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26
Feb
Tricky Tax Rule for Itemized Deductions
Can you deduct the full amount of your itemized deductions on your 2017 tax return? Under current law, deductions are reduced for certain upper-income taxpayer...
 
 
13
Feb
Overview of the New Tax Reform Law
The historic new tax reform law—the Tax Cuts and Jobs Act (TCJA)—was finally signed into law by President Trump on December 22, 2017. This massive ...
 
6
Feb
TCJA temporarily lowers medical expense deduction threshold
With rising health care costs, claiming whatever tax breaks related to health care that you can is more important than ever. But there’s a threshold for deducti...
 
 
16
Jan
7 Steps for Tax Season
One sure ...
 
6
Apr
Short-Term PA Tax Amnesty Program Runs 4/21-6/19/17
Any PA taxpayers that have tax delinquencies as of 12/31/15 are being offered a brief window to come forward and settle their tax debt.  Under a short-ter...
 
24
Mar
IRS Maps Out New Per Diem Rates
The IRS pays close attention to deductions claimed for business travel expenses. Both employers and employees must meet strict recordkeeping requirements or fa...
 
14
Mar
There's Still Time For 2016 IRA Contributions
Yes, there’s still time to make 2016 contributions to your IRA. The deadline for such contributions is April 18, 2017. If the contribution is deductible, it wil...
 
7
Mar
Do You Have to Pay the NII Tax?
As the deadline for filing 2016 tax returns approaches, some taxpayers are still struggling with the rules for the 3.8% tax on “Net Investment Income&rdq...
 
21
Feb
Tax Twists on Social Security Benefits
Of course, taxes are a major concern when you work full time for a living. Unfortunately, you may also have to pay federal income tax on a portion of the Socia...
 
14
Feb
IRS Selects Private Collectors
The IRS, the nation’s tax collection agency, has identified a select group of four private contractors that will begin collecting federal tax debts durin...
 
7
Feb
2017 Standard Mileage Rates
For travel beginning dated from January 1, 2017, the standard mileage rates for the use of a vehicle will be:
  • 53.5 cents per mile for busines...
 
3
Jan
Key Points About Key Person Insurance
Virtually every business owner will tell you it takes more than one person to build up and maintain a profitable business. In fact, it is likely that several “key employees” ha...
 
20
Apr
Why it’s time to start tax planning for 2016
Now that the April 18 income tax filing deadline has passed, it may be tempting to set aside...
 
4
Apr
The Research Credit is Back for Good
Like Arnold Schwarzenegger’s character in The Terminator, the research credit is back. This valuable tax break, which had officially expired and been res...
 
29
Mar
Entrepreneurs: What can you deduct and when?
Starting a new business is an exciting time. But before you even open the doors, you generally have to spend a lot of money. You may have to train workers and ...
 
24
Mar
2 benefits-related tax credits just for small businesses

Tax credits reduce tax liability doll...

 
21
Mar
IRS Reporting New Phone Scam
The IRS is reporting a new wave of phone calls where the caller is misrepresenting themselves as IRS agents attempting to collect personal information from taxpayers....
 
16
Mar
3 income-tax-smart gifting strategies

If your 2015 tax liability is higher ...

 
8
Mar
Make a 2015 contribution to an IRA before time runs out

Tax-advantaged retirement plans allow...

 
25
Feb
What’s your charitable donation deduction?
When it comes to deducting charitable gifts, all donations are not created equal. As you file your 2015 return and plan your charitable giving for 201...
 
6
Jan
2 extended credits can save businesses taxes on their 2015 returns

The Protecting Americans from Tax Hik...

 
3
Jan
No changes to retirement plan contributions for 2016
Retirement plan contribution limits are indexed for inflation, but with inflation remaining low, the limits remain unchanged for 2016:
 
31
Mar
Still filing a paper return? Be sure you understand the “timely mailed = timely filed” rule
The IRS considers a paper return that's due April 15 to be timely filed if it's postmarked by midnight on April 15. But dropping your return in a mailbox on the 15th may not be sufficient. ...
 
30
Mar
Vote for your favorite local business
We love local businesses here at Faw Casson. Do you have a favorite? Visit http://www.wdov.com/contests/faw-casson-local-business-of-the-week/364395 now and vote for your favorite local business. One...
 
26
Mar
You might benefit from deducting investment interest expense on your 2014 tax return
Investment interest - interest on debt used to buy assets held for investment, such as margin debt used to buy securities - generally is deductible for both regular tax and alternative minimum tax pur...
 
25
Mar
Yes, there’s still time to make a 2014 IRA contribution!
The deadline for 2014 IRA contributions is April 15, 2015. The limit for total contributions to all IRAs generally is $5,500 ($6,500 if you were age 50 or older on Dec. 31, 2014). If you haven't alre...
 
18
Mar
Do you need to file a 2014 gift tax return by April 15?
Generally, you'll need to file a gift tax return for 2014 if, during the tax year, you made gifts: • That exceeded the $14,000-per-recipient gift tax annual exclusion (other than to your U.S...
 
16
Mar
Taking advantage of tangible property safe harbors
If your business has made repairs to tangible property, such as buildings, machinery, equipment and vehicles, you may be eligible for a deduction on your 2014 income tax return. But you must make sure...
 
3
Mar
You might benefit from deducting investment interest expense on your 2014 tax return
Investment interest - interest on debt used to buy assets held for investment, such as margin debt used to buy securities - generally is deductible for both regular tax and alternative minimum tax pur...
 
25
Feb
Make sure you have proper substantiation for your 2014 donations
If you don't meet IRS substantiation requirements, your charitable deductions could be denied. To comply, generally you must obtain a contemporaneous written acknowledgment from the charity stating th...
 
7
Apr
The Art of Delegating Work
'Nobody can do the job that has to be done as well as I can." This is a common refrain among small-business owners. Yet, it is impossible to be in all places at all times. Furthermore, if the business...
 
1
Apr
Can I claim my elderly parent as a dependent?
For you to deduct up to $3,900 on your 2013 tax return under the adult-dependent exemption, in most cases the parent must have less gross income for the tax year than the exemption amount. Generally S...
 
28
Mar
It’s not too late to make a 2013 contribution to an IRA
Tax-advantaged retirement plans allow your money to grow tax-deferred - or, in the case of Roth accounts, tax-free. But annual contributions are limited by tax law, and any unused limit can't be carri...
 
18
Mar
Your 2013 return may be your last chance for 2 depreciation-related breaks
If you purchased qualifying assets by Dec. 31, 2013, you may be able to take advantage of these depreciation-related breaks on your 2013 tax return: 1. Bonus depreciation. This additional first-year ...
 
4
Mar
Faw Casson Receives Highest Peer Review Rating
Faw Casson is pleased to announce we have again received the highest rating from the National Peer Review Committee of the American Institute of Certified Public Accountants (AICPA). The Firm has cons...
 
28
Feb
What to Expect When Filing Your 2013 Tax Return
Did you know that the government shutdown has had an impact on your tax return? Because the shutdown prevented the IRS from doing some of its standard tax season preparation, the filing season will be...
 
18
Feb
Short-term ACA relief now available for midsize and large employers
Recently released IRS final regulations for the Affordable Care Act's (ACA's) employer shared-responsibility provision provide some short-term relief for midsize and large employers. Under the ACA, t...
 
23
Jan
Will Congress revive expired tax breaks?
Many valuable tax breaks expired at the end of 2013. But Congress probably will revive at least some of them, likely retroactively to January 1, 2014. The question is exactly which breaks they'll exte...
 
22
Jan
Are you meeting the ACA’s additional Medicare tax withholding requirements?
Under the Affordable Care Act (ACA), beginning in 2013, taxpayers with FICA wages over $200,000 per year ($250,000 for joint filers and $125,000 for married filing separately) had to pay an additional...
 
16
Jan
Tax Time is here again
The time to file taxes is fast approaching. Help ease the stress by starting to prepare now. The first step? Gather W-2s and 1099s. Once the holiday season is in the rearview mirror, taxpayers are of...
 
2
Jan
Should you increase your retirement plan contributions in 2014?
With the new year upon us, it's time to start thinking about 2014 retirement plan contributions. Contributing the maximum you're allowed to an employer-sponsored defined contribution plan is likely a ...
 
5
Apr
Fraud Prevention Webinar: Protect Yourself and Your Business
Too many businesses focus on fraud prevention only after they have experienced the loss and heartache that comes with being a victim of these crimes. Join us for a brief webinar 5/23 at 2:00pm as Faw...
 
2
Apr
Lower FSA contribution limit may make HSAs more attractive
Previously, employers could set whatever limit they wanted on employee contributions to Flexible Spending Accounts (FSAs) for health care. But starting in 2013, the maximum limit is $2,500. If you're...
 
26
Mar
2012 American Taxpayer Relief Act: Individuals
After much debate and anticipation, Congress has passed the American Taxpayer Relief Act of 2012 which averts the tax side of the fiscal cliff, provides numerous extenders and avoids the automatic sun...
 
26
Mar
2012 American Taxpayer Relief Act: Business and Investments
After weeks of negotiation, Congress has passed the American Taxpayer Relief Act to avert the tax side of the "Fiscal Cliff" and bring some certainty to the Tax Code. Almost all taxpayers are affected...
 
20
Mar
Section 199 – Manufacturer’s Deduction And So Much More
While this IRS code section has been called the Manufacturer's deduction it is available to more than manufacturers. If your company manufactures, produces, grows, or constructs within the United Stat...
 
22
Jan
Newly revived “charitable IRA rollovers”: Time is running out for 2012 tax savings
The American Taxpayer Relief Act of 2012 (ATRA) revives for 2012 and 2013 the opportunity to make tax-free IRA distributions (up to $100,000 per year) for charitable purposes. If you're age 70½...
 
4
Jan
Three Tax Increases Under the Fiscal Cliff Deal
On Jan. 2, Congress passed the American Tax Relief Act to address the fiscal cliff. The act makes permanent 2012 income tax rates for most taxpayers, as well as alternative minimum tax relief. It also...
 
30
Apr
Accountant Wanted
Our Dover, DE office is looking for career-minded CPAs and CPA candidates. For individuals who are qualified, confident and motivated, we offer an upbeat and innovative work environment, a commitment ...
 
24
Apr
IRS Explains Rules for Estate-Tax Portability
The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (the "2010 Tax Relief Act") features the most generous federal estate-tax exemption ever. Furthermore, for the firs...
 
13
Apr
How to Tax-Proof a Business Venture
Virtually any new business undertaking in 2012 is likely to be a risky proposition. At least entrepreneurs and investors can secure some tax protection under Section 1244 of the Internal Revenue Code....
 
5
Apr
New Payroll Tax Holiday
Just before President's Day, the members of Congress agreed to extend the "payroll tax holiday" for the rest of 2012. Debate over the extension had fueled bipartisan politics in this national election...
 
27
Mar
New Ways to Settle Worker Classification
The IRS is offering a unique opportunity to employers who have misclassified workers as independent contractors rather than as employees. Under a special IRS program, an employer may volunteer to sett...
 
20
Mar
Straight Talk on Above-the-Line Deductions
Tax professionals often speak about deductions that are "above" or "below" the line. In this case, the "line" is the point for determining adjusted gross income (AGI). The types of expenses generally ...
 
5
Mar
Hold the (Cell) Phone: The IRS Calls In
The IRS has issued new guidance on the tax treatment of employer-provided cell phones used by employees. The guidance is in accordance with the removal of strict reporting requirements under the
 
24
Feb
Burden of Proof for Charitable Deductions
A few years ago, the tax rules requiring substantiation for charitable donations were tightened. Now, a new ruling shows that the IRS really means business. Background: To deduct charitable contribut...
 
9
Feb
New Rules on Fee Disclosures for Retirement Plans
The Department of Labor has recently released the final rules on fee disclosures (also known as the 408(b)(2) rules), which are designed to increase transparency of fees inside retirement plans. After...
 
1
Feb
Five 401(k) Mistakes to Avoid
The 401(k) plan has long supplanted the traditional pension plan as the most popular type of tax-qualified retirement plan. Thus, there is a good chance that an employee will be eligible to participat...
 
26
Jan
Transcript: AICPA National Conference on Employee Benefit Plans Key Points
By: Lisa S. Hastings and Stephanie J. Turner Lisa: Hi, this is Lisa Hastings. Stephanie Turner and I attended the AICPA National Conference in Washington, DC just before Christmas, and want to share ...
 
5
Jan
Dealing with Independent Contractor Issues
Now that flexible work arrangements are becoming more common, it is even more difficult to tell the difference between "employees" and "independent contractors." Nevertheless, it is important for empl...
 
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