The Eric Sheldon CPA, PC Blog
Understanding and Resolving IRS Notice CP53E: A Complete Guide for Taxpayers
Opening a letter from the IRS can be a bit startling, especially when you are eagerly awaiting your tax refund....
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What the One Big Beautiful Bill Means for You and Your Business
A major tax bill was recently passed by the Senate and signed into law—officially called the One Big Beautiful Bill...
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Form 8606: Essential for High-Income IRA Contributors
When it comes to retirement planning, high-income individuals often face unique challenges, particularly when it comes to Individual Retirement Accounts...
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Maximize Savings with a Roth IRA: Tax-Free Earnings and More
When it comes to planning for your financial future, a Roth IRA is one of the most powerful tools at...
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BOI Reporting Compliance Due by Dec. 31
The Corporate Transparency Act (CTA) requires many companies to report information about their owners to the Financial Crimes Enforcement Network...
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Trusts and Estates Accounting: Understanding the Basics for Effective Administration
Trusts and estates are vehicles often utilized for wealth transfer and estate planning. While the primary focus is usually on...
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The Importance of Financial Planning: Securing Your Future
Think of your financial journey like a road trip. Sure, you could hop in the car with no map, no...
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Protecting Legacies: The Importance of Accurate Trusts and Estates Accounting
Trusts and estates are complex financial entities designed to manage and distribute assets according to specific guidelines or wishes. Whether...
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Navigating Life’s Financial Milestones: How Financial Planning Can Help You Thrive
A financial plan is not just a list of your income and expenses; it’s a roadmap that guides you towards...
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Maximizing Efficiency in Trusts and Estates Accounting: Best Practices and Strategies
Trusts and Estates accounting often involve meticulous tracking of assets, income, expenses, and distributions, requiring strong organizational skills and attention...
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Opening a letter from the IRS can be a bit startling, especially when you are eagerly awaiting your tax refund.
A major tax bill was recently passed by the Senate and signed into law—officially called the One Big Beautiful Bill…- When it comes to retirement planning, high-income individuals often face unique challenges, particularly when it comes to Individual Retirement Accounts…
- When it comes to planning for your financial future, a Roth IRA is one of the most powerful tools at…
- The Corporate Transparency Act (CTA) requires many companies to report information about their owners to the Financial Crimes Enforcement Network…
- Trusts and estates are vehicles often utilized for wealth transfer and estate planning. While the primary focus is usually on…
- Think of your financial journey like a road trip. Sure, you could hop in the car with no map, no…
- Trusts and estates are complex financial entities designed to manage and distribute assets according to specific guidelines or wishes. Whether…
- A financial plan is not just a list of your income and expenses; it's a roadmap that guides you towards…
- Trusts and Estates accounting often involve meticulous tracking of assets, income, expenses, and distributions, requiring strong organizational skills and attention…
In the labyrinth of life's responsibilities, financial planning is a critical pillar that holds up the structure of our well-being…
Trusts and Estates accounting is a specialized field that deals with financial management, tax planning, and allocation of assets within…
When it comes to financial well-being, a one-size-fits-all approach simply doesn't work. “Personalized financial planning is the key to long-term…
If you're planning for retirement, you've probably heard about Individual Retirement Accounts (IRAs). But did you know there's a technique…
Financial planning is essential for anyone who wishes to meet specific financial goals, secure their financial future, and enjoy peace…
Lessons Learned and Expert Advice Trusts and estates accounting is a complex area that requires precision, detailed record-keeping, and an…
As our parents age, it becomes increasingly important to address important topics like finances. Discussing money matters can be challenging…
Learn to safeguard your wealth from early inheritance claims. It's an unfortunate reality that, in our latter years, we may…
Receiving a dementia diagnosis is undoubtedly a life-altering event, not just for the individual affected but also for their loved…
Navigating conversations about asset protection with aging parents can be a delicate endeavor. Nevertheless, such dialogues are essential to ensuring…
Navigating through the complex world of taxes can be a daunting task, particularly when it comes to understanding potential penalties…
In the dynamic world of business, it's vital to comprehend the tax implications associated with your chosen business structure. This…
In response to complaints about the Tax Cuts and Jobs Act of 2017 SALT cap, many states have authorized workarounds…
As a business owner, it's essential to understand how your legal structure affects your taxes and liability. Let's break it…
Section 179 and bonus depreciation are both tax incentives available to U.S. businesses that allow them to write off the…
When it comes to tax time, maximizing your business deductions is paramount. Here are some tips for depreciation, amortization, and…
This depreciation asset class typically includes assets that have a useful life of between 5 and 7 years, and are…
Business entities with pass-through taxation, such as an S Corp, LLC, sole proprietorship, or partnership, do not retain losses within…
A private foundation may be an appropriate option if you want to make a lasting impact on a specific cause,…
If you have a passion for a particular cause and want to make a difference by addressing a specific need…
The primary goal of a public charity is not to generate revenue, but to serve the public good by addressing…
Private (family) foundations are established and funded by individuals or families. They are typically focused on a specific cause or…
Foundations are organizations that aim to achieve a specific goal, often related to charitable or philanthropic causes. There are two…
Fiduciary accounting is the process of recording and reporting the transactions and activities of a trust, estate, or conservatorship. This…
If you are the beneficiary of a trust, you may be able to challenge the Trustee's accounting. It can be…
Fiduciary accounting (sometimes called “court accounting”) is a comprehensive report of the activity within a trust, estate, guardianship, or conservatorship…
In the financial services industry, fiduciaries have a duty to do what is best for their clients. They have to…
As we close out the year and get ready for tax season, here's what you can do to maximize your…
For many years, IRS rules stated that taxpayers could not keep retirement funds in their retirement accounts indefinitely. They must…
As we close out the year and get ready for tax season, here's what individuals and families need to know…
For employees that work from home, your at-home expense deduction have been reduced. However, for self-employed workers that work out…
You may have heard that the uber-wealthy pay little in taxes. In some cases, it’s true. But how? The better…
Taxes can be a huge expense—for everyone. The following tax tips are geared toward millionaires, but that doesn’t mean you…
Year-end is just around the corner. Now’s the time to consider your taxes and what you can do to minimize…
In September, Business Insider published a story about Patagonia’s founder, Yvon Chouinard, who saved more than a billion dollars in…
Avoid the IRS from breathing down your neck. Did you know if you miss employment tax deposits the IRS…
The Inflation Reduction Act (IRA) contains funding for energy programs, including a $7,500 tax credit for electric vehicles (EVs). The…
How much time do you spend on payroll each month? In some cases, it may feel like too much. Handling…
When your just getting started, doing payroll manually might make sense. But, when you start adding subcontractors or employees, things…
The Inflation Reduction Act is extending the homeowner efficiency tax credit with its new Energy Efficient Home Improvement Credit, previously…
As a small business owner, you have to make sure that your books are in order and that you can…
If you’re planning to acquire a qualified electric commercial clean vehicle, you may want to wait to take delivery after…
One provision in the Inflation Reduction Act aimed at improving IRS customer service that has been met with criticism. …
The Inflation Reduction Act of 2022 is a proposed bill in the 117th United States Congress. Its main objectives include…
As year-end approaches, you may be wondering how you can offset income to reduce your tax burden. As a business…
If you own a rental property and incurred a loss during the year, you may be able to deduct your…
There are two main types of revenue streams in a business—active and passive. They are related to the product or…
Income losses and expense offsets are used to reduce the tax burden on an individual or company. These can be…
Are you unsure about whether you should change your business formation? Maybe your company’s growing. Maybe taxes are piling up…
According to these small business statistics, “52.1% of small employer firms in the U.S. are S-corporations.” On the flip side,…
Before deciding on the right business structure, you should first understand the tax implications and the legal protections that are…
The process of incorporating a company is commonly referred to as company formation. The benefits of company formation are numerous.…
A trust can be a useful estate-planning tool for lots of people — not just billionaires. Is a trust right…
If you're considering creating a trust, you might want to know more about the pros and cons. A trust can…
A trust serves a number of purposes in family planning. For example, it can Ensure that assets are professionally managed…
You may have heard the misconception that you need to be wealthy to have a trust. That is not true.…
Recently, the IRS and Treasury released two revenue procedures on accounting method changes for small business taxpayers. Rev. Procs. 2022-9 and 2022-14 enable…
Every transaction in the real estate business is a big deal. That is why real estate brokers need to understand…
If you’ve decided to open your own real estate agency, here are five things you need to know. 1.…
You own an agency or a brokerage and you’re looking for some tax breaks. Here are several tax breaks to…
You may have heard that diversifying your investment portfolio is good and that mixing in real estate investments can create…
Under the broker information reporting rules, brokers must report transactions in securities to both the IRS and the investor on…
With the increased attention cryptocurrencies and other digital assets are getting from consumers, companies and governments, you might be wondering…
Before jumping right to crypto loan requirements, let’s first take a look at what crypto lending is. According to…
Before exchanging payments using cryptocurrency or NFTs, it’s important to know the difference and how each might be used in…
You may wonder when to hire a virtual chief financial officer (CFO). This post covers four things to consider, the…
There are several bookkeeping hacks to help you streamline your accounting process. These methods allow you to spend less time…
To get started with QuickBooks, you'll want to first separate your various areas of the business. For example, you might…
There are several reasons to create an effective chart of accounts. In business, the goal is to be able to…
New Schedules K-2 and K-3 (Form 1065) have been created by the IRS to offer standardized reporting of U.S. international…
I came across this topic, budget vs. forecast – what’s the difference? In summary, budget focuses more on expenses and…
Advantages A limited number of employees have access to the control elements within the workflow. For example, in payroll, the…
The process of creating and maintaining internal controls is a crucial part of managing a any business. These goals are…
If you’ve been watching any streaming services this winter, they’re filled with scammer stories that seem too outrageous to believe,…
In the past, Form 8812 automatically calculated what your credits for qualifying children and other dependents should be and applied…
The short answer is Yes. How to accomplish this should be done with a tax advisor and planning it out…
It is true you could legally avoid depreciation. However, if you depreciate every year it will put yourself at a…
Virtual Currency (Cyrptocurrency) is considered very secure because they use strong cryptography to verify the transfer of assets. When you…
It is a pointy situation, but you should consider the IP PIN opt-in program Identity Protection PIN are not just…
Core Business Applications my clients use for Accounts Payable: QBO, Hubdoc and Bill.com Cloud accounting and it’s ecosystem is essential…
How to use equity in your home and bypass the $750K Mortgage Interest Limitation Here’s what’s happening: Under Tax Cut…
Date Dear Vendor, Enclosed is Form W-9, Request for Taxpayer Identification Number and Certification. IRS regulations require that we issue…
January 31st is the deadline for Form 1099-NEC/MISC. During the first month of the new year, you are hopefully rejuvenated…