Our Top Stories
Tax Alert - Health Care Reform Act 2010
Dear Clients and Friends of the Firm:
The Treasury Department has adopted a temporary regulation on health insurance coverage for children until age 26 that implements certain requirements for group health plans and health insurance issuer...
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Could you be subject to foreign financial account reporting?
As many of you are already aware, in recent years the IRS has started focusing on taxpayers with foreign financial accounts. Each taxpayer who has a financial interest in, or has signature or other authority over, foreign financial accounts with a value that exceeded an aggregate of $10,000 at any point during the tax year is required to disclose information about these accounts annually. The deadline for filing the financial bank account reporting (FBAR) forms for the 2009 tax year is June 30, 2010....
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Is a Roth IRA Conversion right for you?
To our Clients:
As you may be aware, beginning January 1, 2010, the $100,000 adjusted gross income (AGI) limitation on Roth IRA conversions has been eliminated, making virtually all taxpayers eligible to convert to a Roth IRA. This presents an excellen...
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Sheehan & Company Announces New Hire of Middle Market Accounting Specialist
Sheehan & Company today announced that Anthony P. Mariani, C.P.A. has joined their company as a Senior Manager focused on auditing and client services. Mr. Mariani joins Sheehan & Company after spending 14 years with BDO Seidman, an international accounting and consulting firm specializing in audits of public and privately owned middle market companies. Mr. Mariani will be based in Brightwaters, New York....
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NYSSCPA - SUFFOLK CHAPTER - 2009 Toys For Tots Campaign: Mission Accomplished!
On Friday, December 11, 2009, approximately twenty members of the United States Marine Corps Reserves from Amityville, New York descended upon the offices of Sheehan and Company CPA, PC in Brightwaters with a tractor trailer as they had in past years......
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CPAs Collect Items For U.S. Troops Overseas
Brian Michels, a Sheehan & Co. CPA, got the idea to send care packages to military servicemen stationed overseas after talking with a firm partner. A nephew of partner Cynthia Barry told her in a recent e-mail, Michels said, how difficult it was getting snack food and some toiletries. "I just thought it would be a good thing to maybe send some care packages over to the troops," Michels said.
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2009 New York State Tax Rate Increase
Sometime in May many New York State taxpayers received an important notice from New York State Department of Taxation and Finance. This Notice (N-09-7) summarized recent tax law changes affecting certain estimated tax filers....
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IRS Voluntary Compliance for Reporting Foreign Income and Accounts
All U.S. persons (individuals and all forms of business entities, trusts and estates) who are citizens or residents of the U.S. or are living in or doing business in the U.S., are required to report any income realized in foreign accounts. Additionally, a U.S. person is required to file an annual Foreign Bank Account Report (FBAR) with the IRS if the U.S. person has a financial interest or signatory authority over a foreign account or accounts with an aggregate value exceeding $10,000 during the calendar year regardless of realized income....
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New York State Metropolitan Commuter Transportation Mobility Tax Enacted
New York State recently signed into law the Metropolitan Commuter Transportation Mobility Tax (MCTMT). The MCTMT will be administrated by the New York State Tax Department, and the proceeds from this tax will be distributed to the Metropolitan Transportation Authority....
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Hiring a Domestic Employee in New York State
In the State of New York, if you hire a domestic employee, you may be subject to the laws requiring the withholding of Federal, Social security, Medicare, New York State, and New York City taxes. You may also be responsible for paying the appropriate federal and state agencies for unemployment insurance, workers’ compensation and disability insurance....
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Sheehan & Co. Promotes Heather Santonino to Supervisor
In recognition of her excellent performance and tenure with the firm, Sheehan & Co. has promoted Heather Santonino to Supervisor in our tax department. Congratulations Heather!...
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