SK CPAs and Business Advisors

01/20/2026

We’re excited to share that we now have a new page under our new brand name, SK Accounting & Business Advisors.
This new page will be where we share updates, insights, helpful accounting tips, and information to better support you and your business.
👉 Please follow us here: https://www.facebook.com/profile.php?id=61582807791499
Thank you for your continued support—we look forward to staying connected and continuing to work with you as SK Accounting & Business Advisors.

Beyond the balance sheet.
Helping business owners create less taxing, more profitable lives.

08/29/2025

Running a small business is challenging. Between managing daily operations, handling customer relations, and focusing on growth, it can be tough to find the time and expertise needed to manage the financial side of things effectively. This is where partnering with an accounting firm like SKCPAs & Business Advisors can make all the difference.

Why Work with an Accounting Firm for Small Business Advising?
• Expert Financial Guidance: An accounting firm provides much more than just bookkeeping; it offers strategic financial advice to help businesses grow, manage risks, and make informed decisions. From cash flow management to tax planning, an experienced accountant becomes a trusted advisor who can guide small business owners through the complexities of their financial landscape.
• Time and Cost Savings: By outsourcing financial management to professionals, small business owners can save valuable time and focus on their core competencies. Accounting firms handle tasks such as bookkeeping, tax filings, and financial reporting, minimizing the risk of costly errors and ensuring that all financial matters are handled accurately and efficiently. Additionally, they often identify opportunities to reduce expenses and optimize cash flow.
• Compliance and Risk Management: Navigating tax laws and financial regulations can be a daunting task for small businesses. An accounting firm ensures compliance with all relevant regulations, helping to avoid penalties and legal issues. Furthermore, they implement risk management strategies that protect the business from unforeseen financial challenges.

To continue reading, visit: https://www.skcpas.com/is-it-time-to-hire-a-small-business-advisor/

08/28/2025

Many times each year, clients ask us if they should file separately from their spouses to pay less in income taxes. To define this issue a bit, married couples can file their tax returns using one of two statuses:

-Married filing jointly or
-Married filing separately

To read more about this topic (and others) visit our blog at: https://lnkd.in/djW8Hfk

To learn more about our offerings and schedule a consultation visit our website (www.skcpas.com) or call us at (703) 802-2309 today!

08/27/2025

Let us assist you with our business valuation services:
- Business valuations
- Asset valuation
- Cash flow valuation analysis
- EBITDA multiples
- Market based and comparable sales analysis

To learn more about our offerings and schedule a consultation visit our website (www.skcpas.com) or call us at (703) 802-2309 today!

08/25/2025

As a survivor, executor or administrator of an estate, you are obligated to file an income tax return reporting all the deceased’s income up to his or her date of death. You will need to be aware of all the credits and deductions the deceased is allowed, as if that person had been alive to do it themselves.

You will use the same Form 1040 the deceased would use if he or she were alive. If there’s no surviving spouse, then you must file Form 56, Notice Concerning Fiduciary Relationship, letting the IRS know that you are the person responsible for the final tax return. However, surviving spouses can file a joint return in the year of death, no matter when the spouse died. The return can still use the “married filing jointly” status. If you, as a responsible party, find that the deceased hadn’t filed in previous years, you are responsible for taking care of those returns as well.
If tax is due, submit payment with the return. You may want to use the “Make a Payment” option on the IRS website for such other payment options as a debit card, credit card, or electronic funds transfer. If you are unable to pay the amount due immediately, you may qualify for a payment plan or installment agreement.
Should the deceased be due a refund, you may claim it using IRS Form 1310, Statement of a Person Claiming Refund Due a Deceased Taxpayer.

What other IRS forms and information might you need to file for the deceased?
W-2s and 1099s that report income or expenses paid before the person died.
A death certificate, depending on the state. In some circumstances, it may be needed for the federal return as well.

Form 1041, U.S. Income Tax Return for Estates and Trusts, to report more than $600 in annual gross income — dividends, interest and/or proceeds from the sale of assets — received after the deceased has passed on.

Read IRS Publication 559, “Survivors, Executors and Administrators,” for more information about requirements.

Would you like to schedule a time to talk with us about your or your family’s estate? Schedule a consultation, visit our website (www.skcpas.com) or call us at (703) 802-2309 today!

08/22/2025

Protecting Your Small Business: Essential Tips to Avoid Financial Fraud

Financial fraud poses a significant threat to small businesses, as it can lead to severe financial losses, damaged reputations, and even business closure. As a small business owner, it is crucial to prioritize safeguarding your finances from fraudulent activities. Here are some key strategies and best practices to help you avoid falling victim to financial fraud, protecting both your bottom line and the trust of your customers and stakeholders.

Cultivate a Culture of Awareness: Creating a culture of awareness within your organization is the first step in preventing financial fraud. Train your employees to recognize the signs of fraudulent behavior, such as unexpected or unexplained financial discrepancies, unusual transactions, or irregularities in financial documents. Encourage open communication among your team members, making it easier for them to report any suspicious activities promptly. Regularly educate your team about the latest fraud schemes and the importance of following established financial protocols and security measures.

Implement Internal Controls: Establishing robust internal controls is vital for preventing financial fraud. Start by segregating financial duties among multiple employees to ensure no single individual has complete control over the entire financial process. Implement a system of checks and balances, with thorough reviews and approvals required for significant financial transactions. Regularly reconcile accounts, and conduct surprise audits to detect any discrepancies or irregularities. Use secure accounting software with strong password protection and limited user access to safeguard sensitive financial information.

Click here to read the full article: https://www.skcpas.com/protecting-your-small-business-essential-tips-to-avoid-financial-fraud/

08/21/2025

Have you been considering creating a 401(k) plan as part of your employee benefits package but aren’t sure if it’s the right move? Offering a 401(k) plan to employees can be a good idea for small businesses for several reasons:

Attract and retain top talent: Offering a 401(k) plan can make your small business more competitive when it comes to attracting and retaining top employees. Many employees consider a 401(k) plan an important benefit when choosing where to work.

Tax benefits: Small businesses that offer a 401(k) plan may be eligible for tax benefits, such as tax deductions for contributions made to the plan.
Employee savings: A 401(k) plan can help employees save for retirement, which can lead to increased job satisfaction and less financial stress.

Employer contributions: Employers can choose to make contributions to employees' 401(k) accounts, which can help attract and retain top talent and show that the company values its employees.

Employee education: Offering a 401(k) plan can provide an opportunity for employers to educate employees about retirement planning and investment options.

The Department of Labor offers a great resource for questions about establishing a 401(k) plan.

Need help creating and implementing a 401(k) for your business? The business advisors at Stitely and Karstetter can help. To learn more about our offerings and schedule a consultation visit our website (www.skcpas.com) or call us at (703) 802-2309 today!

08/20/2025

Run Your Business with More Clarity – Outsourced CFO Benefits

As a business owner, managing finances and making informed financial decisions are crucial for long-term success. However, few small businesses can afford a full-time Chief Financial Officer (CFO). That’s where outsourced CFO services come in. Outsourcing your financial management to a skilled and experienced CFO service can bring numerous benefits to your business.

Streamlined Financial Strategy

Outsourced CFOs bring their expertise and knowledge to the table, helping you develop a streamlined financial strategy for your business. They analyze your financial data, identify areas of improvement, and provide valuable insights to make informed decisions. With their assistance, you can set clear financial goals, allocate resources effectively, and optimize your overall financial performance. By outsourcing CFO services, you gain access to expert advice without the cost of hiring a full-time executive, allowing you to focus on running your business more efficiently.

Cost Savings

Hiring a full-time CFO can be expensive, especially for small and medium-sized businesses. Outsourcing this role allows you to save on recruitment, salary, benefits, training, and office space costs. These outsourced services typically offer flexible pricing options tailored to your business’s needs and budget. This cost-effective approach ensures that you receive professional financial guidance without the burden of hefty overhead expenses. You can redirect these savings towards business growth, innovation, or investing in other key areas.

Need advice on outsourcing your financial services? Contact your small business advisors at S&K today: https://www.skcpas.com/staging/contact-us/

08/18/2025

Steps for a Disabled-friendly Workplace

How do you get the best employees to work at your company? Start by making your company more inclusive. Even though you are not discriminating against employees with disabilities, you might not being doing all you can to make your workplace as disabled-friendly as possible. Here are five simple steps your business can implement to make your work environment more inclusive:

- Use technology, such as speech-to-text software to help a visually impaired employee, or captioning screens for people who are deaf or hard of hearing.
Partner with a nonprofit job-training agency in your community that provides job coaching for people with disabilities. This will enable you to understand what support employees may need at your company.
Include disability awareness throughout your company so that all employees understand the value of hiring a diverse workforce. You could include this information in diversity training, focusing on disability awareness and inclusion.

- Make your office or facility an accessible environment by seeing that restrooms, hallways and storage spaces are accessible for people of all heights and mobility.

- See that your online presence is more accessible by using alt tags that translate visual images and employs captioning on videos.

Scroll through our blog to read more: https://newsletter.homeactions.net/archive/full_article/14427/12256960/4714154/45089https://newsletter.homeactions.net/archive/full_article/14427/12256960/4714154/45089

08/18/2025

Are you a small business owner seeking financial support to start, expand, or maintain your business operations? Understanding the various types of small business loans and financing options available can be crucial. Here, we’ll explore some common options, their eligibility requirements, and how they can benefit your business.

Traditional Term Loans: As a small business, you may consider traditional term loans offered by banks. To qualify, you’ll typically need a good credit score and a solid business plan. These loans provide a lump sum that is repaid over a set term with a fixed or variable interest rate, making them ideal for long-term investments like equipment purchases or expansion.

SBA Loans: The Small Business Administration offers loans that are guaranteed by the government, making them more accessible to small businesses. While they come with longer terms and lower down payments compared to traditional loans, the application process can be lengthy.

Business Line of Credit: A line of credit works like a credit card, providing access to a set amount of funds that can be drawn upon as needed. Interest is only paid on the amount used, making it a flexible option for managing cash flow fluctuations.
Invoice Financing: Also known as accounts receivable financing, this option allows you to borrow against unpaid invoices, providing immediate access to funds that would otherwise be tied up.

Merchant Cash Advance: This option provides a lump sum in exchange for a percentage of future credit card sales. While easy to qualify for, merchant cash advances can be expensive due to high fees and interest rates.

Understanding these financing options and their eligibility requirements can help you make informed decisions about funding your operations. By choosing the right option, you can access the capital you need to grow and thrive. If you need assistance in understanding and choosing the best option for your business, reach out to the experts at SKCPAs for guidance and support.

To learn more about our offerings and schedule a consultation visit our website (www.skcpas.com) or call us at (703) 802-2309 today!

08/15/2025

How To Use a Qualified Personal Residence Trust

If you think you may face a gift tax issue, you may want a qualified personal residence trust—a type of irrevocable trust that can remove a house from an estate to reduce gift taxes when transferring it. Here's how it works: The taxable portion of your house is considered a future interest gift, but you can minimize it by using the estate and gift exemption.

You, your spouse and any dependents can continue to live in the residence without any changes while it's inside the trust. You live rent free and continue to pay any normal operating expenses so you can claim all appropriate income tax deductions.

But you only have a right to the residence for the trust-stated term, so your home isn’t as marketable as when you own your house outright. This of course increases the inconvenience to any creditors who can’t force you to sell your home. The longer the QPRT’s term, the larger your retained interest and the smaller the amount of gift tax exemption used.

After expiration

Once the term of the QPRT expires, you can still occupy your house, but you give up ownership to your beneficiaries. Then you pay a fair-market rent to keep living in your home, but that rent passes to the next generation without any gift tax implications.

You’ll appreciate the financial perks—a QPRT removes all future appreciation from your taxable estate while using little of your lifetime gift tax exemption. You’ll also be hedging against possible decreases in the shared lifetime gift tax and estate tax exemption. You’ll lock in the value of your residence for gift and estate tax purposes. You won’t have to worry about how much your house appreciates in value.

However, it's not without risk: The QPRT transaction will be completely undone if you die before the trust period ends. The value of your home will be reassessed and included in your taxable estate at its full fair market value as of the date of your death.

To learn more about our offerings and schedule a consultation visit our website (www.skcpas.com) or call us at (703) 802-2309 today!