Recent News & Blog

  • DOL issues Final Rule on independent contractors

    The Department of Labor (DOL)’s Final Rule governing the standard for determining independent contractor status under the Fair Labor Standards Act (FLSA) became effective March 11, 2024.

  • A job loss is bad but the tax implications could make it worse

    Unemployment is currently low, but some people are still losing their jobs. If you’re one of them, taxes probably aren’t on your mind. However, there may be tax implications. The CPAs and tax advisors at SEK can help you make the best decisions.

  • Maximize the QBI deduction before it’s gone

    The qualified business income (QBI) deduction is available to eligible businesses through 2025. After that, it’s scheduled to disappear unless Congress acts to extend it. Contact the CPAs and business tax advisors at SEK for your questions and more tax tips.

  • Making a nonprofit mission drift official

    If your not-for-profit has been operating for a long time, your local community probably has grown, the issues surrounding your mission may have evolved and new nonprofits may be addressing some of the same challenges. Under these circumstances, mission drift is to be expected. But if your mission has changed significantly, you’ll need to formalize the shift. Your board should evaluate any changes and potentially draw up a new mission statement. Contact the CPAs and business advisors at SEK with your nonprofit questions.

  • Empower your sellers with sales enablement

    The driving revenue force of just about every kind of business is sales. That’s why many companies today are investing in sales enablement. This is an enterprise-wide, collaborative and continuous approach to empowering the sales department to do its best work. A well-designed program can help new hires get up to speed faster, boost overall sales productivity, enhance sales reps’ knowledgeability and improve employee engagement. If you decide to implement one, contact the CPAs and business advisors at SEK for help.

  • Use a business valuation pro to evaluate solvency

    Solvency refers to a business’s ability, at a specific point in time, to meet its long-term interest and repayment obligations. Business valuation pros may be hired to provide solvency opinions that can help creditors determine whether liquidating companies can meet repayment obligations. They also may come into play in fraudulent conveyance, bankruptcy alter ego and due diligence actions. Contact the CPAs and business advisors at SEK to perform a comprehensive solvency analysis for your business.

  • Better tax break when applying the research credit against payroll taxes

    The credit for increasing research activities is a valuable tax break for eligible businesses. To qualify for the election a taxpayer: 1) must have gross receipts for the election year of less than $5 million, and 2) be no more than five years past the period for which it had no receipts (the start-up period). Contact the CPAs and business tax advisors at SEK for more information and tax tips.

  • April 15 is the deadline to file a gift tax return

    If you made substantial gifts of wealth to family members in 2023, you may have to file a gift tax return. The return is due by April 15 of the year after you make the gift, so the deadline for 2023 gifts is coming up soon. Generally, a federal gift tax return (Form 709) is required if you make gifts to or for someone during the year that exceed the annual gift tax exclusion ($17,000 per person for 2023 and $18,000 per person for 2024). Contact the CPAs and tax advisors at SEK for more details.

  • How do you create projects in QuickBooks Online?

    QuickBooks Online can tell you where your money comes from and where it’s going in very detailed, customizable reports.

  • Nonprofits: Plan now to reimburse staffers, board members and volunteers

    Even if your not-for-profit rarely needs to reimburse staffers, board members or volunteers, reimbursement requests almost certainly will come up. A reimbursement policy will make the process easier and reduce the risk of any disagreements. Contact the CPAs and business advisors at SEK for guidance on creating this policy.

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