What is your external auditor’s responsibility for cybersecurity?
The average cost of a data breach has grown 15% to $4.45 million over the last three years, according to a 2023 survey by the Ponemon Institute, a research organization. Financial statement audits can help company management identify IT risks. But an auditor’s responsibilities don’t include an evaluation of cybersecurity risks across a company’s entire IT platform. Business owners and managers need to understand the scope of the external auditor’s responsibilities and develop a cybersecurity program that mitigates the risks. Contact the CPA's and business tax advisors at SEK for more questions on data breaches, business audits and more tax tips.
2024 Payroll Tax Bulletin
The IRS recently released the 2024 payroll tax rates, which we have summarized in a bulletin that contains the following:
2024 Rates & Dates
The IRS recently released the 2024 rates and dates, which includes the following:
Where should you keep your estate planning documents?
You’ve likely put a great deal of time, effort and expense into implementing an estate plan that meets your goals. But unless your loved ones know that these documents exist, and how to find and access them, your well-laid plans can be derailed. Contact the CPA's and business tax advisors at SEK with your questions about estate planning, tax planning and other tax tips.
Nonprofits: Consider these 2 issues before searching for new staffers
Despite many predictions to the contrary, U.S. employers have continued to add workers to their payrolls and the unemployment rate has remained low. Is your nonprofit among the employers that need new staffers? To make the right decision, conduct a human resources assessment. Our CPA's and business tax advisors can help your nonprofit by reviewing your finances and suggesting ways to free up cash. Contact us today for all more tax tips and financial advice.
Liquidation vs. going-concern value: What’s right for a distressed business?
U.S. commercial bankruptcies have surged in 2023. And many distressed businesses are currently considering reorganizing or liquidating their operations. Business valuation experts can be critical advisors throughout the bankruptcy process. Contact the CPA's and business tax advisors at SEK to evaluate your situation and for more tax tips!
FASB issues new segment expense disclosure rules
On November 27, 2023, the FASB issued updated accounting rules on segment reporting. The guidance concludes several years of discussions aimed at providing investors with better information about a company’s business unit costs from the viewpoint of management. Contact the CPA's and business tax advisors at SEK for help implementing the updated guidance, more tax tips and financial advice.
Updated Maryland minimum wage and overtime law
Effective January 1, 2024, Maryland State's employee minimum wage is increasing to $15 per hour for all employers, regardless of size. In contrast to the 2023 state rate hike, the rate remains consistent regardless of whether a company has more or fewer than 15 employees.
Business owners: Giving gifts and throwing parties can help show gratitude and provide tax breaks
It’s holiday time again! Your business may want to show its appreciation to employees and customers by giving them gifts or hosting parties. It’s important to understand the tax implications. Gifts to customers, “De minimis” noncash gifts to employees (such as a holiday turkey), holiday parties and holiday cards are also likely to be deductible. Contact the CPA's and business tax advisors at SEK with your holiday tax questions and for more tax tips.
Individuals: Use the annual gift tax exclusion to the max
With the holidays approaching, you might be considering making gifts of stock or cash to family members and other loved ones. By using your annual gift tax exclusion, those gifts, within generous limits, can reduce your taxable estate. For 2023, the annual gift exclusion amount is $17,000 per recipient. Contact the CPA's and business tax advisors at SEK with questions.