Business owner? A buy-sell agreement should be part of your estate plan
If you hold an interest in a business that’s closely held or family owned, a buy-sell agreement should be a component of your estate plan. The agreement provides for the orderly disposition of each owner’s interest after a “triggering event.” It’s essential to revisit the agreement’s valuation provision to ensure that it reflects the business’s current value. Contact the business and estate planning advisors at SEK with questions.
Giving season’s here! It’s time to engage donors for your nonprofit
At year end, particularly in December, more charitable donors give to not-for-profits. Whether this is for tax reasons or simple generosity, your nonprofit needs to use every available strategy to convince donors that you want and need their support. Contact the nonprofit advisors at SEK with questions about planned gifts.
Maximize your year-end giving with gifts that offer tax benefits
As year end approaches, you may be thinking about tax strategies. One way to reduce potential estate taxes is to give cash gifts before Dec. 31 using the annual exclusion. In 2024, the exclusion amount is $18,000. We can also prepare a gift tax return for you. Contact the CPAs and tax advisors at SEK with questions.
Making defined-value gifts may benefit your estate plan
Making hard-to-value gifts, such as interests in a closely held business, can raise the concern of the IRS. To help avoid an unexpected outcome, consider making a defined-value gift. It’s a gift of assets valued at a specific dollar amount rather than a certain number of stock shares or FLP units or a specified percentage of a business entity. Contact the CPAs and tax advisors at SEK for more estate planning tips.
You know your nonprofit is ethical. Put it in writing!
Even if you’re confident your organization operates with integrity, a code of ethics can help prevent fraud, guide staffers in their decision-making and reassure donors. Think of it as a statement of how you, your staff and volunteers, and your board practice ideals and put values into action. Contact the nonprofit advisors at SEK for help.
Amanda Woller, QKA®, MBA earns Qualified 401(k) Administrator Credential
SEK, CPAs & Advisors is pleased to announce Amanda Woller, QKA®, MBA, Senior Administrator, has successfully completed the certification process with the American Society of Pension Professionals and Actuarie
Employers: In 2025, the Social Security wage base is going up
The Social Security Administration has announced that the wage base for computing Social Security tax will rise to $176,100 in 2025. The Federal Insurance Contributions Act imposes two taxes on employers, employees and self-employed workers. One is Social Security and the other is Medicare. Contact the business tax advisors at SEK for more info.
SEK wins two categories in Tri-State’s Best Awards
SEK, CPAs & Advisors won two categories in Herald Mail Media’s Tri-State’s Best Community’s Choice Awards for 2024: SEK was voted Best Accounting Firm and Kelli Cobb, CPA, MBA, Member of the Firm, was voted Best Accountant
Is your money-losing activity a hobby or a business?
Let’s say you have a sideline activity that you consider a business. Will the IRS agree that your venture is a business, not a hobby? It’s an essential question for tax purposes. We may be able to help you prove your money-losing activity is really a for-profit business that hasn’t paid off yet. That way, you can deduct the losses. Contact the CPAs and tax advisors at SEK for help.
Don’t be afraid of probate
Few estate planning subjects are as misunderstood as probate. In basic terms, probate is the process of settling an estate and passing legal title of ownership of assets to heirs. If the deceased person has a valid will, probate begins when the executor named in the will presents the document in the county courthouse. Its biggest downside is the fact that probate is public. Contact the estate planning advisors at SEK for additional details on the probate process.