2013 filing season moves ahead, late-legislation delays expected to end soon

The IRS expects to process more than 140 million individual returns this filing season and for many taxpayers the process has been moving along without any significant problems. A large number of taxpayers, however, have experienced delays in filing their returns because of late tax legislation. The IRS has predicted that all remaining delays should […]

IRS introduces simplified method for claiming home office deduction

The IRS has announced a new optional safe harbor method, effective for tax years beginning on or after January 1, 2013, for individuals to determine the amount of their deductible home office expenses (IR-2013-5, Rev. Proc. 2013-13). Being hailed by many as a long-overdue simplification option, taxpayers may now elect to determine their home office […]

February 2013 tax compliance calendar

As an individual or business, it is your responsibility to be aware of and to meet your tax filing/reporting deadlines. This calendar summarizes important tax reporting and filing data for individuals, businesses and other taxpayers for the month of February 2013. February 1 Employers. Semi-weekly depositors must deposit employment taxes for payroll dates January 26–29. […]

FAQ: What are above-the-line deductions?

An above-the-line deduction is an adjustment to income (deduction) that can be taken regardless of whether the individual taxpayer itemizes deductions. The adjustment reduces the taxpayer’s adjusted gross income (AGI). These adjustments are also sometimes called deductions from gross income, as opposed to itemized deductions that are deducted from AGI. An above-the-line deduction is taken […]

How Do I? Compute the new 20 percent net capital gain rate under the new tax law

Beginning in 2013, the capital gains rates, as amended by the American Taxpayer Relief Act of 2012, are as follows for individuals: A capital gains rate of 0 percent applies to the adjusted net capital gains if the gain would otherwise be subject to the 10 or 15 percent ordinary income tax rate. A capital […]

New IRS guidance on health care employer mandate looks to 2014 start date

Under the new health care law, starting in 2014, “large” employers with more than 50 full-time employees will be subject to stiff monetary penalties if they do not provide affordable and minimum essential health coverage. With less than eleven months before this “play or pay” provision is fully effective, the IRS continues to release critical […]

ATRA delays start to 2013 filing season; requires careful planning for retroactive and prospective provisions

As the 2013 filing season gets underway, some taxpayers may experience delays in filing returns and others need to revisit their returns because of the passage of the American Taxpayer Relief Act (ATRA) on January 1, 2013. Late tax legislation always complicates tax planning and filing and 2013 is no exception. ATRA extended many popular […]

January 2013 tax compliance calendar

As an individual or business, it is your responsibility to be aware of and to meet your tax filing/reporting deadlines. This calendar summarizes important tax reporting and filing data for individuals, businesses and other taxpayers for the month of January 2013. January 3 Employers. Semi-weekly depositors must deposit employment taxes for payroll dates December 26-28. […]

How do I? Get the most from my inherited IRA?

Individual Retirement Accounts (IRAs) are popular retirement savings vehicles that enable taxpayers to build their nest egg slowly over the years and enjoy tax benefits as well. But what happens to that nest egg when the IRA owner passes away? The answer to that question depends on who inherits the IRA. Surviving spouses are subject […]

FAQ: Will 2012 Form W-2s require health benefits reporting?

Beginning with 2012 Forms W-2, large employers must report the aggregate cost of employer-sponsored health insurance provided to employees. 2012 Form W-2s must be furnished to employees by January 31, 2013. For tax years beginning on or after January 1, 2011, the Patient Protection and Affordable Care Act (PPACA) required that employers report the aggregate […]

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2013 filing season moves ahead, late-legislation delays expected to end soon

2013 filing season moves ahead, late-legislation delays expected to end soon

IRS introduces simplified method for claiming home office deduction

February 2013 tax compliance calendar

FAQ: What are above-the-line deductions?

How Do I? Compute the new 20 percent net capital gain rate under the new tax law

New IRS guidance on health care employer mandate looks to 2014 start date

ATRA delays start to 2013 filing season; requires careful planning for retroactive and prospective provisions

January 2013 tax compliance calendar

How do I? Get the most from my inherited IRA?

FAQ: Will 2012 Form W-2s require health benefits reporting?

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