Your nonprofit probably won’t be audited by the IRS, but if it is …
Despite recent accusations that the IRS targets certain types of tax-exempt organizations for audit, not-for-profit audits generally are rare. That’s because most nonprofits owe no or very little tax.
The tax rules for donating artwork to charity
If you’re an art collector, you may wonder about the tax breaks available for donating a work of art to charity. Several different tax rules may come into play in connection with such contributions. Basic rules
Demystifying deferred taxes
Deferred taxes are a confusing topic — and the accounting rules for reporting these items often seem to defy the logic of real-world economics. Here’s a brief overview to help clarify matters. What are deferred taxes?
Matthew Detar, CPA joins SEK as Member of the Firm
SEK, CPAs & Advisors welcomes Matthew Detar, CPA as a new Member of the Firm, effective April 1, 2023.
Do you need to add users in QuickBooks Online?
QuickBooks Online allows you to give multiple users access to your account. Here’s how to set them up.
An estate planning “road map” can act as a catchall for your final thoughts
No matter how much effort you’ve invested in crafting an estate plan, your will, trusts and other official documents may not be enough. Consider also drafting a “road map.” Essentially, it’s an informal letter that guides your family in executing your plan according to your wishes.
How businesses can use stress testing to improve risk management
If you’ve been following the news lately, you’ve surely heard or read about the sudden rise in concern about the banking industry.
Nonprofits: 4 ratios worth watching
To control your not-for-profit’s expenses and improve operating efficiency, you need to keep an eye on the numbers. This should come as no surprise. But which measures are important?
Some taxpayers qualify for more favorable “head of household” tax filing status
When preparing your tax return, we’ll check one of the following statuses: Single, married filing jointly, married filing separately, head of household or qualifying widow(er). Filing a return as a head of household is more favorable than filing as a single taxpayer.
Choosing an entity for your business? How about an S corporation?
If you’re starting a business with some partners and wondering what type of entity to form, an S corporation may be the most suitable form of business for your new venture. Here are some of the reasons why.