Peter Shannon & Co. Certified Public Accountants

Peter Shannon & Co. Certified Public Accountants Our mission is to provide professional service that consistently exceeds the expectations of our clients.

Technical competence as well as quality service is expected. We commit to open communication and timely responses to our clients throughout the year

IRS or state tax problems don’t have to derail your business. Many issues can be resolved when they’re addressed promptl...
07/16/2026

IRS or state tax problems don’t have to derail your business. Many issues can be resolved when they’re addressed promptly and strategically.

If you or your business receives a tax notice from the IRS or a state agency, don’t ignore it. Be mindful of the notice’s deadline and work with your tax advisor to prepare supporting documentation and an appropriate response. If you owe back taxes that you can’t pay in full, explore potential relief options, such as a temporary delay in collection due to hardship, an installment agreement or payment plan, or a settlement plan.

We can help you communicate with tax authorities and create a plan to get your business back on track. Contact us to learn more. https://bit.ly/4vDG0oP

It’s easy to focus on the excitement of a big win. But before you spend lottery, gambling or other winnings, be sure you...
07/14/2026

It’s easy to focus on the excitement of a big win. But before you spend lottery, gambling or other winnings, be sure you understand the tax impact.

Federal tax law generally treats such winnings as taxable income. Knowing the basic rules can help you avoid surprises when you file your 2026 return next year. For example, if you win more than $5,000, generally the payer (lottery agency, casino, etc.) will withhold 24% for federal tax purposes — which may or may not be enough to cover your tax liability — and send you and the IRS a Form W-2G showing the winnings paid and tax withheld. https://bit.ly/4w6whIG

Certain “small” businesses have a choice of using cash or accrual accounting for tax purposes. If you’re one of them, wh...
07/09/2026

Certain “small” businesses have a choice of using cash or accrual accounting for tax purposes. If you’re one of them, which route should you take?

Cash-basis businesses recognize income when received and deduct expenses when paid, providing greater flexibility in the timing of income and deductions. In contrast, accrual-basis businesses recognize income when earned and deduct expenses when incurred, regardless of the timing of cash receipts or payments.

Even if you meet the eligibility requirements, the cash method isn’t right for every business. And switching methods adds administrative costs. Contact us to learn more about each option. https://bit.ly/4f1k0Ok

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

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. https://bit.ly/3QWbubu

What’s the right entity type for your new business? Two popular options for closely held businesses with multiple owners...
07/02/2026

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. https://bit.ly/4xS3kBo

Will your Social Security benefits be taxable? A portion might be. How much depends on your provisional income, your ove...
06/30/2026

Will your Social Security benefits be taxable? A portion might be. How much depends on your provisional income, your overall income and IRS thresholds.

Provisional income is your adjusted gross income with some additional calculations. You may have to report up to 85% of your Social Security benefits as taxable income if your provisional income is over $34,000 ($44,000 for joint filers). If you file separately from your spouse who lived with you at any time during the year, the threshold is $0.

Smart tax planning can potentially reduce your liability. We can help project your provisional income and review your overall tax situation to identify strategies that make sense for you. https://bit.ly/4whXKXk

Rising home values are leaving some homeowners with large gains when they sell. But that doesn’t necessarily mean a larg...
06/23/2026

Rising home values are leaving some homeowners with large gains when they sell. But that doesn’t necessarily mean a large tax bill. If you sell your principal residence and meet certain requirements, you can exclude up to $250,000 of gain ($500,000 for joint filers). Gain that exceeds the exclusion or doesn’t qualify for it, however, is subject to long-term capital gains tax (or short-term capital gains tax if you haven’t owned the home for more than a year). It also could be subject to the net investment income tax if your income is over a certain amount. Contact us before putting your home on the market. We can help you estimate the tax impact and discuss possible planning opportunities. https://bit.ly/4xMpVz8

Are you thinking about selling your commercial or investment real estate? If the property has appreciated significantly,...
06/19/2026

Are you thinking about selling your commercial or investment real estate? If the property has appreciated significantly, a Sec. 1031 like-kind exchange may allow you to defer tax on some or all of the gain. With this transaction, you exchange the property for another qualifying property, generally deferring tax until the replacement property is sold.

But common misconceptions about Sec. 1031 exchanges can lead to missed opportunities or costly mistakes. For example, the property types don’t have to be identical, and receiving cash or debt relief (“boot”) may trigger taxable gain.

We can help demystify this tax strategy and determine whether it’s right for your situation. Contact us to learn more. https://bit.ly/3QuM6t6

Many parents don’t know that the “kiddie tax” exists. Others assume it affects only minor children. But it also can appl...
06/09/2026

Many parents don’t know that the “kiddie tax” exists. Others assume it affects only minor children. But it also can apply to full-time students through age 23 and 18-year-olds even if they aren’t full-time students. When it applies, the child’s unearned income in excess of $2,700 (for 2026) is taxed at the parent’s tax rate, if higher.

If your child has investment income from custodial accounts, consider reviewing the types of investments in those accounts. Growth-oriented investments that generate little current income may help reduce exposure to the kiddie tax until your child is old enough that the tax no longer applies.

If you’d like help evaluating your family’s situation, contact us. https://bit.ly/43XpLaB

Complex federal income tax rules apply to self-created intangible assets. Sales of self-created intangibles that qualify...
06/04/2026

Complex federal income tax rules apply to self-created intangible assets. Sales of self-created intangibles that qualify as capital assets — such as goodwill and customer lists — generate capital gains or losses (with gains typically taxed at 15% or 20%).

However, sales of noncapital self-created intangibles — such as certain patents and copyrights — may be subject to ordinary income tax rates, which can be as high as 37%. In short, the type of asset, who created it and who owns it can matter.

If you’re planning to sell or transfer intangible assets, we can help you understand the federal tax implications before your deal is finalized. Contact us to learn more. https://bit.ly/49HO6ob

Address

6412 Joliet Road
Countryside, IL
60525

Opening Hours

Monday 8:30am - 5pm
Tuesday 8:30am - 5pm
Wednesday 8:30am - 5pm
Thursday 8:30am - 5pm
Friday 8:30am - 5pm

Telephone

(708) 482-3000

Website

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