Too many transactions in QuickBooks Online? Create rules
It’s important to categorize transactions, but it takes time. If every day brings several dozen into QuickBooks Online, you can automate this process.
Tax considerations when adding a new partner at your business
Adding a new partner in a partnership has several financial and legal implications. Let’s say you and your partners are planning to admit a new partner. The new partner will acquire a one-third interest in the partnership by making a cash contribution to it.
Opening up to SLAT opportunities
Estate tax planning can become complicated when multiple parties are involved. For example, you may be concerned about providing assets to a surviving spouse of a second marriage, while also providing for your children from your first marriage.
Nonprofits: Need extra hands? Try local companies
If your not-for-profit is trying to fulfill its mission with less volunteer help these days, you’re not alone. A December 2021 Gallop poll found that although donating to charity has large levels, volunteering was still down.
Classify your nonprofit’s workers correctly — or risk repercussions
Some nonprofit organizations are filling the gaps with freelancers and contractors. However, such decisions can lead to trouble if these workers should really be classified as employees according to the Department of Labor (DOL) or the IRS. To ensure your workers are correctly classified, review the rules.
Getting started with reports in QuickBooks Online
You should be running reports in QuickBooks Online on a weekly—if not daily—basis. Here’s what you need to know.
Timing counts: Reporting subsequent events
Major events or transactions — such as a natural disaster, a cyberattack, a regulatory change or the loss of a large business contract — may happen after the reporting period ends but before financial statements are finalized.
Eyes on related parties
Business transactions with related parties — such as friends, relatives, parent companies, subsidiaries and affiliated entities — may sometimes happen at above- or below-market rates.
A beneficiary designation or joint title can override your will
Inattention to beneficiary designations and jointly titled assets can quickly unravel your estate plan. Suppose, for example, that your will provides for all of your property to be divided equally among your three children.
Conflict-of-interest policies are too important for nonprofits to neglect
To ensure your nonprofit remains well-regarded by the public and donors, you need to closely monitor its ethical standards. This includes writing — and actively adhering to — a strong conflict-of-interest policy. Contact the nonprofit advisors at SEK for more information.