Take Retirement Plan Distributions by December 31

Archive for December 2016

Take Retirement Plan Distributions by December 31

Taxpayers born before July 1, 1946, generally must receive payments from their individual retirement arrangements (IRAs) and workplace retirement plans by December 31. Known as required minimum distributions (RMDs), typically these distributions must be made by the end of the tax year, in this case, 2016. The required distribution rules apply to owners of traditional,…

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Reminder: College Tax Credits for 2016

With another school year in full swing, now is a good time for parents and students to see if they qualify for either of two college tax credits or other education-related tax benefits when they file their 2016 federal income tax returns next year. American Opportunity Tax Credit or Lifetime Learning Credit. In general, the American…

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Cover & Rossiter Holiday Charitable Giving

On Friday December 9th, Cover & Rossiter had the opportunity to wrap gifts purchased for a family and twelve men. This event became a tradition that our firm has conducted each year in lieu of giving gifts to other staff members and partners. We have always felt that our gifts would better serve those who are less…

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Updated Holiday Office Hours

To allow our team to enjoy the holidays, our offices will be closed on the following days: Monday, December 26, 2016 Tuesday, December 27, 2016 Friday, December 30, 2016 Monday, January 2, 2017 We wish you a Safe and Happy Holiday Season, and a Successful New Year!

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Employee or Independent Contractor–Which is it?

  If you hire someone for a long-term, full-time project or a series of projects that are likely to last for an extended period, you must pay special attention to the difference between independent contractors and employees. Why It Matters The Internal Revenue Service and state regulators scrutinize the distinction between employees and independent contractors,…

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2016 Recap: Tax Provisions for Businesses

Whether you file as a corporation or sole proprietor, here’s what business owners need to know about tax changes for 2016. Standard Mileage Rates  The standard mileage rates in 2016 are as follows: 54 cents per business mile driven, 19 cents per mile driven for medical or moving purposes, and 14 cents per mile driven…

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Of Whales and Phishes

Written by Peter Kennedy, Director, for The Delaware Business Times No doubt along with millions of others, I have many happy memories of visits to the American Museum of Natural History in New York City as a child, being amazed at the iconic Blue Whale that hangs from the ceiling.  I can recall pestering my…

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2016 Tax Provisions for Individuals: A Review

Many of the tax changes affecting individuals and businesses for 2016, arose from the Protecting Americans from Tax Hikes Act of 2015 (PATH) which modified or made permanent numerous tax breaks (the so-called “tax extenders”). To complicate matters, some provisions were extended only through 2016, and are set to expire at the end of this…

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Similar Fact Pattern, Different Results

By Peter Hopkins, CPA, MS (Tax) – Manager and Marie Holliday, CPA, MBA – Managing Director As published in Delaware Banker Fall 2016 Vol.12 No. 4 A pair of recent Tax Court cases should cause advisers to take note. The IRS’s targets were Sumner Redstone and the estate of his brother, Edward. Sumner is the…

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