Should you “park” your vehicle in a living trust?
Using a revocable trust — sometimes referred to as a “living trust” — is a common estate planning strategy to manage one’s assets during life and to avoid probate at death. For the trust to be effective, you must “fund” it, meaning transferring ownership of your assets to the trust.
A nonworking spouse can still have an IRA
It’s often difficult for married couples to save as much as they need for retirement when one spouse doesn’t work outside the home — perhaps so that spouse can take care of children or elderly parents. In general, an IRA contribution is allowed only if a taxpayer has compensation.
Make QuickBooks Yours: Customize the Desktop
Make QuickBooks work faster for you by changing a few settings.
Estate planning when time is short
For those whose life expectancies are short estate planning can be difficult. But while money matters may be the last thing you want to think about when time is limited, a little planning can offer you and your family financial peace of mind. Contact our estate planning advisors at SEK with questions.
When nonprofit contributions are quid pro quo
Charitable contributions aren’t always eligible for tax deductions — even when the not-for-profit recipient is tax exempt and the donor itemizes. Take “quid pro quo” donations.
Act 9 brings changes to PA employer obligations for unemployment compensation
On March 27, 2020, Governor Wolf signed Act 9 of 2020 into law, which requires employers to provide employees with informati
Is your nonprofit’s tap running dry?
The novel coronavirus (COVID-19) crisis has put enormous financial stress on many not-for-profits — whether they’re temporarily shut down or actively fighting the pandemic. If cash flow has dried up, your organization may need to do more than trim expenses.
PA unemployment updates for the self-employed
On April 24th, Pennsylvania set up a separate website using the term “PUA” for self-employed Schedule C individuals to file for unemployment if their business was shut down or decreased due to COVID-19. It was fully functioning as of May 7th and Pennsylvania has started to release money as of May
Drafting your will using online tools can lead to unwanted outcomes
If you don’t have a will, drafting one should be your first step in developing a comprehensive estate plan. It may be tempting to turn to online do-it-yourself (DIY) tools that promise to help you create a will (and other estate planning documents). Even though this may be a relatively cheap option, using these online tools is risky except in the simplest cases. Contact the estate planning advisors at SEK with questions.
Benchmarking: Why normalizing adjustments are essential
Financial statements aren’t particularly meaningful without a relevant basis of comparison. There are two types of “benchmarks” that a company’s financials can be compared to — its own historical performance and the performance of other comparable businesses.