On April 14, 2021, the Department of Labor (“DOL”) announced first-ever guidance for plan sponsors, plan fiduciaries, record keepers, and plan participants on best practices for maintaining cybersecurity. In this day and age of electronic storage, internet and cloud use, and…
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Shareholders of S-Corporations: As we move into December, there are two things you need to do
Self-Employment Health Insurance Deduction Shareholders who own more than 2% of the shares in the S-corporation are required to report health insurance premiums paid on…
How to Find the Right Accountant for Your Law Firm
While law firms require heavy client-focused work and require hours of your time dedicated to the needs of each individual case, the planning, structure, and financial management of your practice…..
How a Dental Office Should Choose a CPA
As a dental professional, there should be one priority: the health and wellbeing of your patients. Every dental practice strives for their patients to leave in better condition than when…..
Employee Benefit Advisor – Spring 2022
On April 14, 2021, the Department of Labor (“DOL”) announced first-ever guidance for plan sponsors, plan fiduciaries, record keepers, and plan participants on best practices for maintaining cybersecurity. In this day and age of electronic storage, internet and cloud use, and…
Are You Eligible for the Retroactive Employee Retention Credit?
On December 27, 2020, the Consolidated Appropriations Act, 2021, H.R. 133 was signed into law. This bill included many tax provisions and extensions of some expiring provisions. One being the retroactive provision of the Employee Retention Credit. This bill provides that employers who receive…
Wishing our clients and friends a Happy New Year!
This year more than ever, we’re incredibly thankful for our clients and friends. From our entire team, we wish you a healthy and prosperous new year! In Honor of our friends and clients during this season of giving, Shannon & Associates has made a donation to Shannon & Friends Foundation.
PPP Loan Forgiveness and Tax Impacts Planning
It’s time to check in on the PPP loan program! As a reminder, the PPP was part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, P.L. 116-136, which was signed into law on March 27. Now the year-end looms and you are eager to receive forgiveness; however, filing for and receiving forgiveness has an impact on…
Employee Benefit Advisor – Fall 2020
The Coronavirus, Aid, Relief, and Economic Security (CARES) Act signed on March 27, 2020, contained several provisions related to eligible retirement plans. Some of the provisions are options such as the distribution and loan provisions while others are mandatory, namely the waiver of 2020 required minimum distributions…
Seattle Payroll Tax Effective January 1, 2021
On July 6, 2020, the Seattle City Council passed Council Bill (CB) 119810 implementing a variable-rate payroll tax or ‘payroll expense tax’ that applies to businesses with $7 million or more of payroll expense in the most recent calendar year. The tax is intended to assist with the affordable housing crisis, homelessness, and now the COVID-19 pandemic…