SD Mayer, a Springline company

While tax preparation handles the past, individual tax planning focuses on optimizing your financial future. At SD Mayer, we don't just fill out fo... more

💰 Don't let tax season catch you off guard! 💰 SD Mayer offers expert Tax Planning Services to individuals, families, and businesses in the Bay A... more

The IRS’s new Voluntary Disclosure Program may provide employers relief from penalties related to ineligible Employee Retention Tax Credit claims.

Making time for year-end tax planning time now may prove beneficial come tax-filing time next year.

The IRS has created a path that businesses can use to withdraw unprocessed ERTC claims if they determine the claims are invalid.

If you gamble or buy lottery tickets and you’re lucky enough to win, congratulations! But be aware there are tax consequences. You must report 100%... more

With fraudulent Employee Retention Tax Credit claims on the rise, the IRS has suspended claim processing through year end.

The SECURE 2.0 Act’s new retirement catch-up contribution rules caused problems and confusion for employers and employees alike. The IRS has now pr... more

In July 2023, the Public Company Accounting Oversight Board published a report that highlights common areas of audit deficiencies for public compan... more

Beware of fraudsters hyping the Employee Retention Tax Credit! Not all businesses are eligible despite the claims you may be hearing on TV or in mail, phone and email solicitations.

Two developments for crypto users and investors: 1) Taxpayers must now check a box on their returns indicating whether they received digital assets... more

Here’s a rundown of the business and individual tax provisions included in President Biden’s recently released budget proposal.

With Republicans now in control of the U.S. House of Representatives, what’s the fate of prospective tax legislation in 2023?

Accounting is a critical element for launching a successful business. Unfortunately, it’s also an area where startups tend to make mistakes. Six co... more

Reference this tax calendar to learn the 2023 deadlines for various tax-related forms and payments.

The SECURE 2.0 Act, which was signed into law on Dec. 29, 2022, will help many Americans save more for retirement. However, many of the provisions ... more

Tucked into the Consolidated Appropriations Act of 2023 is a package of enhanced retirement benefits, otherwise known as the SECURE 2.0 Act. Here a... more

Does your employer offer a 401(k) plan? If so, contributing to it is a wise way to build a substantial nest egg. If you’re not already contributing... more

A power of attorney (POA) is a document under which you, as “principal,” authorize a representative to be your “agent” or “attorney-in-fact,” to ac... more

If you’re taking a second trip down the aisle, you may have different expectations than you did the first time you were married, especially when it... more

Many small and midsized businesses use QuickBooks for bookkeeping purposes. Are you taking advantage of all that your accounting software has to of... more

Don’t forget to factor 2023 cost-of-living adjustments into your year-end tax planning.

Can you benefit from the Inflation Reduction Act’s expansion of two tax incentives for energy-efficient construction of commercial and residential ... more

The Inflation Reduction Act expands the R&D payroll tax credit for eligible small businesses for tax years beginning after Dec. 31, 2022. Learn mor... more

The IRS is providing broad-based penalty relief to most taxpayers who filed certain 2019 and/or 2020 tax returns late due to the COVID-19 pandemic.... more

The Inflation Reduction Act’s Clean Vehicle Credit might alter the timing of purchasing a new or used qualifying electric vehicle. Learn why.

If you’re purchasing solar or an electric vehicle, you may qualify for a tax break under the new Inflation Reduction Act.

Many people started working from home during the pandemic and have continued working out of home offices. Some of them qualify for home office dedu... more

The Inflation Reduction Act is about to become law. Learn how its tax provisions might affect you.

The CHIPS Act aims to bolster semiconductor production and economic competitiveness. Among its provisions is an investment tax credit for manufactu... more

If your business plans to purchase bonus depreciation qualifying property, take action soon to realize a valuable tax break.

The SECURE Act nixed the “stretch IRA” and replaced it with a new 10-year rule on inherited IRAs. However, subsequent IRS guidance has created conf... more

Do you know the signs of financial distress in a business? Financial statements tell only part of the story. Investors, lenders and other stakehold... more

There are certain requirements if you donate valuable assets to charity. The penalty for failing to follow the rules is generally denial of the cha... more

It’s home selling (and buying) season. What are the tax consequences if you buy another home but decide to keep your current home and rent it out?

After filing a 2021 tax return, keep these three issues in mind: 1) You can check on your refund by going to irs.gov. Click on “Get Your Refund Sta... more

The clock is ticking down to the April 18 tax filing deadline. Sometimes, it’s not possible to gather your tax information and file by the due date... more

In today’s volatile marketplace, businesses are experiencing ever-changing conditions. So-called “subsequent events” may happen in the gap between ... more

The IRS is providing penalty relief for certain pass-through entities required to file Schedules K-2 and K-3 for 2021.

If you made large gifts to your children, grandchildren or others in 2021, it’s important to determine whether you’re required to file a gift tax r... more

If you receive payments through services such as Venmo or PayPal, be aware that there are new tax reporting requirements beginning this year.

Traditional and Roth IRAs can help you save for retirement on a tax-favored basis. Contributions to a traditional IRA reduce your current tax bill,... more

Want to get your tax return sooner and protect yourself from tax identity theft? File your tax return early.

Restricted gifts generally require a higher level of care from not-for-profits that receive them. If you fail to use a restricted donation as inten... more

There’s still time to apply for COVID-19 Economic Injury Disaster Loan (EIDL) funding, but time is running short.

While digitalization continues to take hold of the business world, the billing and collections functions at many organizations remain largely paper... more

Year-end is a good time to plan to save taxes by structuring your capital gains and losses. Consider some possibilities. For example, suppose you l... more

As businesses head into 2022, they face unprecedented challenges. In response, many are using so-called “rolling” forecasts to help guide decision-... more

To prevent excess benefit transactions (such as certain purchases from insiders) from occurring in your nonprofit, educate stakeholders. Here’s how... more

The Build Back Better Act is one step closer to becoming law as it passes the U.S. House.

Take these 2022 cost-of-living amounts into consideration as you work on your year-end tax planning.

Congress has passed the Infrastructure Investment and Jobs Act. Find out what tax-related provisions have been built into the new law.

In 2021, if you pay a household worker cash wages of $2,300 or more, you must withhold and pay Social Security and Medicare taxes. Learn about what... more

Is your company still mired in the economic downturn brought on by the pandemic? If so, you might have doubts about its long-term viability.

The fate of the Build Back Better Act and the Bipartisan Infrastructure Bill remains uncertain as Congress continues negotiations. Here’s a list of... more

Does your company prepare weekly or daily flash reports? These reports can serve as a powerful management tool that provides a snapshot of key fina... more

Is it time to upgrade your accounting system? Timely financial data is key to making informed business decisions. But getting what you want from yo... more

If you’ve incurred casualty losses this year, tax relief could mitigate some of the financial pain. We can help you maximize your tax benefits and ... more

In 2021, there has been a surge of financial restatements after the SEC issued guidance that requires special purpose acquisition companies (SPACs)... more

Business-related travel and entertainment (T&E) activities have resumed at many companies. Unfortunately, these expenses may be susceptible to inco... more

Does your employer provide you with group term life insurance? Depending on the amount of coverage, it may add to your tax bill. Here are the rules.

There may be a tax-advantaged way for people to save for the needs of family members with disabilities, without having them lose eligibility for th... more

Worried about your nonprofit’s impending audit? Don’t be. Follow these five tips for preparing for a stress-reduced audit.

Curious about our services? Steve Mayer, Founder and Managing Partner of SD Mayer, discusses the firm, the values and our mission to provide accoun... more

The latest COVID-19-related stimulus bill, the American Rescue Plan Act, has now passed. How can you benefit?

Setting up a company-sponsored 401(k) plan can give an employer an advantage in a competitive job market and benefits employees. We have developed ... more

Developing a strong investment portfolio can be a difficult task. Read our Step by Step guide for developing a strong and diverse portfolio.

Double the Donation estimates that $2 to $3 billion is donated to charity through matching gift programs annually. But billions more go unclaimed e... more

Does your employee benefit plan need an audit report? In general, large plans with 100 or more participants must include an audit report with Form ... more

At the end of 2019, Congress repealed a provision of 2017’s Tax Cuts and Jobs Act that triggered unrelated business income tax (UBIT) on not-for-pr... more

Technology has made it easier to work from home. However, just because you have a home office doesn’t mean you can deduct expenses associated with ... more

Goodwill shows up on a company’s balance sheet when the company has been acquired in a merger or acquisition. It represents what’s left over after ... more

Is your not-for-profit thinking about merging or restructuring? Recently, the IRS made the process easier for some organizations. Under previous IR... more

Are you charitably minded and have a significant amount of money in an IRA? If you’re age 70-1/2 or older, and don’t need the money from required m... more

Fall is in the air and that means it’s time to turn your attention to year-end tax planning. While several clear strategies and tactics emerged dur... more

Some limited liability companies use “profits interest” awards to compensate employees, contractors, investors and others for future services. But ... more

Some of your not-for-profit’s communications will interest only a select group of supporters. But your organization’s annual report is for all stak... more

In financial reporting, investors and business owners tend to focus on revenue, net income, total assets and net worth. But cash is king when it co... more

If your not-for-profit owns its own facility, it likely will have more control of work space than if you lease. However, ownership carries risks — ... more

The U.S. Department of Labor (DOL) has released the finalized rule on overtime exemptions for white-collar workers under the Fair Labor Standards A... more

Victims of tax-related scams can be contacted through regular mail, phone calls and email. If you receive a text, letter, email or phone call purpo... more

Earlier this year, the IRS published a proposed safe harbor giving owners of certain rental real estate interests the opportunity to take advantage... more

Technology is altering the traditional approach to internal audits. Instead of reviewing reams of paperwork, today’s auditor is learning to use ele... more

As we head toward gift-giving season, you may be considering giving cash or securities to your loved ones. Taxpayers can transfer amounts free of g... more

Accounting rules sometimes require businesses to report assets at fair value, rather than at historic cost. Examples include asset retirement oblig... more

Who would defraud a kids’ organization? The answer, unfortunately, is that trusted adults sometimes steal from not-for-profits serving children, pa... more

Thinking about starting your own business? The AICPA estimates that only half of new businesses survive the five-year mark, and only about one in t... more

Audited financial statements come with a special bonus: a management letter. Based on observations during audit fieldwork, the letter identifies is... more

Prudently planning how to take money out of your traditional IRA can mean more money for you and your heirs. Here are three areas to understand in ... more

Social listening is cheap and easy to use and can help your nonprofit engage with supporters online. So why isn’t it part of your social media stra... more

The Taxpayer First Act is a wide-ranging IRS reform bill that also includes various other provisions that protect taxpayers’ rights. Here are the d... more

If your business has placed (or will place) passenger automobiles (including light trucks and vans) into service for 2019, listen up! The IRS recen... more

An IRS audit may be nothing to lose sleep over. In many cases, the IRS closes an audit after receiving requested documentation. Here are the latest... more

Nonprofit CFOs do more than you may think. Depending on the size of the organization, they may oversee HR, IT, facilities and legal affairs, in add... more

Are you selling your principal residence? You may be able to exclude up to $250,000 ($500,000 for married joint filers) of gain. Here are the tax r... more

If your nonprofit’s fundraising efforts are falling a little flat, it’s time to take a new approach. Here’s a step-by-step guide to forming a fundr... more

In most cases, refunds are routinely sent to taxpayers within a few weeks. However, there may be delays, or, in worst-case scenarios, refunds may b... more

How well are your lean improvement efforts working out? You probably won’t find the answer in your traditional financial statements. Here’s an acco... more

Are you interested in joining the growing ranks of plug-in electric vehicle owners? Find out about the federal income tax credit you might be able ... more

Glitches in the Tax Cuts and Jobs Act require fixes! Tax extenders have yet to be extended! Will Congress pass the necessary legislation? Find out ... more

Are you still working after age 70½ and don’t want to take required minimum distributions from your 401(k) account? You might not have to. Here are... more

There’s been much upheaval over the overtime exemption rule since the last one went into effect in 2004. The Department of Labor has issued a propo... more

Most nonprofits experience the occasional financial misstep or budget shortfall. But if your board observes multiple or chronic issues like these, ... more

Reference this tax calendar to learn 2019 deadlines of various tax-related forms and payments.

Changes to the medical expense deduction and the tax treatment of alimony go into effect in 2019. Find out the details.

The government shutdown is nearing its third week, just as the 2018 tax filing season is beginning to gear up. How will it affect your tax filing p... more

Consolidating financial statements can be confusing, especially for private business owners and their stakeholders. Fortunately, there’s now an opt... more

Just because it’s now 2019 doesn’t mean you can forget about the TCJA changes that went into effect last year. The impact on individuals when they ... more

Many nonprofits’ accounting and tax policies and processes aren’t quite up to snuff, potentially putting them at risk of making serious mistakes. F... more

Beyond accounting compliance, a year-end physical inventory count can help reduce carrying costs and unearth fraud. Are you ready to start counting?

Because religious congregations are subject to less IRS scrutiny than even their fellow nonprofits, it’s especially critical that these organizatio... more

Cyberattacks can diminish a company’s revenue, deplete its assets, and, in extreme cases, impair value over the long run. With so much at stake, th... more

Do your development and accounting departments work as independent silos? This can be dangerous to your nonprofit’s fiscal health. We have three ti... more

You may be getting ready to prepay your property taxes like you’ve done every year to boost your itemized deductions. But this year, review your si... more

Auditing accounts payable is as easy as 1, 2, 3, 4.

Consider these 2019 cost-of-living adjustments as you complete year-end tax planning.

Nonprofit executives simply can’t do it all. If your organization is busy and growing, it’s critical you learn when to delegate to staffers and how... more

The accounting rules for reporting income from long-term contracts for book and tax purposes can be confusing. However, starting in 2018, more companies will qualify for an exception that could simplify matters.

If your organization is approached about “sponsoring” a fledgling charity without 501(c)(3) status, be careful. For a fiscal sponsorship to boost y... more

If your nonprofit’s accounting staff is having trouble with its workload, look for ways to improve efficiency. Adopt these six tips and you can red... more

For certain charitably inclined taxpayers, donating appreciated stock to charity can be an excellent year-end tax planning strategy. This may be es... more

Tax incentives exist for those who invest in Opportunity Zones, and the IRS has just issued proposed regulations. Learn more about Opportunity Zone... more

If you’d like to reduce your 2018 tax liability, consider taking these year-end tax planning steps now.

Bye-bye overhead ratios, hello “impact”! What does focusing on the broader effects of nonprofit spending mean to your organization? For one, you ma... more

It can be advantageous to allocate additional time to year-end tax planning for your business. Why? This year, you must factor in changes from the ... more

As Theranos found out the hard way, lack of audited financial statements can be your downfall, when lenders and investors are looking for answers. ... more

IRS guidance clears up confusion over whether business meal expenses remain deductible under the Tax Cuts and Jobs Act.

When it comes to funding education expenses with a 529 plan, both prepaid tuition plans and savings plans offer attractive benefits. Which one is r... more

Moving to the cloud? The FASB recently issued guidance on how to account for the costs of setting up business software packages that are managed in... more

With the TCJA’s near doubling of the standard deduction, making a direct charitable IRA rollover can be particularly powerful for taxpayers old eno... more

IRS guidance provides businesses with greater detail on the Tax Cuts and Jobs Act’s employer credit for paid family and medical leave.

Many kinds of insurance policies are available to nonprofits, but it’s unlikely your organization needs all of them. How do you determine which one... more

With more tax rate thresholds to keep in mind, year-end tax planning for investments is especially complicated in 2018. Find out what your rate mig... more

Donating artwork is a great way to share enjoyment of the work with others. But to maximize the tax benefit, too, you must plan your gift carefully... more

“Tax Reform 2.0” is the name that’s been attached to the latest round of proposed tax law changes. The House Ways and Means Committee just passed t... more

If you don’t treat your volunteers like the valuable financial assets they are, you may lose them. Learn four ways to keep them happy and engaged.

For owners of vacation homes, now is a good time to review year-to-date rental vs. personal use of the home. Adjusting use between now and year end... more

Two of the 2018 estimated tax payment deadlines for individuals have already passed; the third one is coming up very soon. Here’s how to determine ... more

One component of the recently issued IRS regulations that address the TCJA’s new QBI deduction for pass-through entities is that owners can elect t... more

While it still feels like summer across most of the country, fall is almost here and students are returning to school. For many teachers, that also... more

Businesses that have put assets into place this year have improved options for claiming bonus depreciation, thanks to the Tax Cuts and Jobs Act. Th... more

For those who enjoy gambling as a hobby, as a professional or only on occasion, be sure you understand the tax hand you've been dealt. The TCJA cou... more

The IRS recently released highly anticipated, complex regulations addressing the new deduction for up to 20% of qualified business income (QBI) fro... more

Is your nonprofit ready for a surge in donations? It could happen following a natural disaster or other event that affects the community you serve.... more

Businesses that have put assets into place this year have improved options for claiming bonus depreciation, thanks to the Tax Cuts and Jobs Act. Th... more

Will Congress again extend breaks for mortgage insurance premiums, mortgage debt forgiveness and college tuition? Even if it doesn’t, you may still... more

Growth-stage nonprofits are generally in a more comfortable financial position than at their inception. But even if you’ve cultivated funding sourc... more

The alternative minimum tax (AMT) has long been a worry to many individual taxpayers. Learn how TCJA changes might affect your AMT risk, and see ou... more

From bad debts to pending lawsuits, a company’s financial statements may not disclose everything stakeholders need to know to assess its financial ... more

While many individuals and businesses are still working to fully understand how the provisions of the Tax Cuts and Jobs Act affect them, lawmakers ... more

Trust and respect are critical components of a nonprofit/donor relationship. The 10 best practices detailed in the Donor Bill of Rights can help yo... more

Audit “fieldwork” could take on a whole new meaning in the future. Tech-savvy CPA firms and business owners are evaluating the concept of remote au... more

Private foundations that violate conflict-of-interest rules risk costly taxes and even loss of their tax-exempt status. That’s why you need to know... more

Tax planning might not be something you want to think about during the summer months. But midyear planning is important, especially this year. Here... more

Assuming a charity is qualified, you may be able to deduct some of the out-of-pocket costs you incur when volunteering for the organization. But th... more

If you invest in certain green equipment at home, you can save green in the form of tax credits (not to mention the savings on energy costs going f... more

Analytical procedures help test financial statement relationships and balances. Here’s why everyone wins with audit analytics.

“HSA,” “FSA” and “HRA” may seem like groups of letters you might spot floating in your alphabet soup. But they actually are three kinds of accounts... more

The U.S. Supreme Court’s ruling in South Dakota v. Wayfair is expected to hurt online retailers and boost brick-and-mortar stores. The high court’s... more

The 4th of July is about more than picnics and fireworks. It’s about independence. And, speaking of independence, do you know what the new auditor ... more

Investing in qualified small business (QSB) stock offers some attractive tax benefits, especially considering that the Tax Cuts and Jobs Act (TCJA)... more

Your estate plan may need a tax update in light of the Tax Cuts and Jobs Act, even if your estate is well under the new $11.18 million estate tax e... more

It’s not enough to have a mission statement. Your organization also needs a code of ethics that explains how you practice your values. To create a ... more

Do Forms 8282 and 8283 sound familiar? If not, your nonprofit may be neglecting to file required forms about donations or to obtain required forms ... more

Have you recently been awarded restricted stock or do you expect to be awarded such stock this year? The Section 83(b) election can be beneficial i... more

Depending on the situation, summer day camp expenses for your child could save you taxes. Learn whether you might be eligible.

Tax-related identity theft can affect individuals and businesses alike. Understanding the latest scams and knowing what to do if you become a victi... more

Digital financial statements, in XBRL format, simplify data sharing and analysis. Here’s why you should consider switching from PDF reports to XBRL... more

If your nonprofit receives income from sponsorships or advertising, it’s important to be aware of the differences between the two and the potential... more

If you recently filed your 2017 individual income tax return or filed for an extension, it may seem like some time off from thinking about taxes is... more

The IRS has issued interim guidance on the new business interest expense deductions created by the Tax Cuts and Jobs Act. Even though the guidance ... more

Getting your nonprofit in the news in a positive way broadens its exposure, enhances its credibility and enables you to spread the word about your ... more

Auditors rely on more than just random techniques and gut instinct to pick transactions to analyze during internal controls testing.

Nonprofit bookkeepers may be required to handle everything from accounts payable to audit preparation to sending donor acknowledgments. To find the... more

Your mature nonprofit probably maintains adequate operating reserves and sufficient cash on hand to support daily operations. But what are you doin... more

Today many people provide some financial support to an elderly parent. If you’re among them, you might qualify for a tax break on your 2017 or 2018... more

Honest, open corporate cultures promote reliable, transparent financial reporting. How does your company’s culture measure up? You can help auditor... more

Allowing employees to telecommute can help reduce expenses, enhance recruiting efforts and promote greater productivity. But there are several issu... more

The Tax Cuts and Jobs Act established a deduction based on a noncorporate owner’s qualified business income (QBI). It’s available to individuals wh... more

Setting the “materiality” threshold is key when auditing or reviewing financial statements. But no universal materiality level works for all compan... more

CryptoCurrencies, Blockchain, Hash Generator, BTC, Ethereum ... If you weren’t sure if this was English, you are not alone. We explain it to you. #... more

Your board needs to ensure that your nonprofit has reliable operating cash flow, avoids unnecessary risk and adheres to accounting policies. If mem... more

December’s Tax Cuts and Jobs Act preserves the charitable deduction. But you still might find that you don’t enjoy the same tax benefits from chari... more

If you’re considering a home equity loan, know that, as of Jan. 1, the rules have changed under the Tax Cuts and Jobs Act. The IRS recently provide... more

Gift-matching enables donors to make larger contributions than they can manage on their own. Knowing their gift will be matched, they might even bu... more

The big question when it comes to retirement is, “How much money am I going to need?”

How do the financial reporting rules differ for nonprofit and for-profit entities? And, more important, how are the requirements alike?

To help you make sure you don’t miss any important 2018 deadlines, we’ve provided this summary of when various tax-related forms, payments and othe... more

The big question when it comes to retirement is, “How much money am I going to need?”

The Internal Revenue Service (IRS) provided relief for qualified individuals in retirement plans affected by the recent hurricanes and wildfires.