its fundraising energy on the holiday season and end of the year, it’s not misguided. After all, 26% of charitable giving to nonprofits occurs in December, according to the 2023 M+R Benchmarks Study.
Member of the Firm Daryl Staley named Forty Under 40 honoree
Central Penn Business Journal has selected Daryl Staley, CPA, MBA, Member of the Firm at SEK, CPAs & Advisors as a Forty Under 40 recipient for 2023.
SEK wins 2023 Best of Accounting Award for service excellence
SEK, CPAs & Advisors announced that the firm has won ClearlyRated's 2023 Best of Accounting® Award. This is the third consecutive year SEK has won this award.
Did your spouse’s estate make a portability election? If not, there may still be time
Portability helps minimize federal gift and estate tax by allowing a surviving spouse to use a deceased spouse’s unused gift and estate tax exemption amount. Currently, the exemption is $12.92 million, but it’s scheduled to return to an inflation-adjusted $5 million on January 1, 2026.
Life insurance can be a powerful estate planning tool for nontaxable estates
For years, life insurance has played a critical role in estate planning, providing a source of liquidity to pay estate taxes and other expenses.
How do you move transactions from your bank into QuickBooks Online?
Manual transaction entry doesn’t make sense anymore – not when QuickBooks Online makes the process of importing them from your bank so easy.
The tax consequences of employer-provided life insurance
If your employer provides life insurance, you probably find it to be a desirable fringe benefit. However, if group term life insurance is part of your benefits package, and the coverage is higher than $50,000, there may be undesirable income tax implications.
IRS clarifies erroneous late-filing notices received by plan sponsors and advisors
The Internal Revenue Service (IRS) has clarified issues regarding erroneous notices sent to retirement plan sponsors and advisors related to their supposed late filing of 2022 Form 8955-SSA.
You may be ABLE to save for a disabled family member with a tax-advantaged account
If you have family members with disabilities, there may be a tax-advantaged way to save for their needs. It can be done though an Achieving a Better Life Experience (ABLE) account, which is a tax-free account that can be used for disability-related expenses. Contact the CPAs and tax advisors at SEK for more info.