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Tradition

Cover & Rossiter March Newsletter

We are wishing a happy spring to all of our associates, clients and friends. We welcome all of your questions and comments about any of the topics in our March issue of Tradition. Our goal is to be your leading financial resource, and we hope you found this information to be of assistance with your financial matters. If you have any concerns or questions that you would like addressed, we'd love to hear from you! Please don't hesitate to contact us directly.    

In this Issue:


Tax Due Dates for March 2016


Learn the important tax due dates for March of this year. They include as follows:

March 15 - Corporations - File a 2015 calendar year income tax return (Form 1120) and pay any tax due. If you want an automatic 6-month extension of time to file the return, file Form 7004 and deposit what you estimate you owe.

S Corporations - File a 2015 calendar year income tax return (Form 1120S) and pay any tax due. Provide each shareholder with a copy of Schedule K-1 (Form 1120S), Shareholder's Share of Income, Credits, Deductions, etc., or a substitute Schedule K-1.



Who Should File a 2015 Tax Return?



Most people file a tax return because they have to. But even if you don’t, there are times when you should, because you might be eligible for a tax refund and not know it. This year, there are a few new rules for taxpayers who must file. The six tax tips below should help you determine whether one of them affects you.

General Filing Rules. Whether you need to file a tax return this year depends on a few factors. In most cases, the amount of your income, your filing status, and your age determine whether you must file a tax return. 


 


Reduce Your Taxes with the Child Care Tax Credit


If you paid someone to care for a person in your household last year while you worked or looked for work, then you may be able to take the Child and Dependent Care Tax Credit and reduce the amount of tax owed.

There are 12 facts you should know about this important tax credit.

Child, Dependent or Spouse. You may be able to claim the credit if you paid someone to care for your child, dependent or spouse last year.


 

 

Within the Firm News

 

Eric Williams, CPA, ACI Promoted to Principal in Charge of the Captive Audit Group

 
Eric has been with Cover & Rossiter for 12 years and works on many of our large and complex audit engagements. He has taken on the responsibility of the Captive effort and has been involved since its inception in 2005. Eric joined Cover & Rossiter in 2003 as a Staff Accountant and has earned his promotions through his hard work and dedication to client service.
 


 

Announcing New Staff Members

 
Audit Department:
  • Ashley Smith – Staff Accountant: Ashley recently graduated from Pennsylvania State University with a B.S. in Accounting. She lives in Lancaster, Pa. and enjoys watching the Philadelphia Eagles and the Phillies.  


Looking Ahead

 
Have you experienced a major event in your life or changed your address? If so, please contact your Cover & Rossiter advisor so that we can be sure to provide you with the best advice and uninterrupted service. You can also update your information here.
 

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