Late-Filing Penalty Relief for Partnerships

Archive for January 2018

Late-Filing Penalty Relief for Partnerships

The Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 (Surface Transportation Act) changed the date by which a partnership, real estate mortgage investment conduits (REMICs), or other entity must file its annual return. For calendar year filers, the due date for filing the annual return or request for an extension changed from…

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Safe Harbors Help Taxpayers Suffering Property Losses

Safe harbor methods are used by individual taxpayers when determining the amount of their casualty and theft losses for their homes and personal belongings. Four of the safe harbor methods may be used for any qualifying casualty or theft loss, and three are specifically applicable only to losses occurring as a result of a federally…

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Standard Mileage Rates for 2018

Beginning on January 1, 2018, the standard mileage rates for the use of a car, van, pickup or panel truck are 5 cents for every mile of business travel driven, up 1 cent from the rate for 2017. 18 cents per mile driven for medical purposes, up 1 cent from the rate for 2017. 14…

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Extended Due Dates for Health Coverage Forms

The due date for certain entities to provide 2017 health coverage information forms to individuals in 2018 has been extended. Insurers, self-insuring employers, other coverage providers, and applicable large employers now have until March 2, 2018, to provide Forms 1095-B or 1095-C to individuals, which is a 30-day extension from the original due date of…

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Cover & Rossiter announces promotion of Amy Johnson, CPA, ACI

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 Amy Johnson’s promotion to Manager in the Audit Department at Cover & Rossiter. Johnson has been an integral member of the Cover & Rossiter team since February of 2011…

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Small Businesses: Be Alert to Identity Theft

Small business identity theft is a big business for identity thieves. Just like individuals, businesses may have their identities stolen and their sensitive information used to open credit card accounts or used to file fraudulent tax refunds for bogus refunds. As such, small business owners should be on guard against a growing wave of identity…

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