Sheehan & Co. has the reputation in the NY metropolitan area for delivering superior tailored professional services with Manhattan-level expertise.
Sheehan & Company, CPA, PC helps clients solve difficult financial, tax and audit problems and increase profitability by working as their Accounting partner in all financial matters through a long-term relationship. has the reputation in the NY metropolitan area for delivering superior tailored professional services with Manhattan-level expertise at reasonable, Long Island prices. Our focus is sol
Operating as usual
Today during we are highlighting Cynthia Barry, CPA, who is a Partner at Sheehan.
We asked Cynthia her best advice to females entering the field…She said to seek out a mentor that will offer guidance and support and assist you with the skills that you need to learn and grow. Connect with role models that embody the traits that you admire in a leader and ask them to share their experiences with you.
Thank you to all the extraordinary women at Sheehan who are helping to light 🌟 the path for other females!
Today during we are highlighting Megan Scotti, CPA, who is a Supervisor at Sheehan.
We asked Megan what her favorite thing to do when taking a break during the busy season. She told us she enjoys skiing with her family!
Thank you for your commitment to our clients, Megan, and we hope you got to hit the slopes this season 🎿 ⛷!
TEAMWORK & COMMUNITY are at the ❤️ of our core values! Some of our team members took a break from the very busy tax season to compete for a cause last night!
The @sheehancompany team competed in the Northport Academy Of Finance volleyball 🏐 tournament. The tournament raised over $10,000 through corporate sponsors for The American Foundation For Su***de Prevention. A big shout out to all the student organizers for making the 🌎 a better place!
We are pleased to announce today the launch of our new website, www.sheehancpa.com!
Our sleek new look and feel reflect the firm’s sophisticated set of capabilities and evolution of our business to that of a seasoned multi-faceted accounting firm serving a variety of large and small businesses.
“This rebrand was an opportunity for us to embrace a look and feel that reflects who we are today as a firm,” said John DeFalco, CPA, Partner at Sheehan. “This new look and feel now better communicates the high level of expertise, industry knowledge, in-depth experience, and personal attention you get with Sheehan.”
Prudent technology upgrades call for some soul searching: By now, most business owners view technology upgrades as inevitable. Whether hardware or software, the tech your company relies on to operate will need to change slightly or even drastically for you to stay competitive. Strange as it may sound, technology upgrades demand a bit of soul searching. That is, before spending the money, you […] https://bit.ly/3McOHAS
4 levels of audit opinions: The first page of audited financial statements is the auditor's report. This is an important part of the financials that shouldn't be overlooked. It contains the audit opinion, which indicates whether the financial statements are fairly presented in all material respects, compliant with Generally Accepted Accounting Principles (GAAP) and free from material misstatement. In general, […] https://bit.ly/3ptNM5f
Can you deduct the costs of a spouse on a business trip?: If you own your own company and travel for business, you may wonder whether you can deduct the costs of having your spouse accompany you on trips. The rules for deducting a spouse's travel costs are very restrictive. First of all, to qualify, your spouse must be your employee. This means you can't deduct the […] https://bit.ly/3hlzIGJ
Walking a tightrope? ERM can help: If risk wasn't a nagging concern for nonprofits before the pandemic, it certainly is now. Health risks to staffers, volunteers and clients, and financial threats, including declining donations and increased incidence of fraud, now likely keep many executive directors up at night. But enterprise risk management (ERM) can help not-for-profit organizations find firmer ground. Here's […] https://bit.ly/3BWH5Oc
Married couples filing separate tax returns: Why would they do it?: If you're married, you may wonder whether you should file joint or separate tax returns. The answer depends on your individual tax situation. In general, it depends on which filing status results in the lowest tax. But keep in mind that, if you and your spouse file a joint return, each of you is “jointly […] https://bit.ly/3soF9en
The donor-advised fund: A powerful vehicle for charitable giving: If charitable giving is important to you, consider a donor-advised fund (DAF). A DAF — typically sponsored and managed by a community foundation or commercial investment company — offers many of the benefits of a private foundation at a fraction of the cost. Upsides of a DAF A DAF allows you to make tax-deductible contributions […] https://bit.ly/36zx3a1
Approach turnaround acquisitions with due care: Economic changes wrought by the COVID-19 pandemic, along with other factors, drove historic global mergers and acquisitions (M&A) activity in 2021. Experts expect 2022 to be another busy year for dealmaking. In many cases, M&A opportunities arise when a business adversely affected by economic circumstances decides that getting acquired by another company is the optimal […] https://bit.ly/3Hfdalu
Take your financial statements to the next level: Spring is the time of year that calendar-year-end businesses issue financial statements and prepare tax returns. This year, take your financial data beyond compliance. Here's how financial statements can be used to be proactive, not reactive, to changes in the marketplace. Perform a benchmarking study Financial statements can be used to evaluate the company's current […] https://bit.ly/3p65Dze
Making withdrawals from your closely held corporation that aren't taxed as dividends: Do you want to withdraw cash from your closely held corporation at a minimum tax cost? The simplest way is to distribute cash as a dividend. However, a dividend distribution isn't tax-efficient since it's taxable to you to the extent of your corporation's “earnings and profits.” It's also not deductible by the corporation. Five alternatives […] https://bit.ly/3s81FI4
Important tax aspects of operating your business as a sole proprietor: If you're in business for yourself as a sole proprietor, or you're planning to start a business, you need to know about the tax aspects of your venture. Here are eight important issues to consider: 1. You report income and expenses on Schedule C of Form 1040. The net income is taxable to you regardless […] https://bit.ly/3LKHCau
How to recruit when job candidates have the upper hand: The Great Resignation hasn't been so great for not-for-profit organizations. As many for-profit businesses — particularly in traditionally low-wage industries — have raised pay and hiring incentives, nonprofits have lost staffers. According to a New York Times analysis of Current Population Survey data, nonprofit employment in November 2021 was 4.8% below its prepandemic level, compared […] https://bit.ly/3h0AdFP
Did you give to charity in 2021? Make sure you have substantiation: If you donated to charity last year, letters from the charities may have appeared in your mailbox recently acknowledging the donations. But what happens if you haven't received such a letter — can you still claim a deduction for the gift on your 2021 income tax return? It depends. The requirements To prove a charitable […] https://bit.ly/3p2APPP
The 2021 gift tax return deadline is almost here, too: April 18, 2022, is the deadline for filing your federal income tax return. Keep in mind that the gift tax return deadline is on the very same date. So, if you made large gifts to family members or heirs last year, it's important to determine whether you're required to file Form 709. Filing requirements Generally, […] https://bit.ly/3rYOkll
2022 deadlines for reporting health care coverage information: Ever since the Affordable Care Act was signed into law, business owners have had to keep a close eye on how many employees they've had on the payroll. This is because a company with 50 or more full-time employees or full-time equivalents on average during the previous year is considered an applicable large employer (ALE) […] https://bit.ly/3Jzw8EV
Audit disclosures: Why the fine print is important: Footnotes appear at the end of a company's audited financial statements. These disclosures provide insight into account balances, accounting practices and potential risk factors — knowledge that's vital to making well-informed lending and investing decisions. Here are examples of key risk factors that you might unearth by reading between the lines in a company's footnotes. […] https://bit.ly/34IKNih
The Ins and Outs of IRAs: Traditional IRAs and Roth IRAs have been around for decades and the rules surrounding them have changed many times. What hasn't changed is that they can help you save for retirement on a tax-favored basis. Here's an overview. Traditional IRAs You can make an annual deductible contribution to a traditional IRA if: You (and your […] https://bit.ly/3Bl1L28
Some members of our Sheehan Audit Team enjoyed the unseasonably warm weather with a client in NYC yesterday… those views though 🙌
Entrepreneurs and taxes: How expenses are claimed on tax returns: While some businesses have closed since the start of the COVID-19 crisis, many new ventures have launched. Entrepreneurs have cited a number of reasons why they decided to start a business in the midst of a pandemic. For example, they had more time, wanted to take advantage of new opportunities or they needed money due […] https://bit.ly/3unywtX
What your nonprofit needs for a successful capital campaign: Many nonprofits have put major purchases and other ambitious initiatives on hold during the pandemic. But if you need to buy or expand a facility, purchase expensive equipment, or seed an endowment, your organization may not want to wait any longer. A capital campaign to raise funds can be more difficult at this time — […] https://bit.ly/3HlIWhm
Smooth sailing: Tips to speed processing and avoid hassles this tax season: The IRS began accepting 2021 individual tax returns on January 24. If you haven't prepared yet for tax season, here are three quick tips to help speed processing and avoid hassles. Tip 1. Contact us soon for an appointment to prepare your tax return. Tip 2. Gather all documents needed to prepare an accurate return. […] https://bit.ly/3HlJiVc
Educate your children on wealth management: If you've worked a lifetime to build a large estate, you undoubtedly would like to leave a lasting legacy to your children and future generations. Educating your children about saving, investing and other money management skills can help keep your legacy alive. Teaching techniques There's no one right way to teach your children about money. […] https://bit.ly/3gcQcQU
Making funeral arrangements in advance can ease family turmoil after your death: It's difficult for many people to think about their mortality, so it's not surprising to learn that many put off planning their own funerals. Unfortunately, this lack of planning may result in emotional turmoil for surviving family members when someone dies unexpectedly. Also, a death in the family may cause unintended financial consequences. Why not […] https://bit.ly/3KVQlpL
Let your financial statements guide you to optimal business decisions: Now that 2022 is up and running, business owners can expect to face a few challenges and tough choices as the year rolls along. No matter how busy things get, don't forget about an easily accessible and highly informative resource that's probably just a few clicks away: your financial statements. Assuming you follow U.S. Generally […] https://bit.ly/3g54hzG
Using B2B media to lengthen your marketing reach: Companies that sell products or services primarily to other businesses face a tough challenge when it comes to marketing. Your customers are likely well-versed and experienced in what they do, so you must not only persuade them to buy from you, but also communicate that you're an expert in your industry or field. If you […] https://bit.ly/3Hb6Pbu
Numerous tax limits affecting businesses have increased for 2022: Many tax limits that affect businesses are annually indexed for inflation, and a number of them have increased for 2022. Here's a rundown of those that may be important to you and your business. Social Security tax The amount of an employee's earnings that is subject to Social Security tax is capped for 2022 at […] https://bit.ly/3KRQMBJ
Preparations vs. compilations: Your business needs financial statements so management can monitor performance, attract investment capital and borrow money from a bank or other lender. But not all financial statements are created equal. Audited statements are considered the “gold standard” in financial reporting. While public companies are required to issue audited statements, smaller, privately held organizations have options. […] https://bit.ly/3r5yTHD
Help safeguard your personal information by filing your 2021 tax return early: The IRS announced it is opening the 2021 individual income tax return filing season on January 24. (Business returns are already being accepted.) Even if you typically don't file until much closer to the April deadline (or you file for an extension until October), consider filing earlier this year. Why? You can potentially protect yourself […] https://bit.ly/3rP7xop
Businesses with employees who receive tips may be eligible for a tax credit: If you're an employer with a business where tipping is customary for providing food and beverages, you may qualify for a federal tax credit involving the Social Security and Medicare (F**A) taxes that you pay on your employees' tip income. Basics of the credit The F**A credit applies with respect to tips that your employees […] https://bit.ly/3qYyBSJ
Handle your nonprofit's restricted gifts with care: Most not-for-profits encourage donors to make unrestricted contributions that will give the organization flexibility to use the money where it's needed most. But there will always be some donors who place restrictions on their gifts — and these require a higher level of responsibility. If your nonprofit fails to use a restricted donation as intended, […] https://bit.ly/3AG19nz
Avoiding undue influence claims: A primary purpose of estate planning is to ensure that your wealth is distributed according to your wishes after you die. But if a family member challenges the plan, that purpose may be defeated. If the challenge is successful, a judge will decide who'll inherit your property. Will contests and similar challenges often occur when […] https://bit.ly/3IrcKJG
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