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Employee Spotlight – Ronee Jones

Ronee is a 51-year-old grandmother of five who did not always see herself on her current accounting path. Facing a sudden career change, she began attending college taking advantage of…..

Blog Post

Details on The Inflation Reduction Act of 2022

On Tuesday, August 16, 2022, President Biden signed the ‘landmark’ Inflation Reduction Act (IRA) into law. The Act includes $437 billion of appropriated funds and is expected to generate $737 billion in revenues over the next decade, resulting in a deficit reduction of $300 billion plus. A breakdown of…

Employee Spotlight

Employee Spotlight – Bailey Thomason

Starting as an intern and transitioning to a permanent part-time position while studying for CPA exams can be challenging, but it’s not impossible, especially in the right environment. Read about Bailey’s experience and how Shannon & Associates help Bailey in her career journey…

Newsletter Archive

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…

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Delay Announced for Long-Term Care Tax

Back in July, we told you about a new Long-Term Care Tax that was passed by the state legislature and slated to begin in January of 2022. The mandatory payroll tax has hit a lot of opposition along the way, but was officially put on ice on Friday with Governor Inslee’s announcement that the January 2022…

Newsletter Archive

Client Advisor – Winter 2021

Shareholders of S-Corporations, as We Move Into December, There Are Two Things You Need to Do. Shareholders who own more than 2% of the shares in the S-corporation are required to report health insurance premiums paid on their behalf by the business on their W-2. This is a valuable deduction and must be reported correctly to take…

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Tax Provisions in the House’s Budget Reconciliation Bill

On September 13th, the House Ways & Means Committee released a listing of proposed tax changes to be included as part of the Build Back Better Act, the budget reconciliation bill Democrats are hoping to pass in the coming weeks. The tax provisions target large corporations and high-income individuals to…

Newsletter Archive

Client Advisor – Summer 2021

The past year has been challenging to say the least. Hopefully the COVID-19 crisis, which affected all of us in some ways, is nearing the end. While it has been difficult to focus attention on much other than the health and safety of our loved ones, tax planning can’t take a back seat forever. In addition to normal midyear planning ideas, legislation enacted by…