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Summer Newsletter 2014 from Pescatore-Cooper, PLC
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Tony Pescatore
Rachel Cooper

Have you Voted?

Please help us continue our ranking by voting for our firm in the Ranking Arizona poll.  It takes just a few minutes to vote!  The voting process has changed and you can now vote every hour, so please pass this along to your friends, family, and colleagues.
 
To cast your vote:
  1. Click on the Ranking Arizona image above
  2. Click Register/Login and input your email address and password
  3. Click Finance and Professional as the main category on the left side of the page.
  4. Select Accounting Firms as the sub category.
  5. Scroll to Pescatore Cooper, PC and click VOTE.
Thanks in advance for your vote and continued support!

Expired Tax Breaks for 2014


Many tax breaks expired as of January 1, 2014, such as the R&D Credit, write off of state sales taxes in lieu of income taxes, the exclusion of forgiven debt on a primary residence, the $500,000 Section 179 limitation, the direct transfer of funds from IRA account directly to a charitable organization, among other items.   After listening to the rhetoric in Washington, it appears that there is a stale mate on this issue and if these expired tax breaks are reinstated it will not be until after the November elections.  This could reinstate some of these items retroactively back to January 1, 2014.  We will keep you informed as we learn of any changes.
 

JUNE
6/16 - Individuals pay second installment of estimated taxes for 2014.

6/30 - Foreign bank account (FinCen 114, FBAR) reporting due
 
AUGUST
 
8/15 - Not-for-Profit returns with timely extension due or request an additional extension

SEPTEMBER
9/15 - Individuals pay third installment of estimated taxes for 2014

9/15 - All S-Corporation, Partnership, and Trust tax returns with timely extension due

Things to Know

about IRS Notices and Letters


Each year, the IRS sends millions of notices and letters to taxpayers for a variety of reasons. Here are things to know in case one shows up in your mailbox.
  1. Don’t panic. Many times only a response is needed to take care of a notice.
  2. Please send a copy of the notice to our office.  Each notice has specific instructions about what needs to be done, therefore we will need all pages (front and back) of any notice you may receive.
  3. If the IRS sends a notice stating the IRS has made a change or correction to your tax return, we can review the information on the notice and compare it with your original filed return.  We can assist in writing a letter to explain the discrepancy and include any information and/or documents needed to support the position on the return.
  4. It’s important to respond in a timely manner, usually 30 days from the date of the notice is the deadline for a response. 
  5. In order for us to represent you to the IRS regarding the notice, we may request Form 2848, Power of Attorney be signed by the taxpayer(s).
  6. Once a response is sent to the IRS, please allow 8 – 12 weeks for the IRS to process the response.  Many times if they cannot respond within that time frame, they will send a follow up letter stating that they are still working on the information.
  7. The IRS sends letters and notices by mail. The IRS will not contact taxpayers by email or social media to ask for personal or financial information.
As always, if you have any questions don't hesitate to contact us.  We are here to assist you with any letter you receive.

Identity Theft Surge


With the surge in identity theft throughout the 2014 tax filing season, the IRS is making this one of their top priorities.  Click here from more information and a helpful article from the IRS.

Again, please remember that the IRS will never call you, send emails or contact you via social media to discuss anything regarding your taxes.  If this happens, hang up and do not respond with any personal information.  The IRS has procedures to report the Phishing schemes which can be found here.

 

Net Investment Income Tax

The new Net Investment Income Tax (NIIT) affected many taxpayers in 2013.  The NIIT is levied on dividends, capital gains, and other investment income for most married joint filers who have more than $250,000 in AGI.    The tax is also imposed on individuals who are the owners of partnerships and S Corporations, if the owner is playing more of a passive “investor” role.   Business owners could possibly be exempt from the NIIT on their profits from their businesses with the correct grouping of their business activities and by documenting the level of activity in running the company.   If you would like more information on this, please contact our office.

We're Here All Year!


Many of our clients see us at tax time, when the main focus is completing and filing your tax return.  As a result, you may not take the opportunity to ask questions about long-term tax planning or about other important financial concerns. The good news is that we are available to you all year! We’re ready when you are to take some time reviewing your financial situation, helping you understand your options and make the best decisions. We’re also here in an emergency to help address unexpected financial concerns. So, give us a call to discuss your important financial issues whenever they arise.  Our office is open Monday through Thursday 8:00 am to 5:00 pm or by appointment on Friday.
Copyright © 2014 Pescatore-Cooper, PLC, All rights reserved.


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