Recent News
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 ...
26
Dec
Avoid the year-end vacation-time scramble
Every December are your employees scrambling to use up their vacation time because of limits on what they can roll over to the new year? Or do you allow rollovers and have long-time employees who've b...
19
Dec
Why the self-employed should consider setting up a retirement plan before year end
For 2013, the maximum IRA contribution is $5,500 - $6,500 if you're age 50 or older on Dec. 31. (The maximum IRA contribution or deduction may be reduced or eliminated depending on various factors.) B...
29
Oct
Maximize your 2013 depreciation deductions with a cost segregation study
If you've recently purchased or built a building or are remodeling existing space, consider a cost segregation study. It identifies property components and related costs that can be depreciated much f...
24
Oct
Will your exec comp be subject to expanded Medicare taxes?
Maybe. The following types of executive compensation could be subject to the health care act's 0.9% additional Medicare tax: • Fair market value (FMV) of restricted stock once the stock is no longer ...
16
Oct
Why you should max out your 2013 401(k) contribution
Contributing the maximum you're allowed to an employer-sponsored defined contribution plan, such as a 401(k), 403(b) or 457 plan, is likely a smart move: • Contributions are typically pretax, reducin...
7
Oct
Roundup of Year-End Planning Ideas
The American Taxpayer Relief Act of 2012 (ATRA) extended and enhanced various tax breaks for individuals and small-business owners in 2013. However, ATRA also imposed higher taxes, and a new 3.8% Medi...
4
Oct
IRS issues final regs on tangible property expenses
The regulations (IRS T.D. 9636) provide guidance on how to comply with Sections 162 and 263 of the Internal Revenue Code. These sections require amounts paid to acquire, produce or improve tangible pr...
1
Oct
Planning Ahead for the Health Care Law
The federal government recently announced that one of the key provisions in the massive 2010 health care legislation-the Patient Protection and Affordable Care Act (the PPACA)-will be postponed for on...
11
Sep
IRS makes more same-sex couples eligible for federal tax treatment as a married couple
In response to the U.S. Supreme Court's June decision regarding same-sex marriage, the IRS recently clarified that married same-sex couples will be treated as married for all federal tax provisions in...
5
Sep
OPEN POSITIONS
WE ARE HIRING! Faw Casson is currently seeking to fill two positions. One in our Rehoboth Beach, DE office and one in our Dover, DE office. Senior Level CPA or CPA-candidate with audit experience wa...
9
Aug
Don’t Skimp on S Corporation Salaries
S Corporation owners often take modest salaries as a tax-saving strategy. By distributing most of the corporation's profits in the form of dividends rather than wages, the company and its owners can a...
7
Aug
SCAM ALERT!
In recent months, we've seen an increase in correspondence via mail, fax, and email alerting the recipient of issues with the State of Delaware Department of Revenue, which will be taken care of on th...
7
Aug
SCAM ALERT!
In recent months, we've seen an increase in correspondence via mail, fax, and email alerting the recipient of issues with the State of Delaware Department of Revenue, which will be taken care of on th...
31
Jul
Faw Casson Announces New Director of Operations
Faw Casson is pleased to announce Lisa S. Hastings, CPA as the Firm's new Director of Operations. Lisa joined Faw Casson in 1986 and, in addition to her leadership responsibilities to the Firm, works ...
31
Jul
Faw Casson Opens Office in Rehoboth Beach, DE
Faw Casson is excited to announce the grand opening of a new office at 20245 Bay Vista Road; Suite 204, Rehoboth Beach, Delaware. The ribbon cutting and open house was held on July 23, 2013. It was we...
31
Jul
The new 0.9% Medicare tax: Watch out for withholding issues
Under the health care act, starting in 2013, taxpayers with earned income over $200,000 per year ($250,000 for joint filers and $125,000 for married filing separately) must pay an additional 0.9% Medi...
4
Jun
Planning to make a large cash gift for high school graduation? Consider paying some college tuition instead.
With commencement ceremonies for high school seniors coming up, many parents and grandparents are contemplating making cash gifts the student can use for college expenses. But if gift and estate taxes...
31
May
Don’t be a Victim: Identity Theft Prevention Techniques
"An ounce of prevention is worth a pound of cure." Nowhere is this idiom more true than when it is applied to the issue of identity theft. The 2013 Identity Fraud Report released in February 2013 by J...
29
May
Top 20 Changes in New Tax Law
The new American Taxpayer Relief Act of 2012 (ATRA)-signed on January 2, 2013-features sweeping tax changes for both individual and business taxpayers. Here is a roundup of 20 of the most important pr...
26
May
Be prepared for the health care act's
The Patient Protection and Affordable Care Act of 2010's shared responsibility provision, commonly referred to as "play or pay," is scheduled to take effect Jan. 1, 2014. It doesn't require employers ...
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...
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