Current News

IRS Scam Alert: Erroneous Refunds & Fake Calls

Taxpayers should be aware of a new twist on an old scam involving erroneous tax refunds that are being deposited into their bank accounts. After stealing client data and filing fraudulent tax returns, these criminals use the taxpayers’ real bank accounts to deposit refunds, then use various tactics to reclaim the refund from the taxpayers.…

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What you need to know about the Equifax Data Breach

Background: What is Equifax? Equifax is one of three major U.S. credit reporting bureaus. The other two are TransUnion and Experian. There is also a smaller, less well-known credit-reporting agency called Innovis (aka CBCInnovis) that operates slightly different in that its main purpose is to provide mortgage credit reporting services to the financial services industry.…

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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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Preserve Charitable Deduction for Health of Delaware Nonprofit Sector

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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Word Count

A shortened version of this article, written by Peter Kennedy, Director,  can be found in May 30th edition of The Delaware Business Times I get 500 words to write these articles and so I have to hand it to President Trump, he managed to issue his statement on tax reform using only 229.  The brevity…

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What to Do If You Haven't Filed a Tax Return

Tuesday, April 18, 2017, was the tax deadline for most taxpayers to file their tax returns. If you haven’t filed a 2016 tax return yet, don’t delay. There’s still time–and it’s not as difficult as you think. Here’s What to Do When Your Return is Late First, gather any and all information related to income…

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Employee Relocation: What Happens to Your Home?

Business owners, as well as employees, often have questions about what to do with an employee’s home–and what the tax consequences might be–when he or she is moved to a new job location. Here are some answers. Employees Most employers want to protect the employee to be relocated against financial loss on a “forced” sale…

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Claiming the Small Business Health Care Tax Credit

If you’re a small business owner with fewer than 25 full-time equivalent employees you may be eligible for the small business health care credit. What is the Small Business Health Care Credit? The small business health care tax credit, part of the Patient Protection and Affordable Care Act enacted in 2010, is specifically targeted to…

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It’s the Lease We Can Do

Written by Peter Kennedy, Director, for The Delaware Business Times On behalf of the entire accounting profession all I can say is: We’re sorry…. nostrae culpae….our bad…. I’m not talking about the recent Oscar flub (although if anyone from the Academy is reading this, my contact information is below if you’re looking to make a…

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IRS Tax Scams 2017: FAQs

As tax season approaches, taxpayers are reminded to be on the lookout for an array of evolving tax scams related to identity theft and refund fraud. Every year scam artists look for new ways to trick taxpayers out of their hard-earned money, sensitive financial information or even access to their computers. It seems that no…

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