Recent News
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...
28
Dec
How late can you make donations and still deduct them on your 2012 return?
To take a 2012 charitable donation deduction, the gift must be made by Dec. 31, 2012. According to the IRS, a donation generally is "made" at the time of its "unconditional delivery." But what does th...
27
Dec
FUTA Update—Increased 2012 Rate
The U.S. Department of Labor has released the listing of FUTA Credit Reduction States for 2012. States that have outstanding loans with the Federal Unemployment Trust fund will have their FUTA credit ...
12
Dec
Save more tax with donations of appreciated stock
Publicly traded stock and other securities you've held more than one year are long-term capital gains property, which can make one of the best charitable gifts. Why? Because you can deduct the current...
11
Dec
Being Smart About Charitable Giving
By Hugh Leahy, Senior Vice President for Southern Delaware, Delaware Community Foundation It's the time of year when many of us are in the giving spirit. But some of the most meaningful gifts aren't ...
6
Dec
Faw Casson’s Information Portal
As you may be aware, last year Faw Casson implemented the use of an internet based file transfer site. This site is a secure, web based portal that allows us to exchange electronic information with or...
30
Nov
Tammy J. Ordway and Orway Group, PA merge with Faw Casson
Faw Casson is excited to announce the merger of the Ordway Group, led by Tammy Ordway, CPA, with Faw Casson. Effective December 1, 2012 the two firms have consolidated into Faw Casson's Dover office. ...
14
Nov
Projecting income can allow businesses to use timing to their tax advantage
By projecting your business's income for this year and next you can determine how to time income and deductions to your advantage. Typically, it's better to defer tax. You can do so by: • Deferring ...
9
Nov
Avoiding the Tax Deduction Roadblocks
A taxpayer who uses a personal vehicle for business driving may benefit from a unique tax break. Under the current tax law, certain heavy-duty sport utility vehicles (SUVs) are exempt from the usual "...
1
Nov
Tax Implications of Awarded Stock
Consider the tax implications if you're awarded restricted stock In recent years, restricted stock has become a popular form of incentive compensation for executives and other key employees. If you'r...
24
Sep
Eight Top Tax Breaks in Jeopardy
No one is sure exactly what the upcoming national election will bring, but tax reforms are likely to be on the table. In the meantime, several key tax breaks are scheduled to expire after 2012 unless ...
18
Sep
Why you may want to incur medical expenses before year end
Currently, if your eligible medical expenses exceed 7.5% of your adjusted gross income (AGI), you can deduct the excess amount. But in 2013, the 2010 health care act increases this "floor" to 10% for ...
13
Sep
Complications to New Cost-Basis Rules
New "cost-basis" reporting rules for investments went into effect in 2011...sort of. These new rules are being phased in over a three-year period. What's more, due to the way the changes are being imp...
7
Aug
Delaware Tax Credit for Charitable Contributions
By: Kimberly A. Fonda, CPA, CFE The Neighborhood Assistance Act (NAA) provides an opportunity for charitable contributions to give back to the donor. The Act allows businesses or individuals a reduct...
7
Aug
Veterans’ Opportunity Tax Credit Signed
By: Kimbery A. Fonda, CPA, CFE Delaware's Veterans' Opportunity Tax Credit Act was signed into law July 31, 2012 in an effort to decrease the number of unemployed veterans within the State. The benef...
19
Jun
Congratulations to our New Partners
Faw Casson is excited to announce the promotion of four individuals to the position of Partner . Please join us in extending congratulations to James E. Arthur, CPA, Lauren Harper, CPA, CFE, Brian J. ...
21
May
Locking Down the Home Sale Tax Exclusion
Even with real estate prices depressed in many parts of the country, long-time homeowners might be liable for tax on a sizeable gain when they finally sell the family abode. Fortunately, a special tax...
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...
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