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5 posts from December 2013

12/30/2013

New 2013 Year End - 2014 Tax Planning Guide for Businesses

Each year we look for the best strategies to reduce our clients' tax bills.  We have listed business tax law changes and updates in our 2013 Year End - 2014 Tax Planning Guide for Businesses.  As the year reaches its final day, this guide highlights several potential tax-saving opportunities that we have discussed during clients’ complimentary year-end tax planning meetings.   We hope this will serve as a guide as you make last-minute year-end tax decisions, or as you plan for 2014.  The guide also provides a brief review of individual income tax tips.

Click here to download the Download 2013 Year End - 2014 Planning Guide for Businesses by McRuer CPAs

While time may be short to consider how these suggestions may lessen your 2013 tax liability, many of them may also help you in 2014.  If you have any questions about how these tax tips and ideas may apply to you, or if you’d like to schedule a 2013 tax strategy session with us, please contact us online at www.kccpa.com/contact_us  or call us at: 816.741.7882.

We look forward to serving you with your 2013 business and/or individual tax filings!

12/29/2013

Tax Season Delayed to January 31, 2014

The IRS has confirmed the opening day to file 2013 individual federal income tax returns.  

That date has been delayed ten days and is Income taxes in a bag
now set for January 31, 2014.  This is the first day the IRS will officially begin processing tax returns.  

This will likely cause a delay in tax refunds and is expected to contribute to a tax preparation and filing backlog similar to the issues faced in the last tax preparation season.

The IRS blames the October government shutdown for this season’s late opening date.  It claims the shutdown caused delays in updating and testing new tax processing systems.  See our previous blog explaining more about the reasons behind the delay and the effect it may have on the tax filing season.

The IRS will begin accepting 2013 business tax returns on January 13, 2014. For more specific information click here for the entire IRS news release.

12/27/2013

W-2 and 1099 Tax Deadline Dates to Watch in New Year

 

Here are important deadlines for employers and businesses to highlight on their calendars: Deadline clock

 

January 31, 2014

  • deadline to mail employee W-2 copies
  • deadline to mail recipient copies for Form 1099
  • deadline for trustees and custodians to issue Form 1099-R

February 18, 2014

  • deadline to mail Form 1099-MISC (if reporting payments in boxes 8 or 14)
  • deadline for employees to file W-4 to claim exemptions
  • deadline for financial institutions to mail out Form 1099-B (stocks, bonds, mutual funds sales)
  • deadline for financial institutions to mail out Form 1099-S (real estate transactions)

February 28, 2014

  • deadline to mail Copy A to federal agency on paper (W-2 to SSA, 1099 and 1096 to IRS) OR  March 31, 2014 if filing electronically

March 17, 2014

  • deadline to file 2013 corporate tax returns or extensions

April 15, 2014

  • deadline to file individual income tax return or extension

May 1, 2014

  • deadline for non-profit organizations to file information returns

For more information on tax deadlines for businesses and individuals, you can download the annual IRS calendar.  

12/13/2013

Dozens of Tax Deductions Expiring at End of 2013-Unless...


More than 50 tax deductions and tax credits are set to expire December 31st. 
Experts predict
Congress may take no action to extend any of them in light of distractions over debate over big budget items such as the Affordable Care Act.  Yet, proponents say they will try to keep the extension of the deductions included in the 2014 federal budget package.


Some of the expiring tax provisions which have been most used by taxpayers include:

  • Credit for energy efficient appliances
  • Credit for construction of new energy efficient homes
  • Credit for health insurance costs for eligible individuals
  • Premiums for qualifying mortgage insurance
  • Deductions for certain expenses of elementary and secondary school teachers
  • Tax-free distributions from individual retirement plans for charitable purposes
  • Deductions for donating property to conservation organizations

Taxes and piggy bankThe deduction for State and local general sales taxes is also set to expire, but it has the most political backing that may ensure it is extended.  Yet, if you’re a taxpayer who deducts state and local sales tax in lieu of state and local income tax, you may consider buying that big ticket item now before the end of 2013… just in case.

If you have any questions about what your best plan of action should be regarding both your 2013 business and individual income tax strategies, please don't hesitate to contact us at McRuer CPAs at 816.741.7882.

12/09/2013

Delay of 2014 Tax Preparation Season Start Date Likely

The IRS warns it may have to delay the start date for the 2014 tax preparation season by up to two weeks because of last October’s federal government shutdown.

Government-shutdown

The original start date to file 2013 tax returns was January 21, 2014. The IRS predicts it will now have to delay the start date at least one week to January 26th, but may even have to delay the season an additional week until February 4th.

The start date is the first day the agency officially begins processing tax returns.  A delay in processing can cause a delay in refunds as well as an overall processing backlog by tax preparers.  That eventually trickles down to taxpayers.

Yet, taxpayers will not be given extra time to file their returns.  The filing deadline for individual federal income tax returns remains April 15th.

The opening of the last tax season in January of 2013 was delayed due to the controversial late passage of the 2012 tax bill (mid-January) which not only caused a slowdown in processing tax returns, but also a problem with providing necessary business tax forms so that businesses could file accurate and timely returns.

This year, IRS officials blame the 16-day government closure because it occurred “during the peak period for preparing IRS systems for the 2014 filing season.”  Some analysts claim the agency is also suffering additional technical problems due to programming issues related to the Affordable Care Act known as Obamacare.

More than 50 IRS systems will be used to process what’s expected to be approximately 150 million 2013 tax returns.  Each system is re-programmed annually with new tax data and must be tested.  Employees must also be trained.

The shutdown last month has already caused a delay in the processing of nearly $4 Billion in tax refunds associated with 2012 income tax returns.

The IRS is also still making up for lost time in responding to questions from taxpayers and tax preparation professionals.  During the shutdown the IRS said it received an estimated 400,000 letters, tax forms and other documents that could not be processed until employees were able to return to work. 

Meanwhile, McRuer CPAs will keep a close watch and bring you the most updated information on how the late start date may affect both individual and business taxpayers.

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