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Summer 2012 Newsletter from Pescatore-Cooper, PLC
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Maricopa County Real Estate Taxes

The Arizona Legislature recently passed a law which requires all residential real property currently identified as owner-occupied to be reclassified as either primary or non-primary residence.  This re-classification will be applied to the owner’s 2012 property tax bill.  The County has recently reviewed their assessment rolls and is mailing questionnaires to those real estate property owners that have more than one owner-occupied property on the rolls.  The new law allows only one (1) residential property to qualify as a primary residence, unless a qualifying relative resides in the property.   If you receive one of these questionnaires or have more questions regarding this new law, please give us a call.

Total Insights Calculator

The AICPA has recently released the Total Tax Insights calculator.  This online tool is designed to give US taxpayers a more complete picture of their total federal, state and local tax obligations.  This calculator helps the taxpayer to see how taxes (not just income and property) affect their lives and their bottom line.   In other words, it gives the taxpayer a clearer view of the total taxes they pay.  The calculator can be found at www.totaltaxinsights.org/Calculator .



SSA - Online Statements

The Social Security Administration has launched an online tool to allow U.S. workers to monitor their benefits. The online Social Security Statement replaces paper statements for most workers. The site allows visitors to view estimates of their retirement, disability and survivors benefits as well as their reported earnings.  To view your statement, please visit http://www.socialsecurity.gov/mystatement/



Flexible Spending Limits

Beginning with plan years after 2012, cafeteria plans that office a Health Flex Spending Account (FSA) option will have a maximum annual contribution limit of $2,500 for employee salary reduction contributions.  Under the previous law, no maximum contribution limit was stated but required employers to set a maximum.  As the open enrollment periods arrive for employees later this year this new maximum may affect the amount that you are able to contribute “pre-tax” towards your FSA.  For employers, you may want to consider discussing this new maximum contribution rule with your Plan Administrator to ensure your Cafeteria Plan is conforming to all new rules. 


Arizona Corporate NOL

The State of Arizona recently adopted House Bill 2815 which includes a modification to the current Corporate Net Operating Loss Carry forward rules.  Beginning with Corporate Net Operating Losses that arise in tax year 2012, the law extends the carryover period from five (5) to twenty (20) years.



JULY
7/31 - Quarterly Payroll Tax Reports due

SEPTEMBER
9/17 - Individuals pay third installment of estimated taxes for 2012,
Partnerships file 2011 Form 1065 if you timely requested a 5-month extension,
Corporations file calendar year 2011 Form 1120 or 1120S if you timely requested a 6-month extension,
Trusts file calendar year 2011 Form 1041 if you timely requested a 5-month extension

OCTOBER
10/15 - Individuals file 2011 Form 1040 if you timely requested a 6-month extension

10/31 - Quarterly Payroll Tax Reports due

2012 Year End Tax Planning
 

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