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SD MAYER INSIGHT

In-depth advice on wealth management, outsourced accounting, tax, and audit services.

Can Auditors Provide Non Audit Services?

Most business managers and non-profit directors hire external auditors for specific audit-related needs only. These outside experts review the organization’s books and financial statements which then get distributed to external shareholders, the public, or other B2B...

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Wealth Management for Beginners: Advice from an Expert

You’re a middle-income earner with some assets and some serious goals for your future and retirement. You know you’re ready to begin organizing your finances to better meet these goals, but you aren’t entirely sure where to start. If you’ve never had help before with...

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Do You NEED a Wealth Manager? And Other Real Questions

If you ask ten of your friends or loved ones what it means to be financially healthy, you’ll probably get ten very different answers. We tend to develop our ideas and perceptions about finances from a multitude of influences; these can include everything from the ways...

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Updated Rules For Use Of Employer-Provided Vehicles

An attractive fringe benefit for some employees is an employer-provided vehicle that can be used for business and personal use. The IRS recently issued guidance on how to value the personal use of such vehicles to include the amount in an employee’s income.

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The DOL Proposes Updated Overtime Exemption Rule

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 proposed update to the rule, but it’s unclear if it will be finalized in its current form.

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Automating Your Accounting Department

Robotic process automation (RPA) is the wave of the future. While most RPA initiatives target “core” business operations, routine accounting functions also can be automated. RPA software can assume control of such tasks as journal entries, bank reconciliations, and certain aspects of budgeting and forecasting. However, using RPA in financial reporting takes some initial legwork and a fresh mindset. It also may affect the procedures a CPA performs when preparing your financial statements. Contact us for more information.

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3 Bills Form Tax Reform 2.0

“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 three specific tax bills. Learn more about them here.

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Regulations On Pass-Through Business Income Deduction

The IRS recently released highly anticipated, complex regulations addressing the new deduction for up to 20% of qualified business income (QBI) from pass-through entities. Here’s an overview of the most important issues that the proposed regs address.

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IRS Issues Guidance On New Bonus Depreciation Rules

Businesses that have put assets into place this year have improved options for claiming bonus depreciation, thanks to the Tax Cuts and Jobs Act. The IRS has issued proposed regulations regarding bonus depreciation. Here’s a review of the proposed regs.

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Is More Tax Reform On The Horizon?

While many individuals and businesses are still working to fully understand how the provisions of the Tax Cuts and Jobs Act affect them, lawmakers are prepping for Tax Reform 2.0. Here’s a look at what’s been proposed thus far.

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Supreme Court Opens Door to Taxation of Online Sales

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 5-4 ruling opens the door for states to require out-of-state retailers to collect sales tax.

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Employer Credit for Paid Family and Medical Leave

Certain employers that pay family and medical leave to their employees may be eligible to claim a Family and Medical Leave Credit equal to 12.5 percent (or more) of the amount of wages paid to those employees during any period in which such employees are on family and medical leave.

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Top 10 Things Companies Need to Know About Tax Reform

The $1.5 trillion new tax law represents the most sweeping change to tax code in a generation. Tax reform of this magnitude will have broad implications for businesses of all sizes and in all industries. While accountants and tax departments wade through the 185-page legislation, here are the top 10 things companies need to know:

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