Expanding succession planning beyond ownership
Business owners are regularly urged to create and update their succession plans. And rightfully so — in the event of an ownership change, a solid succession plan can help prevent conflicts and preserve the legacy you’ve spent years or decades building. Contact our business advisors for assistance.
Tenancy-in-common: A versatile estate planning tool
If you hold significant real estate investments, tenancy-in-common (TIC) ownership can be a powerful, versatile estate planning tool. A TIC interest is an undivided fractional interest in property. The property isn’t split into separate parcels. Rather, each TIC owner has the right to use and enjoy the entire property. Contact our estate planning advisors with questions.
Getting a divorce? Be aware of tax implications if you own a business
If you’re a business owner and you’re getting a divorce, tax issues can complicate matters. Your business ownership interest is one of your biggest personal assets and in many cases, your marital property will include all or part of it. Contac the tax advisors and CPAs and SEK for guidance.
SEK, CPAs & Advisors Manager Named Forty Under 40 Honoree
FOR IMMEDIATE RELEASEAugust 19, 2021 SEK, CPAs & Advisors Manager Named Forty Under 40 Honoree
Possible tax consequences of guaranteeing a loan to your corporation
What if you decide to, or are asked to, guarantee a loan to your corporation? Before agreeing to act as a guarantor, endorser or indemnitor of a debt obligation of your closely held corporation, be aware of the possible tax consequences.
Is your business underusing its accounting software?
Someone might have once told you that human beings use only 10% of our brains. The implication is that we have vast, untapped stores of cerebral power waiting to be discovered. In truth, this is a myth widely debunked by neurologists.
Large cash transactions with your business must be reported to the IRS
If your business receives large amounts of cash or cash equivalents, you may be required to report these transactions to the IRS. What are the requirements?
GASB 84 - identifying fiduciary activities
By: Teena R. Curnow, CPA Audit Manager Government Accounting Standards Board (GASB) Statement No. 84 establishes criteria for identifying fiduciary activities. The Statement was effective for periods beginning after December 15, 2019 (after the passing of GASB No. 95).
Have you followed up on the management letter from your audit team?
Auditors typically deliver financial statements to calendar-year businesses in the spring. A useful tool that accompanies the annual report is the management letter.