Sunshine Research has released a short report on Deluxe Corporation (DLX US), highlighting the company's aggressive accounting practices and the likelihood of a dividend cut in the coming quarters. The report points out that despite attempts to diversify, Deluxe's check printing business, which is in structural decline, still accounts for over 50% of its profitability. The report also suggests that Deluxe's quality of earnings has deteriorated significantly in recent years, indicating growing business pressures. The report concludes that Deluxe may be forced to cut their dividend in the coming quarters due to declining cash generation and higher interest rates.