News
This section of our website contains useful information, Web links and tools. Please check back regularly for updates and recent revisions. Our goal is to provide information and resources that will make the process of financial planning and tax preparation simpler.
2018 – 11/05
Nov 15th, 2018

Disaster victims in Georgia, Florida and other states qualify for tax relief. The IRS has announced that additional counties in Georgia and Florida have been designated as federal disaster areas qualifying for individual assistance due to Hurricane Michael. Victims of severe storms in Wisconsin also qualify for relief. That gives taxpayers in these counties additional […]

2018 – 11/07
Nov 15th, 2018

When taxpayers miss tax-related deadlines, the IRS may show leniency if the causes of the delay are “reasonable.” A married couple living abroad admitted to filing and paying their U.S. taxes late, citing the birth of a child and the deaths of family members as reasonable causes. The IRS disagreed. In a U.S. Court of […]

Proposed Levy Properly Sustained; Underlying Liabilities Not at Issue (Jennette, CA-3)
Nov 15th, 2018

Proposed Levy Properly Sustained; Underlying Liabilities Not at Issue (Jennette, CA-3) http://bit.ly/2RW0nLr

2018 – 11/06
Nov 14th, 2018

Proposed IRS regulations are issued that are aimed at nonprofits. If finalized, the regs will specify which tax return to use to pay certain excise taxes and when to file returns. They would affect applicable tax-exempt organizations and their related organizations, applicable educational institutions, sponsoring organizations that maintain certain donor-advised funds and their fund managers, […]

2018 – 11/06 – Time for NQDC plan deferral elections
Nov 14th, 2018

If you’re an executive or other key employee, your employer may offer you a nonqualified deferred compensation (NQDC) plan, which pays you in the future for services currently performed and allows deferral of income tax. But NQDC plans must meet many requirements. One is that, if you wish to defer part of your 2019 compensation, […]

Weekly Report from Washington, D.C.
Nov 14th, 2018

Weekly Report from Washington, D.C. http://bit.ly/2B5zBdK

2018 – 11/05
Nov 13th, 2018

A federal court has ruled that communications between a taxpayer and his accountants were protected by the attorney-client privilege. It rejected the government’s claims that the communications didn’t qualify for the privilege, that any such privilege was waived by filing amended tax returns, and that, even if they were protected, the crime-fraud exception voided the […]

We are Hiring!
Nov 13th, 2018

We are Hiring!Sheehan & Company is looking for a senior accountant, with four plus years experience, CPA a plus,  to join our assurance services team in our Brightwaters office on Long Island.  Please fax your resume to 631-665-7014 or email to careers@sheehancpa.com” target=”_blank” data-user-handle=”sheehancpa.com”>@sheehancpa.com. Give us a call 631-665-7040

2018 – 11/05 – Buy business assets before year end to reduce your 2018 tax liability
Nov 13th, 2018

Investing in business assets is a traditional and powerful year-end tax planning strategy, and it might make even more sense in 2018. Sec. 179 expensing and bonus depreciation both allow an immediate deduction for the cost of eligible asset purchases, rather than depreciating them over a number of years. The TCJA increases potential deductions under […]

IRS Proposes Updates to Hardship Distribution Regulations (NPRM REG-107813-18)
Nov 13th, 2018

IRS Proposes Updates to Hardship Distribution Regulations (NPRM REG-107813-18) http://bit.ly/2B2i5an