Adam R. Necelis, CPA LLC

05/01/2021

Congratulations to all the winners of Best of Salem County! Special shoutout to our friends at Tri County Termite & Pest Control, Inc., The Garden of Eden Flower Shop, Lapps Dutch Market, Green Technology Services, and CM Williams & Associates LLC.

Congratulations to All! ‌ www.SalemCountyChamber.com ‌ Best of Salem County Contest Results - Congratulations to All Results for the 2021 Best of Salem County are available. Congratulations to all!

02/07/2021

A big thank you to Alice's Table and Point To Point Wealth Planning for a fun evening last night! We had a demonstration on how to make the perfect charcuterie board. It was so easy even an accountant could do it, with some help of course.

01/29/2021

Today feels like a good day to remind everyone about the IRS virtual currency reporting requirements. Any income from the sale or exchange of virtual currency is considered income that needs to be reported on your tax return. In addition, on the front of the 2020 Form 1040 it asks "At any time during 2020, did you receive, sell, send, exchange or otherwise acquire any financial interest in any virtual currency?"

So before purchasing Dogecoin or any other virtual currency make sure you are aware of any tax impact.

Frequently asked questions and answers about Virtual Currency transactions.

12/01/2020

On this Giving Tuesday, it's important that we support local charities many have been hurt tremendously by the pandemic. Most people are aware that charitable donations are tax deductible. However most people don't realize they need to claim the itemized deduction to receive this benefit. For the 2020 tax year, the IRS is allowing taxpayers to deduct up to $300 of charitable contributions while still claiming the standard deduction.

Here are some of my favorite charities, feel free to comment with your favorite and we will randomly pick one to make a contribution to as well.

Food Bank of Delaware, Faithful Friends Animal Society, Imperial Dynasty Arts Program, Reading Buccaneers Drum & Bugle Corps, Habitat for Humanity of New Castle County

This year, donate cash to charity and collect a deduction when you file your taxes in the spring. Here's what you should know

11/20/2020

Our 1st Annual Food drive is coming to a close. I will be taking all donated food items to the Food Bank of Delaware tomorrow morning.

However the virtual food drive portion will continue until Wednesday. Virtual donations can be made here, https://fbd.fenly.org/drive/necelis-cpa-virtual-food-drive/. You can purchase a frozen turkey, bags of rice, or simply make a monetary donation.

We're currently sitting at 50% of our $500 goal. Please consider donating if you are able to! Also, it can be counted as a tax deduction.

10/16/2020

Starting Monday, October 19th we will begin hosting our 1st annual food drive. We will begin collecting donations for the Food Bank of Delaware at both our office locations. The food drive will run until November 20th. Here is a list of the most wanted items.

If you are unable to drop off non-perishable food to our office directly, you can donate through our virtual food drive, https://fbd.fenly.org/drive/necelis-cpa-virtual-food-drive/.

Any and all donations will be greatly appreciated.

09/01/2020

Starting today employers can elect to defer the Social Security and Medicare tax withholdings from their employees paychecks. This deferral period runs through the end of the calendar year.

If your employer elects to defer the taxes it will allow most employees to increase their tax home pay. Normally your employer is required to withhold Social Security tax (6.2%) and Medicare tax (1.45%) from your paycheck. Any amount of tax that is deferred during this time will need to be repaid between January 1, 2021 and April 30, 2021.

It is up to the employer, not the employee, to decide if they will defer the tax withholdings.

If you have questions, please feel free to contact me at [email protected] or 302-322-1135.

The US Treasury Department released guidance Friday evening informing companies and workers how Trump's proposed tax holiday will apply to them.

08/13/2020

For those of you who know me, know I love talking about taxes and 2020 has brought a lot to talk about. So we decided to host a webinar on September 21st at 6:00 pm to discuss some of the recent tax law changes and some planning tips in light of the new legislation. If there are questions you would like to discuss, please leave a comment or send me an email at [email protected].

If you are interested in attending, you will need to sign up using the link below. There are limited spots available.

Feel free to pass this along to friends or family!

Every year brings a number of tax law changes and 2020 is no different. Join us for an discussion on some of the recent tax law changes and tax planning strategies that can be implemented. We will discuss tax law changes under the recent legislation, including the SECURE Act and CARES Act, Qualified...

08/11/2020

Yesterday, Governor Carney announced the Delaware Housing Assistance Program is coming back to assist tenants and homeowners meet their housing obligations. Eligible residents can receive up to $5,000 of assistance. To qualify you have to be a Delaware resident and meet certain income thresholds.

For more information regarding this program, please visit the Delaware State Housing Authority's website at http://www.destatehousing.com/covid19/.

Delaware is going to spend $40 million to help residents who are struggling to pay rent or mortgages during the coronavirus pandemic.

08/08/2020

There has been a lot of discussion revolving around the post office recently. As a small business we rely heavily on the USPS, especially this year, and I wanted to highlight my recent experiences with the post office for those who don't interact with the post office on a regular basis.

With our offices closed since mid-March we have relied on the USPS to send and receive tax documents, signed authorizations, tax notices, and tax payments. Unfortunately as we approached the July 15th deadline we were notified that we should no longer expect to receive mail everyday. Instead of receiving mail 6 days per week, we typically only receive mail 4 or 5 days per week. We even had a period when we received mail once in a 4 day period. This caused delays in receiving documents from clients and slowed down our process.

We have noticied that there are fewer and fewer tellers available at the post office to assist. This has caused longer lines and longer wait times. There has also been a reduction in operating hours, with our local post office closing at noon or 2 on most days.

In addition, if the USPS did not exist we would rely on another service. For comparison purposes, when sending a Certified Letter through the USPS it costs $4.10. If we had to send a letter with signature required through FedEx it would cost approximately $14. We send thousands of letters per year so that added costs would add up. My main concern would be for those clients on a fixed income, as a forever stamp costs $0.55 but an envelope with FedEx costs more than $8.00.

We of course will adapt and utilize alternatives to continue to serve our clients but as someone who interacts with the USPS on a daily basis, I wanted to highlight how the recent changes are having a noticeable impact on our business.

08/05/2020

With the US tax code as complicated as it is there tends to be a number of misconceptions. The Tax Foundation published a list of 10 common myths and debunks each of them. If nothing else, I recommend looking at Myth #4 regarding large tax refunds.

If you have any questions about these myths, feel free to comment on this post or send me an email at [email protected].

Corporations pay no tax. Business taxes only affect business owners. Tax cuts pay for themselves. The rich don't pay any taxes. Other countries pay tariffs.