Scam Alerts: Hurricane Charities and Ransomware

Nonprofit

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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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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Seeking Job Security? Look to Nonprofit Careers

Written by Peter Kennedy, Director, for The Delaware Business Times When Danny Noonan bemoaned his prospects for affording college to Judge Smails, the classic response was “Well, the world needs ditch diggers too.” That was Caddyshack in 1980; if a 2013 study on how vulnerable jobs are to being mechanized or computerized out of existence…

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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 because…

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Cover & Rossiter Proudly Sponsors DSCC Annual Superstars in Business Awards Luncheon

Cover & Rossiter is a proud gold sponsor of the Delaware State Chamber of Commerce’s (DSCC) 17th Annual Marvin S. Gilman Superstars in Business Awards Luncheon. The event’s keynote speaker is Hal Real, a seasoned entrepreneur with a passion for new ideas and a history of transforming those ideas into successful businesses. These awards are presented…

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Good Records Key to Claiming Gifts to Charity

Keeping good records is key to qualifying for the full charitable contribution deduction allowed by law. In particular, this includes ensuring that they have received required statements for two contribution categories–each gift of at least $250 and donations of vehicles. Therefore, taxpayers planning to claim charitable donations should make sure they have the records they…

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Five Last Minute Tax Tips for 2015

Are you one of the millions of Americans who hasn’t filed (or even started) your taxes yet? With the April 15 tax filing deadline almost a week away, here is some last minute tax advice for you. 1. Stop Procrastinating. Resist the temptation to put off your taxes until the very last minute. It takes time to…

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Three Most Common Budgeting Errors

When it comes to creating a budget, it’s essential to estimate your spending as realistically as possible. Here are three budget-related errors commonly made by small businesses, and some tips for avoiding them. Not Setting Goals. It’s almost impossible to set spending priorities without clear goals for the coming year. It’s important to identify, in detail,…

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Supporting Organizations Under 509(a)(3) – Pay Attention!

Do you remember what you were doing in 2006? We have staff accountants here who were just starting high school, few people had heard of Bernie Madoff and there were no iPhones (2007). In 2006 the Pension Protection Act of 2006 was signed into law by President Bush. The final 100 or so pages of…

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Hobby or Business? Why It Matters

Millions of Americans have hobbies such as sewing, woodworking, fishing, gardening, stamp and coin collecting, but when that hobby starts to turn a profit, it might just be considered a business by the IRS. Definition of a Hobby vs. a Business The IRS defines a hobby as an activity that is not pursued for profit.…

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