News & Articles

We have been made aware of a scam coming to Maine businesses in the form of a light green envelope. The return address is “Corporate Records Service” and the enclosed letter says that companies need to file their annual minutes with them, and send a check for $125. This is a scam- there is no such filing requirement. Here is the  press release from the Secretary of State’s office:

FOR IMMEDIATE RELEASE
January 23, 2013
Contact: Barbara Redmond
207-626-8400

Secretary of State Matthew Dunlap Issues Important Consumer Alert for Corporate and Non-profit Entities

Corporate Records Service Scam

The Secretary of State’s office has received calls regarding the legitimacy of solicitations that are being mailed to numerous Maine corporations from a company named Corporate Records Service.  These solicitations urge corporations to file information and send payment in the amount of $125.00 by a certain date in order to complete corporate meeting minutes on behalf of the corporation.

These solicitations also include statute citations regarding corporate records and annual meetings.  At first glance, this solicitation may look official; however, some of the information being requested is not required to be filed with the Secretary of State.  Maine corporations are not required to file corporate minutes with the Secretary of State’s office. We want to alert all entities of this deceptive solicitation to prevent entities from feeling compelled to complete the form and send payment to a mailing center post office box address by the deadline on the form.

Annual Reports are required to be filed with the Secretary of State’s office on or before June 1st of each year. Secretary Dunlap encourages all entities on record with the Secretary of State’s office to review “Filing Requirement Reminders” available on the web at http://www.maine.gov/sos/cec/corp/helpful.html.

Additionally, please keep in mind that any official notice received from the Secretary of State’s office will contain the Maine state seal, the Secretary of State’s name, and contact information for the Bureau of Corporations, Elections and Commissions

In the next few weeks you will begin to receive all those tax documents – W-2, Form 1098, Form 1099, the list goes on – that remind us all that it’s tax season, assuming the onslaught of H&R Block and TurboTax commercials haven’t already burned it into your brain.

You’ll want to have a plan for collecting and organizing all this information once it starts to arrive. There’s nothing worse than trying to track down a missing form when you go to file. So set up a folder or box in a handy place. You can simply put all the envelopes in there for review prior to getting your returns done. Or better yet open each piece and start to organize them by form type or tax schedule. Your tax preparer will love you for it.

You will also need to gather up documentation for any deductions you wish to claim, such as charitable donations, real estate taxes paid, sales taxes on large ticket items, excise taxes, medical expenses and so forth. A great place to start is reviewing your prior year’s return to see what deductions you took and follow suit for this year. You can also reference the IRS link here for ideas of what might be deductible: click here.

Lastly make a note of any important changes/events in your life: marriage, babies, retiring, purchasing a house, etc. to discuss with your preparer as these could lead to additional deductions or credits that you haven’t received in the past.

Happy Organizing!

The fourth quarter estimated income tax payments are due January 15.  You should send your check along with the 1040-ES voucher to the address indicated for your state. In Maine, you should mail it to: IRS, PO Box 37007, Hartford, CT, 06176-0007.   You can download a form from this link on our website:  Click here to get form 1040ES

Most states, including Maine, follow the same deadline as the IRS. Click here for a copy of the Maine estimated tax form.

By January 31, employers need to provide forms W-2 and 1099 to employees for amounts withheld in 2012.

Also on January 31, annual statements must be furnished to recipients of dividends, interest,  unemployment income, state tax refunds, royalties, distributions from IRA’s  and other types of income via form 1099.

Our website contains lots of information to help you manage your financial life, including tax forms:   Click here to get to the forms page on our website.

If you have any questions or need help completing any forms please give us a call at 207-878-2727.

Tax season is upon us. As like any other year, you will be receiving various tax documents over the next month or so. As you gather up your tax documents and get ready to file you may wonder, “Do I really need a certified public accountant (CPA) to help me file my taxes?”

You can hardly surf the internet, watch TV, or listen to the radio without hearing an advertisement for one or the many tax help services. Whether it’s TaxSlayer.com, Turbo Tax, H&R Block, or a local tax prep service, there certainly are options for you to choose from. But you keep coming back to the question, “Do I really need a CPA to help me file my taxes?”

Consider the following…

Taxes are complex. Each year, Congress legislates hundreds of pages of tax law, after which the IRS issues thousands of pages of rules and regulations to help clarify those laws. The recently passed American Taxpayer Relief Act of 2012 is over 150 pages by itself. And don’t forget about the other thousands of pages of pre-existing tax rules and regulations. How much of this actually applies to you? Will the computer know to ask you the right questions? How about the seasonal tax preparer? A true CPA keeps up with the changes and knows how to guide you to the optimal results.

Your life is busy enough. You get up and go to work every day. You take care of your family. You have events to attend at night and over the weekend. Heck, you might even want to relax and watch the basketball game, read a book, or spend some time with the family. The last thing you want to do is try to navigate through tax forms all weekend hoping to get the right answer. As strange as it may sound, CPAs live for tax season. Let them sit behind the desk while you’re skiing and enjoying life.

At McLeod|Ascanio, we are dedicated to providing all our clients with the information they need to pay what they owe…but no more.  We are Maine people with national and international experience.  Whether you need help with your personal or business taxes, we’re ready. With offices in both Portland and Brunswick we’ve got you covered. So give us a call at 878-2727 to set up a meeting. We look forward to helping you.

     Our weekly blog will address common questions you may have about your tax return as we enter a new tax season.

McLeod|Ascanio isn’t your typical firm. Although credentialed in all the technical aspects, we choose to view what we do as an art. We are a full-service accounting and consulting practice, dedicated to the relentless pursuit of excellence on behalf of our clients.

We are excited to announce our newly redesigned website. The new site has been constructed to serve you with helpful tools and resources and details of what you can expect from our firm as well as the services we offer. Please do not hesitate to contact us.