Thursday, November 14, 2013

Mixed Message Anniversary

While we read of the 50th anniversary of the opening of I-95, and the halo effect that surrounds Pres. Kennedy because of the way he passed, it is also helpful to keep this in the context of the destructive partisan politics that Pres. Kennedy inflicted upon Delaware. Kennedy intentionally and maliciously delayed the completion of I-95 in Delaware and snubbed our excellent Senator Boggs because of the same sorts of childish petulant partisan politics that we see in Washington today.

We don't even need to hear their words, we can see the glint in the eyes of the politicians when they tap into that disruptive rhetoric. It is the glint in the eye that we see when someone tells a joke, only, the joke is on us. I am serious, you can literally observe this phenomenon. We are being played for fools by self-interested parties. Much like the ancient Roman government provided free entertainment ( Colosseum and other similar amusement parks ), and free food daily, to distract the population while they played their own brand of abusing society.

The failure and responsibility lies only with each and every one of us. We are responsible to put the right people in positions of leadership.

When its time to organize representation show up; and when it's time to vote, show up. Don't just sit mesmerized watching the game. Show up and own up to our responsibilities.

These are my opinions and likely only my opinions. I am ok with that.

Thursday, July 18, 2013

Delaware Public Benefit Corporation Legislation

Significant development in Delaware corporate law!

Governor Jack Markell just signed legislation (Senate Bill 47) enabling the formation of public benefit corporations in Delaware.

Corporations are eligible to form, convert or merge into a public benefit corporation in Delaware beginning August 1, 2013.

Monday, June 17, 2013

Regular Resume Tips

There are a lot of folks looking for work. Put yourself in a good position by having your resume in good shape to be read, and considered. Here are a couple of tips that you might find helpful:

1. Use an email address which presents a professional or at least neutral image. Avoid such names as : sweetie pie; hot4u; road racer; etc. While these may be just fine for your general correspondence, they are an immediate turn off to a potential employer looking for a conforming employee.

2. Capitalize your name correctly;

3. Don't use all caps, except possibly in the title line of the resume.

4. Read the ad, apply for the right position. Don't send a cover letter looking for dental assistant work to a job opening for an office worker.

5. Include all relevant information. Don't skip jobs, don't lie.

6. Spell Check.

Wednesday, March 06, 2013

Tuesday, January 22, 2013

Hiring 3 Associates at Delaware Intercorp, Inc

Associate –– P/T Newark office position available for a responsible, honest, hardworking person with good people skills who isn’t afraid to learn and to work. Mix of sales oriented customer service, data entry, and correspondence. Must have good phone, written, and in-person communication skills; must be organized. Must be able to work pleasantly and productively in a team environment.

Currently three open part time positions, which can grow to full time as training, experience, and excellent reviews occur. Typically start at 15 hours a week during initial training, which usually gets increased rapidly to 20 or more hours per week, as the applicant proves their worth to the enterprise and absorbs initial training. Must be able to use Microsoft Outlook, Word, and Excel proficiently, and be able and willing to learn new computer applications.

A pre-existing knowledge of Quickbooks is a plus. Pay starts at $9.25 per hour. Merit increases and career progression available to be earned. Fast paced multi-tasking environment in a growing company. Must be able to maintain a pleasant disposition and positive attitude under stressful conditions. Mandatory drug and background screening for all employees.

Send resume to: , or mail to: Delaware Intercorp, Inc, 111 Barksdale Professional Center, Newark, DE 19711; or fax to (302) 266-9940.

Friday, June 15, 2012

Tomorrow ( June 16 ) is the Blues Festival in Saint Georges! It's for a great charity, CSO, inc, which is preparing to support the region in disaster relief and recovery efforts! It is being put on for us by Blue Horizon Promotions

It is from noon till 8pm at the old Commodore McDonough School... which is the location that CSO is recycling to be the multi-purpose disaster relief resource.

It will be a family atmosphere event, so bring 'em!

We will also be putting on a Bluegrass festival on July 14.

Wednesday, April 04, 2012

How FBAR Affects Business with Foreign Bank Ties

In 1970 the U.S. government passed the Bank Secrecy Act, aimed at discovering financial accounts and transactions that U.S. taxpayers held in foreign banks. Specifically, to ensure proper taxes were being paid on any income. The original goal of the Foreign Bank Accounting Reporting (FBAR) was to aid the Department of the Treasury in combating money laundering involving international criminal networks. It wasn’t until 2008, however, that the government defined more specifically who was subject to FBAR requirements.

FBAR enforcement authority lies with the Financial Crimes Enforcement Network, which authorized the Internal Revenue Service to enforce FBAR on its behalf. Therefore, it’s important to note that while you file FBAR with the Department of Treasury and it is enforced by the IRS, your filing of FBAR alone will not result in taxes owed. Although failing to include your foreign bank account on your tax return will result in penalties as the form data is shared. Your filing will also be shared among government agencies.

If you have more than $10,000 in foreign bank accounts you are required to file an FBAR form, Form TD F 90-22.1. You must file this form every June 30 or you will be subject to fines and potential jail time. So if you’re a business owner and have never filed a FBAR form and have more than $10,000 in foreign bank accounts, you best consider filing this year.

In 2011, the IRS offered an Offshore Voluntary Disclosure Initiative (OVDI) program which basically granted amnesty to anyone who had never filed or needed to file an amended FBAR form. It is not clear if they will offer the program again in the future. However, it is clear that failing to file the FBAR form will result in fines and even jail time. Your business’ CPA can tell you if you need to file an FBAR form. There are a few things to keep in mind however:

• U.S. taxpayers that have more than $10,000 in a foreign bank account at any one time throughout the year must file an FBAR form.

• You must file annually and the FBAR form must be received by the Department of Treasury no later than June 30. Not mailed by June 30, received by June 30.

• Electronic filing is not available and you cannot request an extension.

• FBAR applies to businesses as well, but not to individual officers with signature authority over a business account (they would still need to file if their personal account met the requirements).

Typically, the IRS will not prosecute someone who voluntarily comes forward and admits they failed to file, even if it’s outside the voluntary disclosure period. So if you missed the June 30 deadline and/or the OVDI program deadline, you should still file your FBAR form before the IRS figures out you should have. Your CPA can provide you with guidance specific to your situation and provide a detailed picture as to what fines you may face.

If you are required to file the FBAR form and you fail to do so voluntarily, you will be subject to fines and even jail time. The fines start at $100,000 or half the value of the account, whichever is more, per year. That’s a pretty steep penalty for not filing. And while there has been a concerted effort by many to reduce the penalties or burden of filing FBAR, you’re still better off voluntarily filing than waiting for the IRS to catch you.

The form itself is fairly straight-forward. Part I is all about the filer: your EIN, address, business name and so forth. Part II collects all the data on the foreign bank accounts that are owned solely. This includes the maximum value of the account, its type (i.e. bank, securities or other) and where the funds are held. Part III of the FBAR form is similar to Part II, but is for foreign bank accounts that are jointly owned. The same information is required in Part III as in Part II, but you must also provide the name and, if known, identification number of the person or entity with which the account is jointly held. Part IV is if you have foreign accounts in which you have signature authority over, but no financial interest. Part V is for those eligible to file a consolidated FBAR. Your CPA can assist in determining which parts of the FBAR form you need to fill out.

If you haven’t filed an FBAR form and are required to do so, contact your CPA immediately and schedule a meeting with them. It is important that you file the FBAR form voluntarily, or else you will be subject to hefty fines and even jail time. Save yourself a future headache, by filing now. For more information on Filing FBAR forms, visit the Internal Revenue Service or call toll free 1-800-829-4933 for businesses or 1-800-829-1040 for individuals.

By Grant Webb with Bisk Education. For more than 40 years Bisk has been training accountants and financial professionals to pass the Uniform CPA Exam so that business owners whose accounts require FBAR form processing have a dedicated and licensed professional to facilitate these processes.