Month: September 2017

Archive for September 2017

Cover & Rossiter announces Promotion for Jennifer Pacilli

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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Tax Relief for Victims of Hurricane Harvey

The IRS offers tax relief to affected taxpayers (individuals and businesses) in any area designated by the Federal Emergency Management Agency (FEMA) as qualifying for individual assistance and is part of a coordinated federal response to the damage caused by severe storms and flooding and is based on local damage assessments. Currently, the following Texas…

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States Require Online Retailers to Collect Sales Tax

From declining sales at local retail establishments to brick and mortar store closings, almost everyone would agree that the rise of Internet sales has transformed the retail landscape. One consequence of this uptick in online sales is lost revenues in states that collect sales (or use) tax. According to the National Conference of State Legislatures,…

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Avoiding Penalties on Early Withdrawals from IRAs

More than half of Millennials and Gen Xers have already or are planning to, withdraw money from their retirement plans to cover unexpected expenses such as medical bills, educational expenses, or buying a house, according to a recent PwC Employee Financial Wellness Survey (April 2017). Most notably, the survey also found that this trend is…

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The Sharing Economy and your Taxes

Uber, Lyft, AirBnB, Etsy, Rover, TaskRabbit. If you’ve used any of these services–or provided services for them to others–you’re a member of the sharing economy. If you’ve only used these services (and not provided them), then there’s no need to worry about the tax implications. But if you’ve rented out a spare room in your…

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Scam Alerts: Hurricane Charities and Ransomware

While the IRS, state tax agencies and numerous people in the tax and accounting industry are working together to warn tax professionals and their clients about phishing scams, they are still all too common. Here’s what you need to know about the two most recent scams: fake charities that take advantage of people’s generosity during…

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