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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To Port or Not to Port: Is Filing for Portability Right for You?

The option of portability when planning your estate could make a substantial difference come tax time, ...
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Top 10 Ways Accounting Services Can Grow Your Business

Any successful business will tell you that having excellent accounting is the secret ingredient to growing ...
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Update on Coronavirus Relief Programs

New Tax Relief & Grants will Support Businesses Impacted by COVID-19 As businesses and taxpayers continue to feel ...
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IRS Introduces the New Form 1099-NEC

The IRS has introduced a new Form 1099-NEC, Nonemployee Compensation. It's a sibling to Form 1099-MISC ...
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When Does a Gift Require a Gift Tax Return, and Gift Tax?

With lifetime gift and estate tax exemptions at an all-time high in 2020, not as many ...
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Future-Forward Manufacturing

Many manufacturers are feeling the impact of the current crisis. But companies that are ready to retool and ...
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By the Numbers: The Key Adjustments for 2021

What will 2021 bring us? After a year of turmoil and surprises, no one has a ...
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Restructuring Debt as a Business Strategy

Many businesses are facing the financial effects of the Covid-19 pandemic. The loss of clients and ...
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Hobby or Business: The IRS Takes a Stand

From a tax perspective, the distinction between hobbies and businesses is important because businesses can deduct ...
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Year-End Tax Planning for Businesses

Many businesses remain steeped in financial, operational, and HR challenges related to the COVID-19 crisis, but ...
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Year-End Tax Planning for Individuals

We recognize the impact this unimaginable year has had on all of us. There have been ...
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Retirement Plan Options for Self-Employed Business Owners

Owning your own business gives you a great deal of freedom to make your own choices. ...
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