McGovern & Greene logo
Asset Recovery

 

How can McGovern & Greene
help you to remain in compliance
and minimize your liability?

Not only can we prepare your current year tax returns, we can also assist you in revising prior year's returns, or filing past due returns.

McGovern & Greene tax accountants
provide consultations for tax planning
which consider your larger financial picture.

We are able to offer a wide range of services related to numerous types of returns on behalf of both individuals and
entities, including, but not limited to:

• Individuals

• C-Corporations and S-Corporations

• Partnerships & LLP's

• Trusts, Estates, and Gift Tax Returns

 

Our experts also provide consulting for specialty tax issues, such as:

• Year End Tax Planning and Estimate
   Tax Payments

• Gift giving, Estates, and the
   unified credit

• Reasonable Compensation for
   Employee-Shareholders

• Resolving notices received from the IRS

• Taxation issues related to
   retirement planning

• Executive Compensation planning

• Tax penalties, interest disputes,
   and offers in compromise

• Year-end tax planning and estimated
   tax payments

• Tax implications of litigation

• Divorce and support agreements

 

Need consultation on other tax related issues not listed here? Give us a call and one of our tax specialists will be pleased
to assist you.

For more information
on our tax consulting
and compliance services,

please call
312-692-1000

 

 

 

Share |

Tax Accounting Services

McGovern & Greene tax specialists know that in a constantly changing tax legislation landscape, a firm needs to be proactive when consulting with their clients. We are dedicated to taking an integrated approach, looking at how taxes affect the big financial picture for you and then focusing on how we can best minimize your tax liability — while remaining in complete compliance with ever changing revenue codes.

We accomplish this through careful tax planning and by keeping up to date with both the new revenue code changes as well as changes in your financial situation.
At McGovern & Greene, our priority is our relationship with the client. Throughout the year, we are in constant contact with you, as opposed to just the few weeks prior to filing deadlines. All of our returns are prepared in house, and we never outsource our work. This level of care enables us to address your concerns on an ongoing basis and provide consultation as to how to continually minimize your liability, thereby ensuring that we utilize any opportunities in the revenue code that could prove advantageous to you.

Here at McGovern & Greene, we want all of our current and potential clients to remain up to date on the ever changing revenue code and would be happy to provide consultation as to how these changes will affect your specific and unique financial situation.


For tax year 2014, the Internal Revenue Service has announced the annual inflation adjustments for more than 40 tax provisions, including the tax rate schedules, and other tax changes. The tax items for tax year 2014 of greatest interest to most taxpayers include the following dollar amounts

  • The tax rate of 39.6 percent affects singles whose income exceeds $406,750 ($457,600 for married taxpayers filing a joint return), up from $400,000 and $450,000, respectively. The other marginal rates – 10, 15, 25, 28, 33 and 35 percent – and the related income tax thresholds are described in the revenue procedure.

  • The standard deduction rises to $6,200 for singles and married persons filing separate returns and $12,400 for married couples filing jointly, up from $6,100 and $12,200, respectively, for tax year 2013. The standard deduction for heads of household rises to $9,100, up from $8,950.

  • The limitation for itemized deductions claimed on tax year 2014 returns of individuals begins with incomes of $254,200 or more ($305,050 for married couples filing jointly).

  • The personal exemption rises to $3,950, up from the 2013 exemption of $3,900. However, the exemption is subject to a phase-out that begins with adjusted gross incomes of $254,200 ($305,050 for married couples filing jointly). It phases out completely at $376,700 ($427,550 for married couples filing jointly.)

  • The Alternative Minimum Tax exemption amount for tax year 2014 is $52,800 ($82,100, for married couples filing jointly). The 2013 exemption amount was $51,900 ($80,800 for married couples filing jointly).

  • The maximum Earned Income Credit amount is $6,143 for taxpayers filing jointly who have 3 or more qualifying children, up from a total of $6,044 for tax year 2013. The revenue procedure has a table providing maximum credit amounts for other categories, income thresholds and phaseouts.

  • Estates of decedents who die during 2014 have a basic exclusion amount of $5,340,000, up from a total of $5,250,000 for estates of decedents who died in 2013.

  • The annual exclusion for gifts remains at $14,000 for 2014.

  • The annual dollar limit on employee contributions to employer-sponsored healthcare flexible spending arrangements (FSA) remains unchanged at $2,500.

  • The foreign earned income exclusion rises to $99,200 for tax year 2014, up from $97,600, for 2013.

  • The small employer health insurance credit provides that the maximum credit is phased out based on the employer's number of full-time equivalent employees in excess of 10 and the employer's average annual wages in excess of $25,400 for tax year 2014, up from $25,000 for 2013.

McGovern & Greene would be happy to provide consultation as to how these changes and adjustments will affect your specific and unique financial situation.

Don't Fall for Phony IRS Websites

The IRS is warning consumers about tax scams that use a website that mimics the IRS e-Services online registration page. ‪The actual IRS e-Services page offers web-based products for tax preparers, not the general public.

The phony web page looks almost identical to the real one. The IRS gets many reports of fake websites like this. Criminals use these sites to lure people into providing personal and financial information that may be used to steal the victim's money or identity. Typically, identity thieves empty the victim's financial accounts, run up charges on the victim's existing credit cards or apply for new loans, credit cards, services or benefits in the victim's name.

‪The address of the official IRS website is www.irs.gov. Don't be misled by sites claiming to be the IRS but ending in .com, .net, .org or other designations instead of .gov. The IRS website has information that can help you protect yourself from tax scams of all kinds. Search the site using the term: phishing.

 

 

 

 

 

 

McGovern & Greene LLP
Email: webinquiries@mcgoverngreene.com
Chicago Office: 200 W. Jackson Blvd. Suite 2325 Chicago IL 60606 — PH: 312.692.1000
Las Vegas Office: 2831 St. Rose Parkway Suite 285 Henderson NV 89052 — PH: 702.818.1168
Naperville Office: 190 E. 5th Ave.Suite 23 Naperville IL 60563 — PH: 312.692.1000
© 2014 McGovern & Greene LLP