What nonprofit board members need to know about fiduciary duties
It takes more than dedication and enthusiasm for your not-for-profit’s cause and programs to make a good board member. The most critical duty for all board members is being a fiduciary.
The long and short of succession planning
For many business owners, putting together a succession plan may seem like an overwhelming task. It might even seem unnecessary for those who are relatively young and have no intention of giving up ownership anytime soon. Here are some tips from our business advisors at SEK.
Plan ahead for the 3.8% net investment income tax
High-income taxpayers face a 3.8% net investment income tax (NIIT) that’s imposed in addition to regular income tax. Fortunately, there are some steps you may be able to take to reduce its impact. Read more or contact our tax advisors for guidance.
Hiring your children this summer: Everyone wins
If you’re a business owner and you hire your children (or grandchildren) this summer, you can obtain tax breaks and other nontax benefits. The kids can gain on-the-job experience, save for college and learn how to manage money. Contact the CPAs and business tax advisors at SEK for more info.
Are you holding a joint title to property with a family member or friend?
Owning assets jointly with one or more of your children or other heirs is a common estate planning “shortcut.” But like many shortcuts, it may produce unintended — and costly — consequences. Joint ownership advantages
How to strengthen your internal controls
Internal controls are a system of policies and procedures organizations put in place to protect assets and improve operating efficiency. Effective internal controls are critical to accurate financial reporting.
Getting max value out of your CRM software
The days of the Rolodex are long gone. To connect with customers and prospects, many businesses now rely on customer relationship management (CRM) software.
What’s “fair value” in an accounting context?
In recent years, the accounting rules for certain balance sheet items have transitioned from historical cost to “fair value.” Examples of assets that may currently be reported at fair value are asset retirement obligations, derivatives and intangible assets acquired in a business combination.
Look at your employee handbook with fresh eyes
For businesses, so much has changed over the past year or so. The COVID-19 pandemic hit suddenly and companies were forced to react quickly — sending many employees home to work remotely and making myriad other tweaks and revisions to their processes.
How do you manage downloaded transactions in QuickBooks Online?
Downloading them is the easy part. QuickBooks Online lets you work with downloaded transactions in numerous ways.