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.
Year-End Tax Planning for Businesses
U.S. businesses are facing pressure to drive revenue, manage costs and increase shareholder value, all while surrounded by economic and political uncertainties. This document provides a checklist of areas where, with proper planning, businesses may be able to reduce or defer taxes over time.
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. Now is the time for individuals to review their 2022 and 2023 tax situations and identify opportunities for reducing, deferring or accelerating their tax obligations.
What is 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.
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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