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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 solely 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.

Fraud risks change as your business and its external market conditions evolve. Controls that were previously effective m...
10/09/2026

Fraud risks change as your business and its external market conditions evolve. Controls that were previously effective may no longer be appropriate if, for example, you’ve added employees, revised your payment methods, switched vendors or opened new locations. Fraud perpetrators may also use increasingly sophisticated schemes to gain access to your systems. A formal fraud-risk assessment can help fortify your defenses. A forensic accountant may review financial records, transaction patterns, payroll data and existing controls for red flags that warrant attention. The findings can help you strengthen controls and determine where follow-up is needed. Contact us to learn more.

What do pumpkin patches, ski resorts and ice cream shops have in common? Their revenue ebbs and flows throughout the yea...
10/08/2026

What do pumpkin patches, ski resorts and ice cream shops have in common? Their revenue ebbs and flows throughout the year, but many costs continue year-round. This can create cash shortfalls. If you operate a seasonal business, consider these four tips to manage cash flow more effectively: 1) prepare rolling forecasts, 2) use data to plan inventory, staffing and marketing, 3) monitor receivables, inventory and payables, and 4) set aside peak-season cash and arrange financing before it’s needed. After the busy season, compare actual results with your forecast and apply what you learn to the next cycle. Contact us for help implementing these strategies and assessing your cash-flow needs.

Conflicts of interest don’t necessarily signal wrongdoing, but failing to disclose and manage them can expose your nonpr...
10/07/2026

Conflicts of interest don’t necessarily signal wrongdoing, but failing to disclose and manage them can expose your nonprofit to tax, legal and reputational risks. A written policy should define conflicts and establish procedures for disclosure, review and documentation. Board members with a potential conflict generally should step away from deliberations and voting while disinterested decision-makers determine whether a transaction is fair and in your nonprofit’s best interests. Annual disclosures and consistent enforcement are also essential. Contact us for help evaluating your conflict-of-interest policy and strengthening your governance practices.

Tax law changes taking effect this year will increase alternative minimum tax (AMT) risk for some higher-income taxpayer...
10/06/2026

Tax law changes taking effect this year will increase alternative minimum tax (AMT) risk for some higher-income taxpayers. For 2026, the AMT exemption phaseout thresholds are reduced and the exemption phases out twice as fast as for 2025. If you may be affected, consider the AMT before implementing income and deduction timing strategies. A move that would reduce your 2026 regular tax might provide little or no benefit under the AMT — or could trigger it. Before acting, determine whether you may owe the AMT for 2026 or 2027 and how the move would affect both calculations. We can help project your regular tax and AMT liability for both years and the potential impact of timing strategies.

Life insurance can provide critical financial protection for your family. A policy can replace income, equalize assets a...
10/05/2026

Life insurance can provide critical financial protection for your family. A policy can replace income, equalize assets among children active and inactive in a family business, or serve as a vehicle for passing leveraged funds free of estate tax. Policy proceeds generally aren’t subject to income tax. If you own the policy, proceeds will be included in your estate. Determining who should own the policy is complex. Possible owners include you or your spouse, your children, or an irrevocable life insurance trust (ILIT). Consider why you want the insurance and the importance of tax implications, control, flexibility, and ease and cost of administration. Contact us for additional details.

Does your business accept, spend or invest in cryptocurrency? The IRS scrutinizes digital-asset transactions. Business t...
10/04/2026

Does your business accept, spend or invest in cryptocurrency? The IRS scrutinizes digital-asset transactions. Business tax returns include a question about digital assets, and brokers must report certain transactions on Form 1099-DA.

Digital assets are treated as property for federal tax purposes. Cryptocurrency accepted for goods or services is taxable income based on its fair market value when received. Selling, exchanging or spending it may create a separate gain or loss. Crypto payments to employees and contractors are subject to the usual tax-reporting rules and can produce a business gain or loss. Contact us to review your 2026 digital-asset activity and reporting obligations.

Do you hold an interest in a business that’s closely held or family owned? If so, a buy-sell agreement should be a compo...
10/03/2026

Do you hold an interest in a business that’s closely held or family owned? If so, a buy-sell agreement should be a component of your estate plan. It provides for the orderly disposition of each owner’s interest after a “triggering event,” such as death, disability, divorce or withdrawal from the business. It accomplishes this by permitting or requiring the company or the remaining owners to purchase the departing owner’s interest and specifying the method for determining the value of an interest. We can help develop a buy-sell agreement in conjunction with your estate plan or evaluate whether your existing agreement’s provisions still fit your business and estate planning objectives.

Paying dividends isn’t the only way to take cash out of your C corporation. Corporate distributions are generally taxabl...
10/02/2026

Paying dividends isn’t the only way to take cash out of your C corporation. Corporate distributions are generally taxable to you to the extent of your company’s “earnings and profits,” and your company can’t deduct them.

To avoid dividend treatment, consider having your business repay bona fide loans you’ve made to it or taking out properly structured loans from it. You might also increase your compensation (as long as it’s still “reasonable”) or qualifying tax-free fringe benefits — or lease or sell assets to your business.

Before proceeding, evaluate the tax implications for you and your corporation. Contact us to review the applicable rules and determine what’s right for your situation.

If restricted stock is part of your compensation, considering the potential tax consequences well before Dec. 31 is a go...
10/01/2026

If restricted stock is part of your compensation, considering the potential tax consequences well before Dec. 31 is a good idea. You may have decisions to make if: 1) you’ve recently received an award or are expecting one soon, 2) your restricted shares have vested in 2026 or will vest before the end of the year, or 3) you’ve sold shares this year or are considering a sale. The timing of these events and certain decisions you make — such as the Sec. 83(b) election — can affect both the amount and type of taxable income you must report. They also may provide planning opportunities that will affect your 2026 and future taxes. Contact us for assistance.

Estate plans are often designed around rules that assume spouses are both U.S. citizens. When one spouse isn’t a citizen...
09/30/2026

Estate plans are often designed around rules that assume spouses are both U.S. citizens. When one spouse isn’t a citizen, those assumptions can create unexpected gift and estate tax consequences. A significant difference between U.S. citizens and noncitizens, and a potential tax trap, is that the unlimited marital deduction isn’t available for transfers to noncitizens. There are ways to manage this limitation. For example, during life, an individual can make tax-free gifts to a noncitizen spouse using a special annual exclusion. For 2026, up to $194,000 of qualifying present-interest gifts may be transferred to a noncitizen spouse without gift tax. Contact us for details.

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165 Orinoco Drive
Brightwaters, NY
11718

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

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