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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The Future of Commercial Real Estate

The COVID-19 pandemic has had a dramatic impact on commercial real estate. Some sectors of the industry, ...
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Consider Outsourcing Your Bookkeeping

Accurate and up-to-date financial records play an important part in your business's success, but the daily ...
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Proposed Tax Increases on the Horizon

President Biden presented the American Families Plan in an April 28, 2021 address to Congress, which ...
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DOL Withdraws Independent Contractor Rule

The Department of Labor recently withdrew the “Independent Contractor Status Under the Fair Labor Standards Act” ...
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IRS Relaxes FSA and DCAP Rules

The IRS is providing some leeway to employee benefit plans offering health flexible spending accounts (FSAs) ...
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How Nonprofits Should Handle Tax Form 990

Form 990, Return of Organization Exempt From Income Tax, is the IRS’ method of evaluation to ...
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Hidden Tax Break: Meal Deductions Get a Boost

The Consolidated Appropriations Act, 2021 contained a provision designed to give a boost to the restaurant ...
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COVID-19 Resource Guide: Everything You Need in One Place

Office Updates While BPW is categorized as an essential business due to the importance of tax ...
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BPW Moves Forward with April 15 Deadline

The IRS and California Franchise Tax Board recently announced that the income tax filing deadline for ...
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New Stimulus Package: What You Need to Know

The third stimulus package valued at $1.9 trillion made its debut last week after President Biden ...
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Erroneous Notices from the IRS and States

Many clients have received CP59 Notices notifying them about missing Forms 1040 for the tax year 2019. In ...
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New Benefit Plan Auditing Standards Effective Date Extended

Another pandemic-powered delay is pushing the effective date back for new standards related to audits of ...
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