Insights by Author: Jacob Sheffield, CPA, MST

Corporate Transparency Act: What Small Businesses and Trusts Need to Know About New Reporting Requirements

January 19, 2024

Effective January 1, 2024, millions of privately-owned non-exempt corporations, limited liability companies and limited partnerships will…

Read this Insight...

2022 Year-End Tax Planning for Businesses

November 9, 2022

It’s the time of year when we’re immersing ourselves in fall sports, thinking about the holiday…

Read this Insight...

The Inflation Reduction Act and What It Means for You

September 9, 2022

The Inflation Reduction Act (the Act) was recently signed into law on Aug. 16 and contains…

Read this Insight...

Important Changes to California’s Elective Pass-Through Entity Tax

February 23, 2022

California recently revised its SALT cap workaround to be more appealing for qualifying owners of S…

Read this Insight...

Employees in Other States? Here are the Top Tax Implications to Consider

February 16, 2022

Return-to-office plans remain in a state of limbo as some employers find that a remote work…

Read this Insight...

Year-End Tax Planning for Businesses

November 15, 2021

2021 brought a wave of new tax changes for businesses, and 2022 could bring yet another…

Read this Insight...

On Your Mark, Small Businesses: Get Set to Reserve the 2021 Main Street Hiring Credit

October 28, 2021

The Main Street Hiring Credit has been reenacted for 2021, bringing financial relief to small businesses…

Read this Insight...

How to Claim the Employee Retention Tax Credit

July 16, 2021

Congress created an employee retention tax credit to retain employees on their payroll during the pandemic.…

Read this Insight...

Erroneous Notices from the IRS and States

February 26, 2021

Many clients have received CP59 Notices notifying them about missing Forms 1040 for the tax year 2019. In…

Read this Insight...

Year-End Tax Planning for Businesses

October 29, 2020

Many businesses remain steeped in financial, operational, and HR challenges related to the COVID-19 crisis, but…

Read this Insight...

2012 Year-End Tax Planning for Individuals and Businesses

As 2012 is coming to a close, now is an ideal time to start preparing for ...
Read this insight

Jacob Sheffield Receives 40 Under 40 Award

Santa Barbara, CA – Congratulations to Jacob Sheffield who was recently named one of the 40 ...
Read this insight

Three Strategies That Add Flexibility to Your Estate Plan

In recent years, estate planning has been complicated by uncertainty over the future of the federal ...
Read this insight

Understanding and Utilizing Financial Statements of Nonprofit Organizations

Financial statements provide a wealth of financial information about a nonprofit organization's most recent month, quarter ...
Read this insight

Tax Court Denial of Charitable Deductions

The Tax Court recently ruled that a married couple's significant amount of charitable contributions were not ...
Read this insight

New Tax on Investment Income to Support Medicare

The recent Supreme Court ruling on the healthcare law upheld the Patient Protection and Affordable Care ...
Read this insight

IRS Audits Foreseeable for Ultra-Wealthy

The Internal Revenue Service (IRS) has ramped up its efforts in recent years by expanding its ...
Read this insight

Regulatory Changes to Pension Plans – Upcoming Deadlines

In an effort to clarify the general ambiguity that looms over pension plans and fees paid ...
Read this insight

A Trust That Keeps on Giving

With a properly executed estate plan, your wealth can be enjoyed by your children and even ...
Read this insight

Business Vehicle Depreciation Limits Released for 2012

The IRS recently released the updated version of allowable depreciation limits for business passenger vehicles and ...
Read this insight

Social Security Statements Available Online

As of May 1, the Social Security Administration now provides workers, ages 18 and over, with ...
Read this insight

Key Provisions of the JOBS Act

On April 5, President Obama signed into law the Jumpstart Our Business Startups Act (JOBS Act), ...
Read this insight