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…

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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…

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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…

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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…

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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…

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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…

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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…

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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.…

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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…

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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…

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SAS 136: Preparation before year end

As previously communicated, Statement on Auditing Standards (SAS) 136, Forming an Opinion and Reporting on Financial ...
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On Your Mark, Small Businesses: Get Set to Reserve the 2021 Main Street Hiring Credit

The Main Street Hiring Credit has been reenacted for 2021, bringing financial relief to small businesses ...
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What To Know About the New Lease Accounting Standard

Every day that passes marks less time for private companies to get ready for ASC 842, ...
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Credit for Other Dependents: A CTC Alternative

The IRS is reminding families about the Credit for Other Dependents, a tax credit available to taxpayers for ...
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Document Management and Recordkeeping for Nonprofits

If you work for a nonprofit that's funded by grants or donations, you need to keep ...
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Estate Planning for High-Net-Worth Individuals

President Biden's proposed infrastructure plan does not explicitly raise estate taxes. Instead, it ends the step-up ...
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The Future of Global Minimum Tax and Multinational Corporations

The "race to the bottom" of international tax rates may soon come to an end. The ...
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How to Claim the Employee Retention Tax Credit

Congress created an employee retention tax credit to retain employees on their payroll during the pandemic. ...
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Child Tax Credit Advances Start July 15

On July 15, 2021, the IRS will start sending monthly child tax credit payments to qualifying ...
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Are You Ready To Retire Early?

Maybe your job, even your entire sector, has disappeared in 2020's economic turmoil. Or perhaps you ...
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Accounting Tips to Benefit Your E-Commerce Business 

E-commerce marketplaces popped up in the early 1990s and have been on the rise ever since. ...
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A New Frontier in Cryptocurrencies: What are NFTs?

Non-fungible tokens — a player in the shadowy cryptocurrency world — have increasingly been making their ...
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