Taxes are the hot topic right now for both individuals and businesses.
Recently, Myunghee Geerts, Principal in Cover & Rossiter’s tax department, was invited to speak at several business organization events. Her primary focus was on helping organizations understand the ever-changing tax laws and ensuring their ability to maximize earnings and minimize tax liabilities.
One topic that has been in high demand for information is the Opportunity Zone tax incentive program created by the Federal Tax Cuts and Jobs Act of 2017. In February, Geerts was on a panel for the Committee of 100 discussing the impact of the Opportunity Zone tax incentive program.
In March, she spoke at an Opportunity Zone workshop organized by Sussex County’s Economic Development Office. On April 8th, she will be the featured speaker at an Opportunity Zone workshop organized by the City of Milford.
The Opportunity Zone tax incentive program allows investors to defer paying tax on realized capital gains if such gains are invested in a qualified opportunity fund. The program further offers reduction of tax liability on original capital gains up to 15 percent and permanent elimination of tax on appreciation of the initial investment depending on the holding period of the investment. In Delaware, there are 25 economically-distressed census tracts that are designated as Opportunity Zones.
Geerts also spoke at the Delaware Innovation Space in March about Delaware’s R&D Tax credit which currently isn’t being used to its full potential by Delaware businesses. The tax credit rewards businesses for conducting leading-edge research in the State. Delaware’s R&D credit amount could be 50 percent of the federal credit amount. For small businesses with gross receipts less than $20 million (subject to annual adjustment), Delaware’s credit amount could go up to 100% of the corresponding federal R&D tax credit. Moreover, Delaware offers a refundable credit which allows businesses not yet profitable to take advantage of the credit. No other state can match it! The Delaware credit along with federal credit can fuel further innovation, attract investors and increase the value of the company.
Marie Holliday, Cover & Rossiter’s Managing Director, said, “We are so excited to have Myunghee share her expertise on these important tax issues to make sure Delaware businesses fully understand these incentives and the tax implications. They are complex topics and she has a knack for being able to clearly explain them.”
Myunghee Geerts, Principal in Cover & Rossiter’s tax department has a Bachelor of Arts degree in Accounting from Michigan State University and a Masters of Business Administration degree from the University of Delaware. She is a Certified Public Accountant in Delaware and Pennsylvania and frequently speaks on tax planning and tax reform at workshops. Geerts served as Chair of the Delaware Society of CPAs’ Board of Directors and organized the 2018Big IDEas for Your BusinessConference.
Cover & Rossiter provides tax, audit, trust, and accounting services to individuals and families, businesses, nonprofits, and captive insurance companies. The firm, currently celebrating its 80th year in business, is a two-time winner of The Marvin S. Gilman Superstars in Business Award presented by the Delaware State Chamber of Commerce.