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Recent and archived additions 

The Congressional Tax Plans & 2017 Year End Individual Planning Considerations

December 6, 2017

“To Accelerate or Not to Accelerate, That is the Question.” In recent weeks, the headlines have been dominated by articles discussing what the potential new tax plan may look like as Congress looks to pass legislation by year end.  While the House and Senate have passed their own versions, they now have to reconcile the…

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Cover & Rossiter Receives Award of Excellence from The Delaware State Chamber of Commerce

November 22, 2017

Cover & Rossiter has received an Award of Excellence from The Delaware State Chamber of Commerce’s (DSCC) Small Business Alliance (SBA). The awards are presented to companies that have been in business for at least three years, are small businesses based on number of full-time employees, and are members of the Delaware State Chamber of Commerce.…

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Cover & Rossiter announces Promotion of Vickie Young Beam, CPA

October 3, 2017

Cover & Rossiter, one of Delaware’s first and most respected certified public accounting and advisory firms, is pleased to announce the promotion of Vickie Young Beam, CPA to Principal. Young Beam is in the Audit Department of Cover & Rossiter where she runs many of the region’s most prestigious nonprofit and for-profit audits. Young Beam…

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Cover & Rossiter announces Promotion for Jennifer Pacilli

September 27, 2017

Cover & Rossiter has a long-standing history as one of Delaware’s first and most respected certified public accounting and advisory firms and is pleased to announce Jennifer Pacilli has become a Director in the firm. Recognizing her contributions to our clients and the firm, Marie Holliday said, “Jennifer has and will continue to be an…

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2017 Income Tax Proposal

August 31, 2017

So, the budget wrangling is behind us for another 10 months anyway.  One of the items left on the cutting room floor was a proposal to increase tax rates and eliminate itemized deductions.  Like an incoming tide, some proposals tend to break and recede only to have the next wave come in a bit higher. …

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Qualified Charitable Distributions – Donating Your Way to Lower Taxes

August 28, 2017

According to IRS statistics for 2014, almost 44,000,000 individual income tax returns were filed which included Schedule A, the form a taxpayer uses to itemizes their deductions.  Of those returns, over 33,000,000 were filed claiming cash contributions to charity on the Schedule A, totaling over $155,000,000,000.  So it is safe to say that many taxpayers…

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Who Can Represent You Before the IRS?

August 24, 2017

Many people use a tax professional to prepare their taxes. Anyone who prepares, or assists in preparing, all or substantially all of a federal tax return for compensation is required to have a valid Preparer Tax Identification Number (PTIN). All enrolled agents must also have a valid PTIN. If you choose to have someone prepare…

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Preparing an Effective Business Plan

August 17, 2017

Whether you’re starting a new company, seeking additional financing for an existing one or analyzing a new market, a business plan is a valuable tool. Think of it as your blueprint for success. Not only will it clarify your business vision and goals, but it will also force you to gain a thorough understanding of…

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Understanding the Gift Tax

August 15, 2017

If you gave money or property to someone as a gift, you may wonder about the federal gift tax. Many gifts are not subject to the gift tax. Here are seven tax tips about gifts and the gift tax. Nontaxable Gifts. The general rule is that any gift is a taxable gift. However, there are…

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Virtual Currency Treated As Property for Tax Purposes

August 12, 2017

Many retailers and online businesses now accept virtual currency for sales transactions but the federal tax implications remain relatively unknown to many retailers. If you’re a retailer who accepts virtual currency such as Bitcoins for transactions, here’s what you need to know. Sometimes, virtual currency such as Bitcoins operate like “real” currency, i.e. the coin…

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