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When saying “no” to an inheritance might make sense
Most people spend time planning how to leave an inheritance—but far fewer consider when it might be smarter to decline one. In some cases, accepting assets can create unintended tax burdens or complicate long-term wealth planning. This article explores why, when, and how disclaiming an inheritance could be a strategic financial move.
Tariffs and trade wars: how businesses can adapt and manage costs
Explore how global tariffs and trade changes can impact your business and learn strategies for successful adaptation. Discover practical tips on cost management in our latest article.
Avoid tax surprises: set up proper withholding now
Think your tax refund is just "extra money"? It might actually be a sign that your withholding is off, and that the IRS has been holding your money all year. This quick read breaks down how to fix that now, so you’re not stuck with a surprise bill (or a missed opportunity) next April.
Tax obligations for household employees
Hiring household help, such as nannies or housekeepers, brings convenience but also labels you as an employer with specific tax duties. This guide will walk you through your responsibilities, from classifying workers correctly to navigating Social Security and unemployment taxes, ensuring a compliant and rewarding experience for both you and your employees.
IRS priorities may be shifting under new administration
IRS enforcement priorities are shifting, and the ripple effects could impact everything from high-income audits to payroll tax compliance. With workforce changes, funding rollbacks, and new leadership shaping the agency’s direction, taxpayers and advisors alike should be paying close attention. Read the full article to understand what’s changing—and what it could mean for your compliance strategy.
Estate Planning Q&A: Charitable split interest trusts explained
Key differences, benefits, and strategic uses of charitable split interest trusts (CLAT, CLUT, CRAT, CRUT, NIMCRUT, FLIPCRUT and more).
How to optimize your business interest deductions
Discover how optimizing interest expense deductions under IRC §163(j) can significantly impact your business's cash flow and financial planning. From legislative changes brought by the TCJA and CARES Act to strategies for maximizing deductions, this article explores the complexities and opportunities within this evolving tax landscape. Stay ahead with insights into managing debt structures and preparing for future regulatory shifts.
1031 Exchanges: what qualifies and where investors get tripped up
Discover how 1031 exchanges can be a game-changer for real estate investors, offering a strategy to defer capital gains taxes while reinvesting in like-kind properties. This guide dives into the mechanics, eligibility, and potential pitfalls of executing a successful 1031 exchange.
Scale it or sell it: Determining the path for your privately owned business
Position your business for success—whether scaling or selling. Don't miss key insights to maximize value and minimize risk. Register today!
Financial Blind Spots at Each Stage of the Business Lifecycle
Every stage of the business lifecycle comes with hidden financial risks—and most aren’t where you’d expect them. From early cash flow traps to overlooked succession planning, it’s easy to miss the warning signs until they’ve already impacted your bottom line. In this video, we break down the most common blind spots—and how to stay ahead of them.
Family Loans and Gifts: Avoiding a Tax Headache
When relatives lend or gift money, it can strengthen family bonds or lead to complications if not handled properly. This video explores the differences between gifts and loans in family finances, highlighting IRS guidelines and offering strategies to manage these transactions with minimal tax impact.
What happens next with the TCJA? Tax professionals are concerned
Tax professionals who have been in the business for several years know that the implementation of the Tax Cuts and Jobs Act (TCJA), P.L. 115-97, was time-consuming and stressful, so they are now concerned about what happens next since the act’s provisions are set to expire at the end of 2025, according to a report from Bloomberg Tax
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Johnson & Sheldon, PLLC
Amarillo Location
500 S Taylor St Suite 200
Amarillo, TX 79101
Phone: 806-371-7661
Fax: 806-371-0529
Email: ebaten@amacpas.com
Johnson & Sheldon, PLLC
Pampa Location
2004 N. Hobart
Pampa, TX 79065
Johnson & Sheldon, PLLC
Hereford Location
119 E 4th St
Hereford TX 79045
Phone: 806-364-4686
Fax: 806-364-0826
Email: khollingsworth@amacpas.com
President’s Award
35 Years
Johnson & Sheldon, PLLC, is proud to be part of Aprio Alliance — a national association created by accounting professionals to help collaborative, growth-minded CPA firms thrive. This affiliation gives us access to leading expertise, resources, and best practices, while preserving what matters most: the personalized service and local insight you expect from an independent firm. Joining Aprio Alliance reinforces our commitment to exceptional client service and staying ahead of industry trends. While we leverage the strength of a national firm, we remain fully independent—maintaining our name, client relationships, and service approach.