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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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Summertime Checklist: Income Tax Withholding Review??

July 26, 2017

If you were to ask someone ‘What plans do you have for this summer?’, a few classic summertime activities you can expect to hear would be: the beach, amusement parks, camping, vacations, baseball games, and barbecues. However, one item you most likely haven’t heard, but one that should be on everyone’s mind, is reviewing the…

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Preserve Charitable Deduction for Health of Delaware Nonprofit Sector

June 24, 2017

By: Pete Kennedy Let’s all first acknowledge that there are no easy ways to solve a $400+ million budget hole.  I think no one envies the General Assembly and their task over the next few days. I’ll echo Clubber Lang’s famous quote from Rocky III in my prediction of the outcome: “Pain!” One proposal gathering steam in…

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Tips on Tips: Are your Tips Taxable?

June 19, 2017

Do you work at a hair salon, barber shop, casino, golf course, hotel or restaurant, or do you drive a taxicab? The tip income you receive as an employee from those services is taxable income. Here are some tips about tips: Tips are taxable. Tips are subject to federal income and Social Security and Medicare…

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Tax Tips for the Sharing Economy

June 18, 2017

Those who use one of the many online platforms to rent a spare bedroom, provide car rides or a number of other goods or services may be part of what is called the sharing economy. Here are several key points you should know about the sharing economy: Taxes. Sharing economy activity is generally taxable. It…

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Three Things to Know before Starting a Business

June 16, 2017

Starting a new business is an exciting but busy time with so much to be done and so little time to do it in. And, if you expect to have employees, there are a variety of federal and state forms and applications that will need to be completed to get your business up and running.…

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Tax Planning for Small Business Owners

June 13, 2017

Tax planning is the process of looking at various tax options to determine when, whether, and how to conduct business and personal transactions to reduce or eliminate tax liability Many small business owners ignore tax planning and don’t even think about their taxes until it’s time to meet with their accountants once a year. But…

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