Smart strategies to minimize the tax implications of your lottery winnings
In case you have been living under a rock, the Powerball jackpot is nearing record highs, exceeding $1 billion, and an estimated cash value of nearly $517 million.
The Trust Fund Recovery Penalty: Who can it be personally assessed against?
If you own or manage a business with employees, there’s a harsh tax penalty that you could be at risk for paying personally. The Trust Fund Recovery Penalty (TFRP) applies to Social Security and income taxes that are withheld by a business from its employees’ wages.
You’ve been asked to serve as executor, now what?
If you’ve been asked to serve as executor of the estate of a friend or family member, be sure you understand the responsibilities and potential risks before you agree.
Putting the “public” back in your nonprofit’s PR efforts
Public charities, or 501(c)(3) organizations, are fundamentally different from private foundations. They depend on support from multiple public sources, including individuals in their communities.
Are you married and not earning compensation? You may be able to put money in an IRA
When one spouse in a married couple is not earning compensation, the couple may not be able to save as much as they need for a comfortable retirement. In general, an IRA contribution is allowed only if a taxpayer earns compensation. However, there’s an exception involving a “spousal” IRA.
Inheriting stock or other assets? You’ll receive a favorable “stepped-up basis”
If you’re planning your estate, or you’ve recently inherited assets, you may be unsure of the “cost” (or “basis”) for tax purposes. How do the rules work?
That email or text from the IRS: It’s a scam!
“Thousands of people have lost millions of dollars and their personal information to tax scams,” according to the IRS. The scams may come in through email, text messages, telephone calls or regular mail. Criminals regularly target both individuals and businesses and often prey on the elderly.
SEK announces 2023 mid-year promotions
The Members are pleased to announce the following Manager and Senior Staff promotions effective July 1, 2023:
How QuickBooks and Word improve customer relationships
The pandemic taught businesses a lot of things. One was the importance of staying in touch with customers.
SEK, CPAs & Advisors Audit Manager Receives Local United Way Kagle Award
Erin E. Clark, CPA, MBA, Manager at SEK, CPAs & Advisors, has received the United Way of Washington County, Maryland’s ultimate volunteer recognition, the Jesse L. Kagle Award for Distinguished Service.