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 – 01/12 – How financial statements can be used to value private businesses
Jan 16th, 2018

How much is your business worth? The answer lies in your financial statements. The balance sheet serves as the basis for the cost approach, though adjustments may be needed to align the book values of assets and liabilities with their fair market values. Likewise, the income statement and statement of cash flows can be used […]

Sheehan & Co proud to support the efforts of Madaworks in Madagascar.
Jan 15th, 2018

We are proud to support the work of Madaworks, empowering young women in Madagascar!Check out the work they do   www.madaworks.org

2018 – 01/12
Jan 15th, 2018

Innocent spouse relief was granted following no actual knowledge of unreported income. The U.S. Tax Court has concluded that a taxpayer should be relieved from all or part of the liability for the deficiency that resulted from the failure to report on a joint return a distribution from his spouse’s separately owned retirement account. Although […]

2018 – 01/09 – Don’t be a victim of tax identity theft: File your 2017 return early
Jan 13th, 2018

The IRS has announced that it will begin accepting 2017 income tax returns on January 29. Filing as close to that date as possible can help protect you from tax identity theft, an all-too-common scam in which thieves file bogus returns using victims’ Social Security numbers. Tax identity theft can cause big headaches and delay […]

2018 – 01/10
Jan 12th, 2018

New York Gov. Andrew Cuomo, in his State of the State address, called the federal Tax Cuts and Jobs Act “an assault on New York” and asserted “it is illegal and we will challenge it in court as unconstitutional.” Cuomo said the new tax law was “unprecedented double taxation,” and would be opposed in the […]

2018 – 01/10 – Not necessarily a luxury: Outsourcing
Jan 11th, 2018

In today’s increasingly specialized economy, outsourcing has become common. Engaging outside help could cut in-house management expenses by reducing overhead, staffing and training costs. Outsourcing also frees up employees’ time for core tasks and avails you of the provider’s expertise. But there are risks. Surrendering control of a business function to the wrong vendor could […]

2018 – 01/09 – Don’t be a victim of tax identity theft: File your 2017 return early
Jan 11th, 2018

The IRS has announced that it will begin accepting 2017 income tax returns on January 29. Filing as close to that date as possible can help protect you from tax identity theft, an all-too-common scam in which thieves file bogus returns using victims’ Social Security numbers. Tax identity theft can cause big headaches and delay […]

2018 – 01/09
Jan 10th, 2018

Two Democratic congressmen are questioning whether enough taxes will be taken out of the checks of employees under IRS 2018 withholding tables, which will soon be issued to administer the new tax law. In letters sent to federal tax officials, the lawmakers expressed concern that the new withholding tables would “result in millions of taxpayers […]

2018 – 01/04 – Preserve wealth for yourself and your heirs using asset protection strategies
Jan 9th, 2018

If you wish to protect your assets while retaining some control over them, consider an irrevocable trust. Transferring assets to such a trust generally places them beyond your creditors’ reach. And by including a “spendthrift” provision, you can also protect the assets against claims by your beneficiaries’ creditors. A spendthrift provision prohibits your beneficiaries from […]

2018 – 01/03 – Don’t let donor fatigue erode support for your nonprofit
Jan 8th, 2018

At some point, even the most philanthropic individuals experience donor fatigue and start saying “no.” How can you remain engaged with donors and yet keep your fundraising efforts from eroding relationships? Try staggering your attention, contacting important donors in person and the next tier with personal letters and follow-up phone calls. Or limit the number […]