Recent News
17
Apr
Tax Reform: Benefits for Individual Taxpayers
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20
Dec
Tax Reform Update

YOU BRING THE QUESTIONS.

19
Dec
Year End Tax Considerations
12
Dec
Seven Time-Tested Year-End Tax Tactics
At this point, it is still uncertain whether any significant tax reform will be enacted this year. Keeping that in mind, individual taxpayers may stick with &l...
11
Dec
Five Year-End Moves for Small Businesses
As with individuals, year-end tax planning for businesses remains somewhat uncertain. However, the Protecting Americans from Tax Hikes (PATH) Act of 2015 prese...
5
Dec
Preparing Form 1099-MISC
22
Nov
Kris Mujica Earns Bookkeeper Accreditation
26
Oct
Five Steps to Prepare a Business for Sale
If you are a successful business owner, you should prepare for the day when you hand over the reins—perhaps to a younger family member—or sell the ...
24
Oct
Do I Qualify for the Dependent Tax Credit?
 
 
19
Sep
Protect your Business From Fraud
12
Sep
How Long Should I Keep Tax Documents?
When can you get rid of old tax documents?
 
If you’re like me as soon as your tax return is filed the last thing you want to do is hang on to all th...
29
Aug
Benefits of Using Quickbooks
18
Aug
Tax Breaks for Higher Education
 
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1
Aug
Delaware Legislative Update
5
Jul
Faw Casson Welcomes Becca and Nakia

Faw Casson is pleased to welcome two new associates to their team:  Rebecca M. Chance, Associate Accounta...

29
Jun
Denise Vendrick wins Digital Advertising Award
Denise Vendrick of Faw Casson was awarded the 2017 Award for Digital Advertising at the Association for Accounting Marketing’s annual award gala in Las V...
20
Jun
Enjoy Deductions for Summer T&E Expenses
What are your plans for the summer? If you have a business trip scheduled for a place you would like to visit personally, you might decide to combine a little pleasure with your business. ...
7
Jun
Business Driving Deductions: A Fork in the Road
Did you use your vehicle for business driving in 2016? Generally, you can deduct expenses on your tax return in one of two ways: the actual expense method or the IRS-approved standard mile...
24
May
Immediate Tax Benefits for Business Property
There is a unique tax break for business entities of all shapes and sizes contained in Section 179 of the Internal Revenue Code. Under this section, a business can elect to “expense,...
17
May
How to Bridge a Retirement Shortfall
People are living longer these days than they did five, 10 or 20 years ago. Of course, that is good news, but it also means that you may have to provide a bigger cushion in retirement than you ha...
10
May
Reach into this Grab Bag of Deductions
As we near the end of tax filing season, you might be looking to increase the number of itemized deductions you can use to offset highly taxed ordinary income. What about the grab bag of e...
29
Dec
Filing Deadline Changes for W-2s and 1099-MISC
There have been some important filing deadline changes for employers who issue W-2s to employees, and 1099-MISC forms which report non-employee compensation. F...
23
Dec
Preparing Form 1099-MISC
As we approach the end of 2016 it is time to start thinking about the preparation of Form 1099-MISC.   Preparation requirements are the same as prior...
8
Dec
Seven End of Year Tax Moves in 2016
With the national elections completed there will surely be  changes in the future that will impact personal taxes for years to come. However, there is still time to implement som...
30
Nov
DOL Overtime Rule on Hold
For the past few months, Faw Casson has brought you news regarding the Department of Labor...
17
Oct
Seven Tax Moves for 2016
The national elections will surely impact personal taxes for years to come, yet it’s unlikely that a lame-duck Congress will endorse changes that will significantly impact tax planni...
8
Sep
Estate Planning Ideas for Blended Families
In this day and age, it is not unusual for a spouse, children and grandchildren from a second or even third marriage to form a so-called blended family. But these additions to the clan can...
16
Aug
Seven Tax Moves in the Summertime
Although summer is traditionally the time for rest and relaxation, you can still “work on” your 2016 tax bill. What’s more, special tax incentives for individuals and sma...
24
May
Overtime Final Rule: What you need to know
The Fair Labor Standards Act (FLSA) received a major revamp from the Department of Labor May 18, 2016.  As a result of the Final Rule o...
19
May
Can you deduct losses after a fire, theft, or other loss?

If you ever suffer damage to your hom...

8
Dec
Large Employers Must Provide Employees with Form 1095-C
With the implementation of the American Health Act, there are many things business owners need to be aware of now.  One of those is a new filing requirement: Form 1095-C.  This f...
15
Sep
Seven Tax Moves to Make at Midyear
The summer is not just the season for recreation and relaxation. It can also be the time to reduce your 2015 tax liability. Here are seven prime examples for i...
24
Jul
How Does the 3.8% Net Investment Income Surtax Work?
Some taxpayers may be struggling with understanding the rules for the 3.8% surtax on net investment income (NII). The tax law provision authorizing this surtax...
20
Jul
Quickbooks Scams Circulating
Another reason to remain vigilant regarding whom you're giving your information to - new versions of Quickbooks scams have recently been reported.  
 
On...
7
Jul
Do you know what your donation is being used for?
If you donate your vehicle, the value of your deduction can vary greatly depending on what the charity does with it. You can deduct the vehicle’s fair market va...
22
May
Maryland “Double-Tax Law” Struck Down by Supreme Court
In a win for Maryland residents that are working in other states, the Supreme Court struck down a Maryland tax law that, in essence, has been double-taxing those residents that are employe...
4
May
Got ISOs? You need to understand their tax treatment.
Incentive stock options allow you to buy company stock in the future at a fixed price equal to or greater than the stock’s fair market value on the grant date. If the stock appreciat...
22
Oct
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...
22
Oct
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
Oct
Self-employed? Save more by setting up your own retirement plan
If you're self-employed, you may be able to set up a retirement plan that allows you to make much larger contributions than you could make as an employee. For example, the maximum 2014 employee contri...
7
Oct
Faw Casson Welcomes George Hufnagel, Jr
Faw Casson is pleased to welcome George J. Hufnagel, Jr., CPA to our Dover office. We are very excited to have him with us and to see our Faw Casson family continue to grow. With extensive knowledge ...
3
Oct
Important Alert for Former First National Bank of Wyoming Shareholders
TAX PLANNING ALERT FOR FORMER SHAREHOLDERS OF FIRST NATIONAL BANK OF WYOMING (FNBOW): Due to the recent merger with WSFS, all former FNBOW shareholders must soon elect how to exchange their shares for...
11
Aug
Delaware Research and Development Credit
On July 15, 2014 Governor Jack Markell signed HB 318, new legislation that allows Delaware's Research and Development Credit (R&D Credit) to be more accessible to small businesses in the first state. ...
4
Aug
Faw Casson Welcomes Two New Employees
Faw Casson is pleased to welcome two new associates to our growing team. Daniel Steele has joined us as a Staff Accountant and Luke Billings, CPA as a Supervisor in the Dover, Delaware office. Daniel...
31
Jul
Is a Roth IRA conversion right for you this year?
If you have a traditional IRA, you might benefit from converting some or all of it to a Roth IRA. A conversion can allow you to turn tax-deferred future growth into tax-free growth. It also can provid...
24
Jun
A Quick Fix for Workplace Problems
Even if you know you are "in the right," or you have been wronged by another party, it may not be in your best interest to pursue time-consuming legal action. One widely used method to resolve such is...
18
Jun
Ten Ideas for Better Brainstorming
Are you looking to boost your business income? Although brainstorming might lead to that "million dollar idea," it can also be a waste of time. Here are 10 ideas to improve productivity. 1. Choose a ...
4
Jun
Alison L. Houck Promoted to Partner
Faw Casson is excited to announce that Alison L. Houck, CPA has been promoted to Partner. Please join us in congratulating her. Alison is the Partner in charge of the Firm's Rehoboth office, and spec...
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 ...
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...
7
Dec
Wilmington Trust Stock Conversion
On May 16, 2011 Wilmington Trust merged into M&T Bank. At this time holders of Wilmington Trust stock received 0.051372 shares of M&T stock for every 1 share of Wilmington Trust stock owned. Any fract...
30
Nov
Benefits on Tap for Charitable Rollovers
The 2010 Tax Relief Act extends the tax break for so-called "charitable rollovers," but only through 2011. If a retiree is inclined to take advantage of this unique tax opportunity, he or she should m...
22
Nov
‘Tis the Season to Give Gifts
The new tax law signed late last year-the 2010 Tax Relief Act-creates an added incentive for wealthy individuals to give generous lifetime gifts to family members. Because the estate- and gift-tax pro...
11
Nov
Relief from 1099 Reporting Rules
The onerous rules requiring businesses to report most payments to the IRS have ended before they ever began. Congress repealed the new reporting requirements as part of the "Comprehensive 1099 Taxpaye...
18
Oct
Succession Planning: Now is the Time
By Dana Wattay, CPA Having a plan in position to replace retiring or transitioning talent is one of the most important things a business can do to ensure the continued prosperity and growth of the or...
21
Sep
Proposed – American Jobs Act of 2011
The American Jobs Act of 2011, proposed by President Obama on 9/12, is presently being honed by Congress. In its current state, the proposed $447 billion job-creation plan has several key aspects of ...
12
Aug
Delaware Tax Credit Saved!
In 2010 a Delaware Senate bill was introduced that would have eliminated the Blue Collar Job Tax Credit. The Blue Collar Credit is a state tax credit that benefits certain qualified activities, includ...
29
Jul
Meet our Certified Fraud Examiners
A Certified Fraud Examiner (CFE) is a specialist in the detection and deterrence of a wide range of white-collar crimes - from discovering employees or executives who misappropriate company assets t o...
24
May
Big Changes for FSAs in 2011
A little-noticed provision in the 2010 health care legislation may affect flexible spending accounts (FSAs) in 2011. ackground: With an FSA, participants save tax by making contributions to the accou...
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