Recent News & Blog

  • New option for unused funds in a 529 college savings plan

    Many parents begin saving with 529 college savings plans when their children are young. Contributions aren’t tax deductible, but they grow tax deferred. Earnings used to pay qualified education expenses can be withdrawn tax-free. Earnings used for other purposes may be subject to income tax plus a 10% penalty. What if you have a large 529 plan balance but your child doesn’t need all the money for college? There’s a new 529-to-Roth IRA transfer. Contact the CPA's and business advisors at SEK for more information and tax tips.

  • Tax-wise ways to take cash from your corporation while avoiding dividend treatment

    If you want to withdraw cash from your closely held corporation at a low tax cost, the easiest way is to distribute cash as a dividend. However, keep in mind that a dividend distribution is taxable to you as a shareholder but it’s not deductible by the corporation. Thankfully, there are some alternatives that may allow you to withdraw cash from a corporation and avoid dividend treatment. Contact the CPAs and business tax advisors at SEK if you’re interested in discussing these or for other tax tips.

  • Lines may blur when it comes to estate and family business succession planning

    If you own a closely held business and don’t take the proper estate planning steps to ensure that it lives on after you’re gone, you may be placing your family at risk. One challenge of transferring a family business is distinguishing between ownership and management succession. Contact the CPAs and business advisors at SEK to learn how to protect your family business and ensure the right estate planning.

  • Small businesses can help employees save for retirement, too

    Many small business owners believe they can’t afford to sponsor a qualified retirement plan for employees. If this is the case for your company, be aware that there are some relatively inexpensive, simple options worth considering. Contact the CPAs and business tax advisors at SEK for more info.

  • Arm your nonprofit against financial threats

    Whether it’s inflation, trouble finding staffers in a tight labor market or cybersecurity, nonprofit leaders have a lot to worry about. Even though the economy is generally healthy, there are big ways to strengthen your not-for-profit to help withstand future challenges. Contact the CPAs and business advisors at SEK with questions and for more tax tips.

  • When to consider subsequent events in a business valuation

    Business valuators sometimes consider major events that happen after the valuation date. Examples include business sales, bankruptcy filings and major fraud losses. In general, events that are “known or knowable” on the valuation date are factored into a valuation. Let the CPAs and business advisors at SEK know of any major events that happened so we can determine the appropriate treatment of the event for your valuation.

  • If you didn’t contribute to an IRA last year, there’s still time

    If you’re gathering documents to file your 2023 tax return and you’re concerned that your tax bill may be higher than you’d like, there might still be an opportunity to lower it. If you qualify, you can make a deductible contribution to a traditional IRA right up to the April 15, 2024, filing date and benefit from the tax savings on your 2023 return. Contact the CPAs and business tax advisors at SEK to get the most out of your tax return and for more tax tips.

  • Taking your spouse on a business trip? Can you write off the costs?

    If you own a business, you may wonder if you can deduct the costs of having your spouse accompany you on business trips. To qualify, your spouse must be your employee. If your spouse isn’t an employee, you can still deduct the costs of driving your own car or renting one to reach your destination. And you can write off the hotel costs you would have paid if traveling alone. Contact the CPAs and business tax advisors at SEK for more questions and tips to get the most out of your tax return.

  • Take care of a loved one who has special needs with a special needs trust

    Special needs trusts (SNTs) benefit children or other family members with disabilities that require extended-term care or that prevent them from being able to support themselves. An SNT is an irrevocable trust that may provide peace of mind that your loved one’s quality of life will be enhanced without disqualifying him or her for Medicaid or Supplemental Security Income benefits. Contact the CPAs and tax advisors at SEK for more details and estate planning tips.

  • 6 ways nonprofit retirement plans are changing

    The SECURE Act 2.0 includes many provisions affecting 403(b) retirement plans. Make sure your nonprofit is adhering to the rules and implementing optional enhancements where they make sense. Contact the CPAs and business advisors at SEK for the latest tips for your not for profit.

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