celebrating 90 years in business
Embracing the Past
Building for the Future
established in 1934
About Us
Proudly with over 90 years in business, our mission is still to provide professional and quality service that consistently exceeds the expectations of our clients.
Peter Shannon & Co. is committed to open communication and timely responses to our clients throughout the year so we can address any concerns or ideas.
introducing our team
Our Accountants
source of good ideas
Top of the News
2024 Tax Considerations
Please click the heading below to jump to the section you like to read! Individual Income Tax Provisions Individual Tax Changes New income tax rates and brackets. For tax years beginning after December 31, 2017 and before January 1, 2026, seven tax rates apply for individuals: 10%, 12%, 22%, 24%, 32%, 35%, and 37%. The…
Understanding the “step-up in basis” when inheriting assets
If you inherit assets after a loved one passes away, they often arrive with a valuable — but frequently misunderstood — tax benefit called the step-up in basis. Below is an overview of how the rule works and what planning might need to be done. What “basis” means First, let’s look at a couple definitions. Basis is…
Turn a summer job into tax savings: Hire your child and reap the rewards
With summer fast approaching, you might be considering hiring young people at your small business. If your children are also looking to earn some extra money, why not put them on the payroll? This move can help you save on family income and payroll taxes, making it a win-win situation for everyone! Here are three…
What tax documents can you safely shred? And which ones should you keep?
Once your 2024 tax return is in the hands of the IRS, you may be tempted to clear out file cabinets and delete digital folders. But before reaching for the shredder or delete button, remember that some paperwork still has two important purposes: Keep the return itself — indefinitely Your filed tax returns are the…
Small business alert: Watch out for the 100% penalty
Some tax sins are much worse than others. An example is failing to pay over federal income and employment taxes that have been withheld from employees’ paychecks. In this situation, the IRS can assess the trust fund recovery penalty, also called the 100% penalty, against any responsible person. It’s called the 100% penalty because the entire…
