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THE ACCOUNTANTS YOU CAN COUNT ON!

Welcome and thank you for visiting our website. Since our inception, Shum & Associates has provided outstanding quality and dependable personalized service to our clients because of our dedication to the three underlying principles: professionalism, responsiveness and top quality. Each client receives close personal and professional attention. We provide total financial services to individuals, large and small businesses and other agencies.

Our tax and accounting firm is known for its premium service. Our firm’s reputation reflects the high standards we demand of ourselves. Our primary goal is to be available to provide insightful advice to enable our clients to make informed financial decisions. We do not accept anything less from our staff and this is what we deliver to you. We will answer all of your questions, as they impact both your tax and financial situations. We welcome you to contact us anytime.

Our main office is located in Downtown Manhattan in New York City. Call us for a complimentary initial consultation.

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Post-election Congress grapples with extenders as lawmakers plan for 2015
The results of the mid-term elections create a new dynamic in Congress with Republicans poised to take control of both the House and Senate in January. Prospects for tax reform may have brightened ...

Time payments to maximize year-end tax benefits
When accelerating or deferring income or expenses at year end as part of an overall tax strategy, certain timing rules become critical. So does the ability to prove to the IRS when certain actions ...

Taxpayers prepare for Affordable Care Act filing requirements and more
The upcoming filing season is expected to be challenging for taxpayers and the IRS as new requirements under the Patient Protection and Affordable Care Act kick-in. Taxpayers, for the first time, m...

How Do I? Follow the new-for-2015 one-IRA rollover-per-year limit?
As most people know, a taxpayer can take a distribution from an IRA without being taxed if the taxpayer rolls over (contributes) the amount received into an IRA within 60 days. This tax-free treatm...

FAQ: What is a substitute for return (SFR)?
Under Code Sec. 6020, the IRS has the authority to prepare and file a substitute tax return for a taxpayer who fails to file a timely return. If a taxpayer does not file a return or cooperate with ...

December 2014 tax compliance calendar
As an individual or business, it is your responsibility to be aware of and to meet your tax filing/reporting deadlines. This calendar summarizes important tax reporting and filing data for individu...

IRS clarifies streamlined process for disclosing offshore accounts
The IRS has provided guidance and clarifications for U.S. taxpayers who have failed to disclose offshore assets and pay taxes due. The new instructions apply to taxpayers who apply for relief under...

FAQ: What is the new de minimis safe harbor for tax expensing?
Businesses generally want to write off costs more quickly, to reduce their taxable income and their tax burden. One mechanism for accomplishing this is to deduct the costs of depreciable property r...

New challenges for 2014 year-end tax planning
Before the fast-approaching new year, it’s important to take some time and reflect on year-end tax planning. The weeks pass quickly and the arrival of January 1, 2015 will close the doors to ...

Wolters Kluwer, CCH projects 2015 tax rate brackets and other tax figures adjusted for inflation
Taxpayers will receive some modest relief for the 2015 tax year, thanks to the mandatory annual inflation-adjustments provided under the Tax Code. When there is inflation, indexing of brackets lowe...

How do I...satisfy the moving expense deduction criteria of start of work, distance and time?
In certain cases, moving expenses may be tax deductible by individuals. Three key criteria must be satisfied: the move must closely-related to the start of work; a distance test must be satisfied a...

FAQ: What can I deduct doing volunteer work for a charity?
For many individuals, volunteering for a charitable organization is a very emotionally rewarding experience. In some cases, your volunteer activities may also qualify for certain federal tax breaks...