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December Insights Newsletter

December Insights Newsletter

Welcome to the very first edition of our firm E newsletter, where we strive to keep you informed, engaged, and inspired. As we navigate with you the ever-evolving landscape in the accounting and financial world, it is our pleasure to share with you certain exciting developments, achievements, and milestones that continue to shape our journey together along the way.
IRS to provide automatic penalty relief to eligible taxpayers

IRS to provide automatic penalty relief to eligible taxpayers

The IRS announced plans to provide automatic penalty relief for failure to pay penalties incurred in tax years 2020 and 2021 on income tax obligations. Eligible taxpayers include individuals, businesses, trusts, estates and tax-exempt organizations that meet certain qualifying criteria.
FASB issues ASU on accounting and disclosure of certain crypto assets

FASB issues ASU on accounting and disclosure of certain crypto assets

This ASU requires certain crypto assets to be measured at fair value with changes in fair value recognized in net income, and enhances disclosures.
FASB issues final standard on income tax disclosures

FASB issues final standard on income tax disclosures

Recently issued FASB guidance expands income tax disclosures, including the rate reconciliation and income taxes paid.
New white paper on accounting for joint venture formations

New white paper on accounting for joint venture formations

RSM's white paper on joint venture formations covers the scope, disclosures and transition method for a recent Accounting Standards Update.
IRS will use AI to help target partnerships and high net worth individuals

IRS will use AI to help target partnerships and high net worth individuals

The IRS announced a sweeping enforcement effort that will engage AI to focus on large partnerships and wealthy individuals.
What To Do With Old Retirement Accounts

What To Do With Old Retirement Accounts

You likely have at least one old retirement account if you've ever changed employers. These accounts stay exactly as you left them unless you take action. In this video, we'll provide options for what to do with those old accounts.
The 1031 Exchange Explained

The 1031 Exchange Explained

In the world of real estate, the Section 1031 exchange has been a significant tool for investors who want to grow their real estate portfolio and wealth. In this video, we'll explain how a 1031 exchange works and important considerations when using one.
Tax Court rules state law limited partner may be subject to self-employment tax

Tax Court rules state law limited partner may be subject to self-employment tax

The Tax Court ruled that holding a state law limited partnership interest is not, by itself, enough to avoid self-employment tax.
Are ESOPs a good fit for business and professional services (BPS) companies?

Are ESOPs a good fit for business and professional services (BPS) companies?

ESOPs can be advantageous to BPS companies, but their success ultimately depends on several key factors - culture, messaging and ownership goals.
IRS Releases 2024 tax inflation adjustments

IRS Releases 2024 tax inflation adjustments

IRS releases inflation adjustments for 2024. Inflation adjustments impact individual tax brackets and other various provisions of the Code.
Creating an effective enterprise growth strategy

Creating an effective enterprise growth strategy

Creating an effective enterprise growth strategy can help organizations build a foundation for future success.

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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

    Phone: 806-665-8429
    Fax: 806-665-8804
    Email: fbeavers@amacpas.com

    Johnson & Sheldon, PLLC
    Hereford Location
    119 E 4th St
    Hereford TX 79045

    Phone: 806-364-4686
    Fax: 806-364-0826
    Email: khollingsworth@amacpas.com

    AICPA
    Texas CPA Certified Public Accountant

    We are clients of the RSM Professional Services+ Practice. As a client, we have access to the Professional Services+ Collaborative, a globally connected community that provides access to an ecosystem of capabilities, collaboration and camaraderie to help professional services firms grow and thrive in a rapidly changing business environment. As a participant in the PS+ Collaborative, we have the opportunity to interact and share best practices with other professional services firms across the U.S. and Canada.