“Recently we moved our business accounting to Shannon & Associates, the move from a smaller, sole proprietor to Shannon & Associates has opened up many opportunities for us. They have presented us with new ideas for managing the finances of our business, tax savings ideas, and retirement planning. They will be able to assist us in reach the next level in our business.”
- George Chon, Owner
Evergoing Products Group, LLC

Shannon & Associates Client Advisor

news Fall 2017 news Fall 2017
Year End Tax Planning
As we get closer to the end of yet another year, it’s time to tie up the loose ends and implement tax saving strategies…

news Summer 2017 news Summer 2017
QCD Basics
Qualified Charitable Distributions (QCDs) rules are now permanent,so taking advantage of this tax-beneficial charitable giving strategy…

news Spring 2016
New Law May Boost C Corporations
The recently-signed Protecting Americans from Tax Hikes Act of 2015 reinstates some expired tax benefits retroactively and makes them permanent. On the list is the 100% tax exclusion of the gain from sales of qualified small business stock (QSBS)…

news December 2015
Will the Third Shoe Drop?
As of this writing, major U.S. stock market indexes are extremely volatile. They’re in the negative column for 2015, but that could change by the time this issue goes to press. In any case, it’s likely that stock market values in late 2015 will still be much higher than they were in the dark days of early 2009…

news Winter 2015 pdf Winter 2015
2015 Social Security Increases to Taxable Wage Base and Benefits
The Social Security Administration (SSA) recently announced that the taxable wage base for purposes of computing the Social Security portion of the FICA payroll tax will increase…

news Fall 2014 pdf Fall 2014
Year-End Tax Planning Tips
As we enter the fall, the following are a few tax-saving strategies individuals and small businesses may want to consider to help lower their tax bill for 2014.

news Summer 2014 pdf Summer 2014
2014 Midyear Tax Planning
The ordinary federal income tax rates for 2014 will be the same as last year: 10%, 15%, 25%, 28%, 33%, 35%, and 39.6%.

news Spring 2014 | pdf Spring 2014
Robert Shannon, Founder of Shannon & Associates, Passes Away at the Age of 94
It is with deep sorrow that we must announce the passing of one of the founding owners of Shannon & Associates, LLP. Bob Shannon peacefully passed away on April 24, 2014, at the age of 94 …

news Fall 2013 | pdf Fall 2013
Year-End Tax Planning
As we approach year-end, it’s again time to focus on last-minute moves you can make to save taxes—both on your 2013 return and in future years. To get you started, we’ve included a few …

news Summer 2013 | pdf Summer 2013
New IRS Regulations on Capitalizing Repairs, Maintenance and Improvements to Business Property
In December of 2011, the IRS issued temporary regulations to provide guidance on when repairs and maintenance can be deducted and when they must be capitalized as a fixed asset …

news Spring 2013 | pdf Spring 2013
The Crash Diet: Getting A Return on Risk Management
Most business owners are in a constant state of risk management, whether they realize it or not …

news Winter 2013 | pdf Winter 2013
“Fiscal Cliff” legislation – What Does it Mean for You?
The American Taxpayer Relief Act, passed by Congress on January 1, 2013, permanently extends a large number of tax items from the 2001 and 2003 tax acts…

news Fall 2012 | pdf Fall 2012
As business fraud statistics grow, Shannon & Associates affiliates with Red Flag Reporting.
With a typical organization losing 5% of its revenue to fraud each year, it’s no wonder…

news Summer 2012 | pdf Summer 2012
Are your systems and procedures protecting you from fraud?
According to the 2012 Association of Certified Fraud Examiners Report to the Nations on Occupational Fraud and Abuse a typical organization loses 5%…

news Winter 2011-2012 | pdf Winter 2011-2012
Make Disability Insurance Less Taxing
Disability insurance can be a valuable part of your risk management plan. If you cannot work because of an illness or injury, you might lose income…

news Fall 2011 | news Fall 2011
The End of the First-Year Depreciation Incentives
As we all know, the recession caused Congress to dramatically increase tax incentives for businesses that expend amounts for capital equipment…

news Summer 2011 | news Summer 2011
Choosing the Right 401(K)
Many companies offer employees a choice between two 401(k) plans. The version with which you’re probably most familiar is now considered a “traditional” 401(k). As before, you can choose to defer the income tax as well. You’ll also…

news Spring 2011
2010 Tax Relief Act
On December 17 the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 was signed into law…

 

Manufacturing & Distribution Alert

news Spring 2017 | pdf Spring 2017
Recently Issued and Updated Accounting Pronouncements
As you may know, as the result of a joint project with the International Accounting Standards Board (IASB), the Financial Accounting Standard Board (FASB) issued Accounting Standards Updates…

news Summer 2016
Does Your Business Have a Valid Buy-Sell Agreement in Place?
Owners of manufacturing and distribution companies are often so focused on the here and now that planning for future catastrophes may fall through the cracks, especially if the owners are young and healthy. But…

news Spring 2016
Cybersecurity Exposure
It might be tempting for those in manufacturing to read about the latest cyberheist, involving the theft of millions of data records such as credit card numbers, and think, “That’s a problem for the banks and retailers.” They should resist temptation—and quickly…

pdf Spring 2015 | news Spring 2015
4 Lean Manufacturing Fundamentals You Can Count On
Originally imported from Japan in the 1980s, lean manufacturing continues to play a key role in every successful U.S. manufacturer…

pdf Fall 2014
Are Your Information Systems Secure?
Warning: Your computer systems have been hacked. It’s the news no executive team wants…

pdf Spring 2014
Where the Money Is: Manufacturers Have Some Options for Raising Capital
Those high-tech guys. They get all the attention – and, it sometimes seems, all the money …

news Fall 2013 | pdf Fall 2013
Year End Tax Planning Ideas for Manufacturers and Distributors
As we approach year-end, it’s again time to focus on last-minute moves you can make to save taxes …

news Spring 2013 | pdf Spring 2013
The Crash Diet: Getting a Return on Risk Management
Most business owners are in a constant state of risk management, whether they realize it or not …

news February 2013 | pdf February 2013
How WA is Producing Entrepreneurs in Manufacturing – and Why That’s Important
The very word manufacturing implies big – big mills, big factories, big assembly plants, with big payrolls encompassing…

news Fall 2012 | pdf Fall 2012
Harnessing Capacity: How to Get the Most for Your Money
During slow periods, manufacturers scale back production by idling machines or shuttering plants …

 

Employee Benefit Advisor

news Fall 2017 | pdf Fall 2017
401(K) Cheat Sheet: Tips to Help You Save Too!
Offering a 401(k) to your employees is a wonderful benefit. It doesn’t have to be expensive and can often be highly automated…

news Summer 2017 | pdf Summer 2017
The DOL Fiduciary Rule and Impact on Plan Sponsors
In April 2016, the US Department of Labor (DOL) released the long awaited final regulation on the fiduciary standards rule…

news Winter 2016 |pdf Winter 2016
DOL Communication on the Importance of a Quality Audit
You may have received an email from the DOL office of Chief Accountant recently alerting you to the importance of obtaining a quality audit from a qualified and experienced CPA firm…

pdf Fall 2014
AICPA Employee Benefit Plan Audit Quality Center
Did you know that the American Institute of Certified Public Accountants (AICPA) has resources available to employee benefit plan …

pdf Summer 2014
Employee Benefit Plan Committee Best Practices
Who is watching out for your employee benefit plan? Developing an advisory committee for your employee benefit plan will …

pdf Fall 2013
Does Your Company’s Retirement Plan Have a Written Investment Policy in Place?
If your plan has an investment policy in place, can you remember the last time it was reviewed or updated? …

news Summer 2013 | pdf Summer 2013
Alert! Are You Prepared if the DOL Comes Knocking?
The DOL audits ERISA plans of all sizes. Ever wondered what a DOL audit might look like? …

news Winter 2013 | pdf Winter 2013
Consequences of Plan Disqualification
A tax-qualified retirement plan, such as a 401(k) plan, provides you, as the employer, and the employees who participate…

news Fall 2012 | pdf Fall 2012
As Business Fraud Statistics Grow, Shannon & Associates Affiliated With Red Flag Reporting
With a typical organization losing 5% of its revenue to fraud each year, it’s no wonder that Shannon & Associates…

news June 2012 | pdf June 2012
Offering catch-up contributions
Catch-up contributions give older employees who may not have contributed enough to their employer’s 401(k) or other retirement savings plan in earlier years an opportunity to catch up by making higher contributions now…

pdf January 2012 Issue

news Summer 2011
A Good Reason for Regular Compliance Audits
A recent Tax Court case* illustrates the need to keep abreast of changes in the law and to amend your plan accordingly. Failure to make sure your plan documents are in order and your plan is operating correctly could result in…

 

Not-For-Profit Advisor

news Winter 2015 | pdf Winter 2015
Update: FASB Proposed Changes to Accounting Standards for Not-for-Profit Entities
Progress is being made on the biggest proposed changes to nonprofit reporting in 20 years…

news Spring 2015 | pdf Spring 2015
Setting Executive Compensation – How to Attract the Best Without Attracting Criticism
Nonprofits need to offer enticing executive compensation packages to attract and retain top talent…

news Fall 2014 | pdf Fall 2014
Setting Executive Compensation – How to Attract the Best Without Attracting Criticism
Nonprofits need to offer enticing executive compensation packages to attract and retain top talent…

pdf Summer 2014
Take Control – Your Nonprofit’s Future Starts With a Strategic Plan
When are things ever going to get back to normal? This is the question on the lips of many nonprofit leaders, frustrated …

news Fall 2013 | pdf Fall 2013
Seeing Your Way Through Transparency
Transparency. To most nonprofits the term connotes the need to make financial statements more readily understandable, and …

news Winter 2013 | pdf Winter 2013
Letting the People You Help Help You Through Feedback
Does your nonprofit ask the people who benefit from its services how to improve the organization? If so…

news Fall 2012 | pdf Fall 2012
An IRS Magnet – UBIT Expense Allocations Draw Scrutiny
The IRS is turning its attention to how nonprofit organizations calculate the tax they pay on unrelated business activities…

news June 2012 | pdf June 2012
Ease on down the road: 5 Tips for making your audit less stressful
Do you bite your nails before your not-for-profit’s external audit each year? Does your staff start showing signs of anxiety…

pdf February 2012 Issue

 

Tax Advisor

news Fall 2017 | pdf Fall 2017
Year-end Tax Planning for S-Corporation Owners
Don’t lose valuable deductions or incur additional costs…

 

SA-KG Advisors Strategic Planning

pdf 4th Quarter 2017 for KG Advisors
Are You Still On Target for A Secure Retirement?

If you’ve been paying attention to the experts, you dutifully have set aside and invested money to provide income during your retirement years …

pdf 3rd Quarter 2017 for KG Advisors
Avoid These 6 Mistakes in Stretch IRA Planning

As talk of the possibility of tax reform continues in Washington, there’s an increase focus on the rules for “stretch IRAs.” …

pdf 2nd Quarter 2017 for KG Advisors
5 Steps to Realize and Early Retirement Dream

Have you dreamed about getting out of the rat race and retiring early? …

pdf 1st Quarter 2017 for KG Advisors
7 Financial Steps Forward in a Second Marriage

Marrying again after divorce or the death of a spouse may offer great personal benefits. But …

pdf 4th Quarter 2016 for KG Advisors
Six Hurdles to Overcome in Stretch IRA Planning

The traditional IRA is a proven vehicle for retirement saving …

pdf 3rd Quarter 2016 for KG Advisors
How to Save for Your Retirement at Every Age

When should you start saving for retirement? There’s no time like the present …

pdf 1st Quarter 2016 for KG Advisors
Where’s Your Retirement Income Gonna Come From?

One day you’ll wake up and the financial planning objective that seemed so far in the future …

pdf 4th Quarter 2015 for KG Advisors
10 Steps to Take on The Path to Early Retirement

The new American dream is to retire early. But how do you make this dream a reality? …

pdf 3rd Quarter 2015 for KG Advisors
8 Compelling Tax Reasons for Roth IRA Conversion

Should you convert assets in a traditional IRA into a Roth? It depends …

pdf 2nd Quarter 2015 for KG Advisors
Live Long And Prosper: Roll Out A Stretch IRA

The individual retirement account (IRA) is a time-tested way to save for retirement …

pdf 1st Quarter 2015 for KG Advisors
Did the Devil Make You Do It? 8 Retirement Miscues

We’re all human and we all make mistakes. Yet some errors are worse than others …

pdf 2nd Quarter 2014 for KG Advisors
5 Steps To Protect The Digital Assets You Own

We’re living in a digital world. Nowadays, those important papers that you used to …

pdf 1st Quarter 2013 for KG Advisors
7 Major Tax Changes In The Fiscal Cliff Law

From the edge of the “fiscal cliff,” Congress took a step back and approved the…

pdf 1st Quarter 2012 for KG Advisors
Despite Media Fury, Few Pros Predict Recession

For months now, investors have been bombarded with so many reports of a recession ahead…