Avoiding challenges to your estate plan
A primary goal of estate planning is to ensure that your wishes are carried out after you’re gone. So, it’s important to design your estate plan to withstand potential will contests or other challenges down the road.
Nonprofits: 4 signs that something may be awry
Many not-for-profit leaders are nervously watching macroeconomic signs — inflation, rising interest rates and the possibility of recession — to predict how their organization will fare in coming months and years. But threats to your nonprofit’s well-being may be closer than you think.
5 valuation terms that every business owner should know
As a business owner, you’ll likely need to have your company appraised at some point. An appraisal is essential in the event of a business sale, merger or acquisition. It’s also important when creating or updating a buy-sell agreement or doing estate planning.
Why nonprofits need to track staffers’ time
Not-for-profit organizations are compelled by federal and state wage-and-hours laws to perform a certain amount of time tracking. Funders may also stipulate timekeeping practices. Fortunately, timekeeping software can make the job a lot easier for staffers and managers.
New-and-improved accounting rules for common control leases
On March 27, 2023, the Financial Accounting Standards Board (FASB) published narrowly drawn amendments to the lease accounting rules. The updated guidance clarifies issues that are relevant to rental agreements between businesses that have the same owner.
SEK named Best Accounting Firm in the Tristate - 2023
SEK, CPAs & Advisors has been recognized as Best Accounting Firm in the Tristate for 2023 by VerStandig Media.
Your nonprofit probably won’t be audited by the IRS, but if it is …
Despite recent accusations that the IRS targets certain types of tax-exempt organizations for audit, not-for-profit audits generally are rare. That’s because most nonprofits owe no or very little tax.
The tax rules for donating artwork to charity
If you’re an art collector, you may wonder about the tax breaks available for donating a work of art to charity. Several different tax rules may come into play in connection with such contributions. Basic rules
Demystifying deferred taxes
Deferred taxes are a confusing topic — and the accounting rules for reporting these items often seem to defy the logic of real-world economics. Here’s a brief overview to help clarify matters. What are deferred taxes?
Matthew Detar, CPA joins SEK as Member of the Firm
SEK, CPAs & Advisors welcomes Matthew Detar, CPA as a new Member of the Firm, effective April 1, 2023.