As your trusted advisors at SD Associates, P.C., we know the importance of businesses fulfilling their tax obligations. Just like individual taxpayers, businesses pay various forms of taxes based on various figures. Paying taxes is not only a legal responsibility – it also contributes to the development of the society in which your business operates. […]

Bookkeeping is the backbone of every successful business. Proper records ensure your financial data is accurate, up-to-date, and ready for review. While it may seem complex, following a systematic approach can simplify the process. At SD Associates, P.C., our financial experts have outlined a quick guide to successful bookkeeping. Understanding Bookkeeping: The Basics Bookkeeping is […]

As a business owner, you are likely aware that there are two primary options for setting your company’s fiscal year: the calendar year and the fiscal year. Both options have their advantages and disadvantages, and it is important to understand the differences between the two in order to make an informed decision about which option […]

For nonprofit organizations that are tax-exempt, the question of whether or not they need an accountant is a common one. Some may assume that because their organization is tax-exempt, they do not need the services of an accountant. However, this assumption is not entirely accurate. In this post, we will discuss the importance of having […]

Preparing your business or organization for an audit can be a daunting task, but with the right strategies in place, you can ensure that your audit goes smoothly and successfully. In this post, we’ll discuss how to prepare for an audit so you can be confident in your financial reporting and compliance. The first step […]

QuickBooks is a popular tool for many small and mid-sized business owners.  Although it may be one of the top accounting management products on the market today, there are both pros and cons associated with using QuickBooks, so it’s important to research this software before making a decision for your business. QuickBooks is a comprehensive

In December of 2022, Congress passed the Consolidated Appropriations Act of 2023 (HR 2617), which includes more than 90 provisions that impact IRAs and retirement plans sponsored by employees. These provisions are collectively referred to as SECURE 2.0. In this blog post, we will specifically discuss catch-up contributions and how this Act affects them.  Initially