Business website expenses: How they’re handled for tax purposes
Determining the proper tax treatment for the costs involved in developing a website can be difficult. Despite the widespread use of websites, the IRS hasn’t released formal guidance on when website costs can be deducted for businesses. Contact the CPAs and business tax advisors at SEK for guidance.
Nonprofits: Planning an event? Don’t neglect sponsorships
To be financially fruitful, nonprofit events need adequate sponsorship to cover a portion of expenses. Whether you’re planning a gala, a conference or something else, start early to beat out competition for philanthropic dollars. Contact the CPAs and financial advisors at SEK with financial and tax questions about special event planning.
SEK wins 2024 Best of Accounting Award for service excellence
SEK, CPAs & Advisors announced that the firm has won ClearlyRated's 2024 Best of Accounting® Award. This is the fourth consecutive year SEK has won this award.
Contributing to a Roth 401(k) plan may help achieve estate planning goals
When it comes to your 401(k) plan, you may have a choice to make regarding contributions. Should you make them on a pre-tax basis or on an after-tax (Roth) basis? The right answer depends on your current and expected future tax circumstances and the estate planning implications. Contact the CPAs and estate planning advisors at SEK with your questions.
How are Series EE savings bonds taxed?
Many people own Series EE savings bonds that were purchased many years ago. EE bonds accrued interest is reflected in their redemption value. EE bond interest isn’t subject to state income tax and you can potentially not have to pay federal income tax on it. Contact the CPAs and tax advisors at SEK to find out more.
Closing a business involves a number of tax responsibilities
While many facets of the economy have improved this year, the rising cost of living and other economic factors have caused many businesses to close their doors. If yours is among them, we can help you take care of various tax obligations. Contact the CPAs and tax advisors at SEK with questions and to discuss these issues.
Provide for multiple generations using a dynasty trust
A dynasty trust can preserve substantial amounts of wealth (and potentially shelter it from federal gift, estate and generation-skipping transfer taxes) for generations to come. The trust can be established during your lifetime, as an inter vivos trust, or part of your will as a testamentary trust. Contact the CPAs and estate advisors at SEK for more information.
Six tax issues to consider if you’re getting divorced
Divorce entails difficult personal issues, and taxes are probably the farthest thing from your mind. However, they should be considered to keep taxes to a minimum. Contact the CPAs and tax advisors at SEK with your divorce financial issues.
If your business has co-owners, you probably need a buy-sell agreement
Are you buying a business that will have one or more co-owners? Or do you already own one fitting that description? If so, consider installing a buy-sell agreement. A well-drafted agreement can: 1) transform your business ownership interest into a more liquid asset, 2) prevent unwanted ownership changes, and 3) avoid estate tax hassles with the IRS. Contact the CPAs and business tax advisors at SEK about setting up a buy-sell agreement.
Nonprofit refresher course: Excess benefit transactions
To understand the need for nonprofits to avoid excess benefit transactions, it helps to also comprehend the concept of private inurement. If any net earnings inure to the private benefit of an individual, the IRS won’t view your nonprofit as operating primarily to further its tax-exempt purpose. But you must be able to prove transactions were made with your tax-exempt purpose in mind. Contact the CPAs and business advisors at SEK for more information.