Sheehan & Company

Sheehan & Company Sheehan & Co. has the reputation in the NY metropolitan area for delivering superior tailored professional services with Manhattan-level expertise.

Sheehan & Company, CPA, PC helps clients solve difficult financial, tax and audit problems and increase profitability by working as their Accounting partner in all financial matters through a long-term relationship. has the reputation in the NY metropolitan area for delivering superior tailored professional services with Manhattan-level expertise at reasonable, Long Island prices. Our focus is sol

ely on the measurable, continuous success of our clients. We retain clients because of exceptional partner involvement, timely service, and operational excellence driven by old fashioned core values of integrity, quality, professionalism and proactive involvement in our clients’ lives and businesses. culture is described by our employees as family-oriented and focused as much on the development of the professional as we are on the developmental success of the client. Leadership is every employee’s responsibility and we expect our people to be leaders in the profession and the community. We care at the heart about the personal relationships we form with each client and how they interact with their advisors to receive expert industry specific guidance in solving problems and increasing profitability. We believe the “client experience” matters.

If you or your spouse isn’t a U.S. citizen and your estate is larger than the current $15 million estate tax exemption (...
07/21/2026

If you or your spouse isn’t a U.S. citizen and your estate is larger than the current $15 million estate tax exemption (or could appreciate in value to exceed it), you might want to consider a qualified domestic trust (QDOT). Married couples who are both citizens can take advantage of the marital deduction, which defers any estate tax until the second spouse dies. Assets transferred to a QDOT to benefit a noncitizen spouse receive similar treatment and are temporarily protected from estate tax. The spouse can withdraw income from the trust estate-tax-free, but distributions of principal generally are subject to estate tax. Some QDOT rules have recently changed, so contact us with questions.

Summer is a good time to see whether your income, deductions and investment activity are lining up as expected. Reviewin...
07/21/2026

Summer is a good time to see whether your income, deductions and investment activity are lining up as expected. Reviewing your tax picture now gives you more time to take steps to reduce or defer taxes. For example, if you expect this year’s income to be near the threshold for a higher bracket, consider strategies for reducing your taxable income to stay out of that bracket. If you’ve realized, or expect to realize, significant capital gains this year, consider selling some depreciated investments to generate losses you can use to offset those gains. And if you’d like help evaluating these and other midyear tax strategies, contact us.

There’s no shortage of uncertainty for today’s business owners. It’s impossible to predict every disruption, but stress ...
07/20/2026

There’s no shortage of uncertainty for today’s business owners. It’s impossible to predict every disruption, but stress testing can help you identify vulnerabilities before they become costly problems. This approach requires you to identify key risks, evaluate realistic scenarios with your leadership team and advisors, and develop plans to strengthen resilience, such as disaster recovery or succession planning. To stay responsive, review and update your stress tests annually based on changes to your business, industry or the broader marketplace. Contact us. We can help you strengthen your risk management strategy.

A Sec. 530A account, also known as a “Trump account,” is a custodial, tax-advantaged account opened by a parent or guard...
07/19/2026

A Sec. 530A account, also known as a “Trump account,” is a custodial, tax-advantaged account opened by a parent or guardian for an eligible child under age 18. The IRS recently issued guidance that allows qualifying 530A account contributions to be treated as completed gifts rather than gifts of a future interest. The upside is that, if the requirements are met, your contributions can qualify for the gift tax annual exclusion and you may not have to file a gift tax return. If you don’t meet the requirements, your contributions can still be tax-free, but you’ll have to apply your lifetime gift tax exemption — and your generation-skipping transfer (GST) tax exemption if the GST tax also applies.

A common tax-related question is whether an employee working remotely from home qualifies for a home office tax deductio...
07/18/2026

A common tax-related question is whether an employee working remotely from home qualifies for a home office tax deduction. The answer is “no.” But business owners, self-employed individuals and people with home-based side gigs may qualify. To be eligible, generally you must use part of your home regularly and exclusively as your principal place of business or a place to meet with customers, clients or patients in the normal course of business. Typically, the business use percentage is determined by the home office’s square footage, but other methods exist. Contact us with questions regarding the home office tax deduction. Visit https://bit.ly/4vXbaZ4 for additional information from the IRS.

Business owners have access to more data than ever before. The challenge is identifying which information matters most a...
07/18/2026

Business owners have access to more data than ever before. The challenge is identifying which information matters most and how to use it. While financial statements provide a comprehensive view of your financial position and results, dashboard reports deliver timely insights that help management monitor day-to-day performance and respond quickly when conditions change. Useful dashboards may track cash flow, margins, liquidity, interest coverage and industry-specific metrics, with comparisons to budgets, prior periods or external benchmarks. The right approach depends on the nature of your operations. Contact us for help developing a dashboard report that’s tailored to your business.

Increasing revenue isn’t the only way to improve your business’s financial performance. Another option is to strengthen ...
07/17/2026

Increasing revenue isn’t the only way to improve your business’s financial performance. Another option is to strengthen your profit margins by analyzing key operating expenses, such as employee compensation and benefits, vendor contracts and leases, marketing return on investment, and borrowing costs. Compare your costs with industry benchmarks and look for overlapping services and avoidable spending. Selectively eliminate costs that don’t add value while continuing to invest in the people and resources your business needs to grow. Contact us for help performing a comprehensive expense review and identifying strategies to improve your profitability and cash flow.

What’s the right entity type for your new business? Two popular options for closely held businesses with multiple owners...
07/11/2026

What’s the right entity type for your new business? Two popular options for closely held businesses with multiple owners are LLCs taxed as partnerships and S corporations.

Both offer pass-through taxation, meaning tax items pass through to the individual owners and are reported on their personal returns. But they differ in important ways, such as self-employment tax, loss deductions, ownership flexibility and eligibility requirements.

Before making your decision, contact us. Taxes play a pivotal role in this decision. We can work with you and your legal advisors to determine the optimal setup for your situation.

Do you operate a side gig in addition to your regular job? The way the IRS classifies that activity can have a significa...
07/10/2026

Do you operate a side gig in addition to your regular job? The way the IRS classifies that activity can have a significant impact on your taxes.

If the IRS treats the activity as a hobby, you’re required to report the income but can’t deduct most related expenses. If it’s treated as a business, you can generally deduct ordinary and necessary expenses — even if that results in a net tax loss. The IRS considers several factors when evaluating profit motive, including how you operate the activity, the time you invest, and your history of profits and losses.

If your side business isn’t yet profitable, contact us to discuss your situation. We can suggest strategies to help strengthen your position.

Many nonprofit boards include members with limited financial expertise. The challenge for management is presenting finan...
07/09/2026

Many nonprofit boards include members with limited financial expertise. The challenge for management is presenting financial information that’s clear, relevant and actionable for everyone at the table. Adding visual elements and dashboard-style reporting to your presentations can help. So can using financial ratios to compare performance with past years or with other nonprofits. Also consider incorporating brief financial education moments into board meetings. These small, consistent efforts can help boost board financial literacy. Need help translating complex financial data into board-friendly insights? Contact us to discuss practical reporting strategies for your nonprofit.

Address

165 Orinoco Drive
Brightwaters, NY
11718

Opening Hours

Monday 9am - 5pm
Tuesday 9am - 5pm
Wednesday 9am - 5pm
Thursday 9am - 5pm
Friday 9am - 5pm

Website

Alerts

Be the first to know and let us send you an email when Sheehan & Company posts news and promotions. Your email address will not be used for any other purpose, and you can unsubscribe at any time.

Shortcuts

Share

Category