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

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

If you participate in a company 401(k) plan, there may be an option to add to your retirement nest egg that you’re not a...
06/02/2026

If you participate in a company 401(k) plan, there may be an option to add to your retirement nest egg that you’re not aware of: after-tax, non-Roth contributions. These contributions aren’t subject to the annual elective deferral limit ($24,500 for 2026, plus catch-up contributions if you’re age 50 or older). So, if your plan allows, you can make them after you’ve maxed out your deferral limit, including catch-up contributions, if applicable. They create tax basis in your account that can eventually be withdrawn tax-free. And growth on the money won’t be taxed until you start taking withdrawals. We can review your situation and help you determine whether you might benefit. https://bit.ly/4uGeoiZ

Small business owners: If you think your income is too high for you to qualify to make Roth IRA contributions, think aga...
05/28/2026

Small business owners: If you think your income is too high for you to qualify to make Roth IRA contributions, think again. Many owners are eligible without realizing it because of various deductions for the self-employed.

A Roth IRA offers potential advantages over tax-deferred accounts. Although Roth contributions aren’t deductible, qualified withdrawals won’t be taxed. And you aren’t required to take withdrawals from your Roth IRA, meaning the account can continue to grow tax-free. Your heirs can also take tax-free withdrawals.

For help evaluating your Roth IRA eligibility and developing a long-term retirement strategy that aligns with your personal and financial goals, contact us. https://bit.ly/49UnOz6

Scammers continue to target taxpayers through email, text messages, phone calls and regular mail. They often try to crea...
05/27/2026

Scammers continue to target taxpayers through email, text messages, phone calls and regular mail. They often try to create urgency or fear to trick victims into sharing sensitive information or sending money.

Remember, the IRS will never contact you by email or text about a tax bill or refund. It also won’t demand immediate payment over the phone. Most IRS communications are sent through regular mail — though fraudsters may send fake IRS notices by mail, often including QR codes.

Don’t click on links, open attachments or scan QR codes from unknown senders that might direct you to fraudulent websites designed to steal personal or financial information. Contact us if you have questions. https://bit.ly/4e96Gbe

Certain “small businesses” may qualify for several valuable tax breaks. But different tax provisions use different size ...
05/21/2026

Certain “small businesses” may qualify for several valuable tax breaks. But different tax provisions use different size tests.

For instance, a gross receipts test is used to determine eligibility for cash accounting, simplified inventory rules, the completed contract method, relief from UNICAP requirements and exemption from the business interest deduction limitation. This threshold is adjusted for inflation. For 2026, your business may be eligible if its average annual gross receipts for the prior three-year period were $32 million or less.

Contact us to help evaluate your eligibility for these and other tax-saving opportunities based on your business’s structure and operations. https://bit.ly/4tOqi9u

If you donate artwork to charity, the deduction you can claim depends on several factors, including the type of organiza...
05/20/2026

If you donate artwork to charity, the deduction you can claim depends on several factors, including the type of organization receiving the piece and how it will be used. Your deduction will generally be reduced if the charity’s use of the artwork is unrelated to the purpose or function that’s the basis for its qualification as a tax-exempt organization. The reduction equals the amount of capital gain you would have realized had you sold the artwork instead of giving it to charity. Other deduction limits as well as special substantiation and appraisal rules also may apply. If you’re considering donating artwork or other valuable property, contact us for help ensuring the best tax outcome. https://bit.ly/4nGjkSs

Small business owners, beware: Tax identity theft is a costly, ongoing threat. Criminals may file fraudulent returns usi...
05/14/2026

Small business owners, beware: Tax identity theft is a costly, ongoing threat. Criminals may file fraudulent returns using a business’s EIN, impersonate executives to steal employee W-2 data, or use forged IRS documents to pose as a business for financial or tax-related activity.

Protect your organization by implementing a cybersecurity plan, securing sensitive data, training employees and using technology tools such as encryption and multi-factor authentication. Working with a trusted tax professional is also critical. We can review your risks, recommend safeguards and determine the next steps if something looks suspicious. Contact us to learn more. https://bit.ly/4dtMb7R

If you’re thinking about relocating, don’t choose a new state based only on climate, cost of living or proximity to fami...
05/13/2026

If you’re thinking about relocating, don’t choose a new state based only on climate, cost of living or proximity to family. Also review the tax implications.

For example, some states don’t have a personal income tax, and some that do have one offer tax breaks for pension payments, retirement plan distributions and Social Security payments. Also be aware that a state with no personal income tax may impose high property, sales or estate taxes.

Before making a move, contact us to review the potential income, property, sales and estate tax implications. We can help you minimize potential negative tax consequences and make the most of any tax advantages offered by the new state. https://bit.ly/49MTYwi

Does your business own commercial real property? A closer look at your building costs could change how quickly you can d...
05/07/2026

Does your business own commercial real property? A closer look at your building costs could change how quickly you can deduct those expenses.

Business buildings generally have a 39-year depreciation period. A cost segregation study separates various building components, such as electrical systems and flooring. It then allows these components to be reclassified and deducted over a much shorter period, thereby deferring taxes and boosting cash flow. Recent tax law changes enhanced these benefits by increasing first-year depreciation write-offs.

Contact us to discuss whether this strategy is right for your business. We can determine reasonable cost allocations to help withstand IRS scrutiny. https://bit.ly/4waJoc5

Many taxpayers discover at filing time that their tax payments during the year didn’t align with their actual liability ...
05/06/2026

Many taxpayers discover at filing time that their tax payments during the year didn’t align with their actual liability — either too much or too little was withheld from their paychecks. Keeping withholding aligned with expected tax liability can help you enjoy better cash flow during the year and avoid unwelcome surprises at filing time.

If you received a large refund or owed a lot of tax when you filed your 2025 return, it may be beneficial to fine-tune your withholding for 2026. Adjustments may also be a good idea if you experience a major life event, such as having a child.

We can help you review your withholding (and estimated tax payments, if applicable) and make any needed changes. https://bit.ly/4cVnQss

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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