Industries
Overview
Seamus Donoghue has more than ten years of public accounting experience and is a member of ORBA’s Tax Group. He has worked extensively on partnership, S-corporation and individual tax accounting. His experience also includes client payroll and bookkeeping, as well as tax law and regulation research.
Industries
Overview
Seamus Donoghue has more than ten years of public accounting experience and is a member of ORBA’s Tax Group. He has worked extensively on partnership, S-corporation and individual tax accounting. His experience also includes client payroll and bookkeeping, as well as tax law and regulation research.
Proactive
Growing up in a family involved in the independent restaurant industry, Seamus has an entrepreneurial interest in small and midsize businesses. He particularly enjoys building personal relationships with clients and getting to know the intricacies of different businesses and industries that he otherwise could not experience with large firms.
Outside of the Office
Outside the office, Seamus participates in a variety of races and intramural teams throughout the year including beach volleyball, flag football and softball. His passion for sports is shared every fall when he volunteers to coach a youth flag football team. In addition to team sports, Seamus enjoys biking and boating on the lakefront during summer. While he appreciates Chicago, Seamus’s sports fan loyalties remain with his home teams in Boston.
Seminars & Events
- The Impact of the New Tax Law on Manufacturers and Distributors, Chicago, IL, May 7, 2019
Certifications & Licenses
- Certified Public Accountant
Education
- B.S., Accounting, Boston College
- M.S., Taxation, Bentley University
Blogs
A Primer on Energy Tax Incentives: FAQs About the Advanced Manufacturing Production Credit
The Inflation Reduction Act (IRA) includes several provisions related to tax incentives that encourage investment in clean energy production and energy-efficient property. One of these incentives is the advanced manufacturing production credit under Internal Revenue Code (IRC) Section 45X. The IRA extends and expands the Sec. 45X credit, which encourages domestic production of eligible clean […]
Ways to Save in 2024: Managing Workers’ Compensation and Unemployment Insurance Costs
It is no secret that labor costs are a significant expense for most manufacturers. Two important labor-related costs are your workers’ compensation and unemployment insurance. Let’s take a look at steps you can take to help manage these costs. Workers’ comp costs Most states require employers to maintain workers’ comp insurance. Many manufacturing employees perform […]
Inflation Reduction Act of 2022
Take advantage of new tax incentives for manufacturers Despite its name, the Inflation Reduction Act (IRA) does more than combat rising prices. According to the White House, the Act represents the “single largest investment in climate and clean energy solutions in American history.” The IRA contains several tax incentives that benefit manufacturers, including expanded deductions […]
Is Your Business Getting the Credits It Deserves?
It is a challenging time to grow a business. So, any help you can get in the form of tax credits, tax exemptions, grants, low-cost financing and other incentives can make a big difference. Unfortunately, these incentives often go unclaimed. Why? In most cases, businesses have to ask for them — either by claiming benefits […]
South Dakota v. Wayfair – Economic Nexus and Manufacturers’ Sales Tax Obligations
It has been more than three years since the U.S. Supreme Court’s landmark decision in South Dakota v. Wayfair. In that case, the Court held that a state may require out-of-state sellers to collect and remit sales tax even if they lack a physical presence in the state. Since then, nearly every state with a […]
Labor Shortage: How Manufacturers Can Attract and Retain Qualified Workers
The CFO Survey, a collaboration of Duke University’s Fuqua School of Business and the Federal Reserve Banks of Richmond and Atlanta, tracks CFO optimism and top concerns. According to the survey, labor quality and availability was the most pressing concern in the second quarter of 2021. The labor shortage has been a major concern among […]
Keys to Effective Bring-Your-Own Device Policies
Manufacturers may implement bring-your-own-device (BYOD) policies for salespeople who travel, customer service representatives who work from home and managers who use mobile devices to perform business tasks. But allowing access to the company’s systems on an unsecured device presents risks. How can you protect your company’s data without violating employees’ privacy rights? Evaluating the pros […]
Independent Contractor vs. Employee: Understanding Worker Designation
Beware: Worker classification is an IRS hot button Treating a worker as an independent contractor (IC) rather than an employee can provide a business with important advantages. Whether a worker is classified as an IC or an employee depends on several factors targeting the level of control you exert over the worker. Per the IRS, […]
“Made in the USA” is a hot marketing trend that can help manufacturers differentiate products in the marketplace. If manufacturers can obtain goods domestically faster and at lower costs than foreign suppliers can offer, it seems like a win. But, when “homegrown” products are more expensive than foreign-sourced products, purchasers may balk at the higher price tag.
Why Wait to Deduct Your Purchases? Turbocharge Tax Deductions With Bonus Depreciation and Sec. 179
“Don’t put off until tomorrow what you can do today,” Benjamin Franklin once advised. This timeless wisdom applies in many business scenarios, from taking advantage of growth opportunities to claiming tax deductions. In general, business owners should jump on tax-saving opportunities as soon as possible due to the time value of money. Two especially lucrative […]
Employee or Independent Contractor? Worker Classification Matters
There’s a fine line between employee and independent contractor. The distinction may take on even greater importance under the new tax law as some employees try to shift ordinary income into business income to be eligible for the new qualified business income deduction. Here’s an overview of this issue and the characteristics that distinguish employees from contractors.
Deciphering and Combating Cyber Risks
Data breaches can cause safety issues, negative publicity, lost productivity, and compromised personal and corporate data. This article explains the cost of data breach and outlines ways to help prevent attacks from inside and outside an organization
Valuation Basics: Key Points to Think About Before Transferring Ownership
A business valuation is important when deciding whether to transfer ownership to the next generation or to sell the business to a third party and give the next generation the sales proceeds (or alternative investments purchased from those proceeds). This article describes business valuation methods and the current state of the M&A market.
Planning for Major Changes to Federal Rules on Employee Pay and Benefits
One of a company’s most dreaded tasks is probably managing HR. The rules are ever-changing and becoming increasingly complex. This article discusses two recent examples: the DOL’s proposed changes to the overtime rules and the new Form 1095-C and 1094-C reporting requirements under the ACA. The struggle to stay atop these types of regulatory changes often prompts smaller manufacturers and distributors to outsource their HR functions.
Newsletters
Manufacturing and Distribution Group Newsletter – Spring 2022
ORBA’s Manufacturing and Distribution Group’s Newsletter examines how leading and governing with an ESG mindset is the path to sustained profits and success. The Newsletter also provides an overview of research and development (R&D), bonus depreciation and business interest deduction changes, and their implications for many manufacturers.
Manufacturing and Distribution Group Newsletter – Winter 2021
ORBA’s Manufacturing and Distribution Group’s Winter 2021 Newsletter summarizes the key provisions of the Consolidated Appropriations Act and highlights seven tips to consider to manage cash flow.
Manufacturing and Distribution Group Newsletter – Fall 2020
Our Manufacturing and Distribution Group’s Fall 2020 Newsletter provides guidance to those who are thinking of acquiring a distressed business and reviews first-year bonus depreciation and Sec. 179 expensing.
Manufacturing and Distribution Group Newsletter – Fall 2019
Our Manufacturing and Distribution Group’s fall newsletter includes advice on proper estate planning and succession planning, plus tips for keeping your business’s unemployment insurance costs in check.
Manufacturing and Distribution Group Newsletter – Winter 2019
Our Manufacturing & Distribution Group’s Winter 2019 Newsletter offers five tips for boosting your profits, as well as insight on how tax reform may benefit your company.
Manufacturing and Distribution Group Newsletter – Spring 2018
Compilation, review or audit: Select the right level of assurance JOEL HERMAN, CPA The term “financial statement assurance” refers to how much confidence lenders and other stakeholders have that a company’s financial statements will be reliable, informative and in conformity with U.S. Generally Accepted Accounting Principles (GAAP) or another appropriate financial reporting framework. Higher levels […]
Manufacturing and Distribution Group Newsletter – Fall 2017
Tax Issues to Consider When Investing in Training and Recruiting A common challenge for manufacturers is the shortage of skilled workers. Training and recruiting are effective options to resolve this issue; however, they require significant time and monetary commitments. The goal is to meet the labor needs of your company in the most cost-effective manner […]
Manufacturing and Distribution Group Newsletter — Summer 2015
ORBA’s Manufacturing and Distribution Group Newsletter is a quarterly publication focused on effective manufacturing and distribution management. The Summer 2015 issue includes two articles, “Should Manufacturers Consider the Expired Research Tax Credit?” and “Think Outside the Retirement Planning Box.”
Client Alerts
IRS Wheels Out Additional Guidance on Company Cars
The IRS has updated the inflation-adjusted “luxury automobile” limits on certain deductions taxpayers can take for passenger automobiles — including light trucks and vans — used in their businesses. Revenue Procedure 2019-26 includes different limits for purchased automobiles that are and are not eligible for bonus first-year depreciation, as well as for leased automobiles.
News
The news of Patricia Ruiz joining ORBA’s Accounting Services Department and Seamus M. Donoghue, CPA, MST joining its Tax Department was mentioned in several media outlets including: Daily Herald, Yahoo! Finance and Chicago Business Journal.
CHICAGO – Ostrow Reisin Berk & Abrams, Ltd. (ORBA), one of Chicago’s largest public accounting firms, is pleased to welcome Patricia Ruiz to its Accounting Services Department and Seamus M. Donoghue to its Tax Department.
