Resources
Year-End Tax Planning for Businesses
In today's evolving U.S. and global tax environment, the tax implications of business decisions are not always intuitive. Integrating tax considerations throughout the decision making process can help businesses unlock potential tax savings and efficiencies as well as identify and mitigate tax risks. Whether shifting supply chains, pursuing mergers and acquisitions, implementing sustainability initiatives, or adjusting workforce strategy — embracing a total tax mindset while modeling the tax impact of these decisions can lead to better outcomes that add value to your organization.
Year-End Tax Planning for Individuals
With rising interest rates, inflation, and continuing market volatility, tax planning is as essential as ever for taxpayers looking to manage cash flow while paying the least amount of taxes possible over time. As we approach the end of the year, now is the time for individuals, business owners, and family offices to review their 2024 and 2025 tax situations and identify opportunities for reducing, deferring, or accelerating their tax obligations.
Corporate Transparency Act (“CTA”)
The CTA is intended to address and guard against money laundering, terrorism financing, and other forms of illegal financing by mandating certain entities (primarily small and medium size businesses) to report “beneficial owner” information to the Financial Crimes Enforcement Network (“FinCEN”).
Tax Return Organizer
With Sheehan Tax Return Organizer, our clients can rest assured that they are providing thorough and accurate information needed to expedite filing at tax time... and get everything they deserve.
Financial Affairs Organizer
Will your loved ones know where to find critical financial information in a time of need? Use our Financial Affairs Organzier to ensure that everything is accurately recorded.
Peer Review
The bylaws of the American Institute of Certified Public Accountants (AICPA) include a requirement that all members engaged in the practice of public accounting be practicing in a CPA firm enrolled in an AICPA practice-monitoring program if the services performed by the firm are within the scope of the practice-monitoring standards and the firm issues reports purporting to be in accordance with the AICPA professional standards. The practice-monitoring programs are intended to reduce substandard performance by CPA firms in their delivery of accounting and auditing services. This is being accomplished by AICPA's Peer Review Program. This program requires that the CPA firm maintain a quality control system which is broadly defined as a process to provide the firm with reasonable assurance that its personnel comply with applicable professional standards and the firm's standard of quality.
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The AICPA Peer Review Program requires that once every three years the CPA firm submit to a review of its accounting and auditing practice by independent CPA's (peers) using guidelines and procedures established by the AICPA. The peer review focuses on the professional aspects of the reviewed firm's accounting and auditing practice. The independent peer review team performs an on-site review of the CPA firm's quality control system as well as the work performed on selected engagements and the financial statements and reports that were issued on these engagements.
Sheehan has been a member of the Peer Review Program since its inception and has achieved outstanding results. Sheehan's most recent peer review was completed in November of 2022. The peer review report, dated November 29, 2022, indicated a peer review rating of "pass". A rating of "pass" is the most desirable rating resulting from a peer review as this indicates that no deficiencies were found in the firm's quality control system and that there is reasonable assurance that the firm's accounting and auditing practice complies with professional standards. Firms can receive a rating of pass, pass with deficiency(ies), or fail.
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