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Tax and fiscal cliff resources

 

January 1, 2013

TaxmageddonThe Journal of Accountancy is dedicated to ensuring CPAs stay well informed about the tax issues. This page gathers together news stories and articles from AICPA magazines and newsletters discussing the many aspects of the fiscal cliff that loomed at the end of 2012.

The fiscal cliff had many different aspects, all of which centered around one thing: The myriad tax and other fiscal changes that were scheduled to take effect in 2013. These include:

  1. 2012 expiring provisions (including Bush tax rates);
  2. 2011 expired tax provisions;
  3. The roll-out of the tax provisions of the health care law; and
  4. The mandatory spending cuts required by the last debt ceiling agreement.

Legislation passed on Jan. 1 solves many of the tax issues (some temporarily), but it only pushed mandatory spending cuts out until March 2013 and it did not tackle the issue of tax reform.

Practitioners should also watch for updates to the IRS’s PTIN program and the IRS’s ongoing program in which it pays compliance visits to preparers.

Click here for other AICPA resources related to the fiscal cliff.

Click here for AICPA products and tools to help you better understand the pending tax law changes to guide your clients.

2012 expiring provisions

Congress passes fiscal cliff act (JofA news)

Facing the tax cliff (Journal of Accountancy)

Expiring provisions, by the numbers (Tax Insider)

2013 tax changes require thorough year-end tax planning (Corporate Taxation Insider)

Ready to prepare your clients for 2013 tax hikes? (CPA Insider)

Tax legislation and its impact on busy season (video)

AICPA urges Congress to quickly fix tax cliff (JofA news)

CPAs sour on U.S. economy as election nears (JofA news)
 
Now Is the Time: Converting a C Corporation to an S Corporation or LLC (The Tax Adviser)

Recent Developments in Estate Planning: Part I (The Tax Adviser)

Recent Developments in Estate Planning: Part II (The Tax Adviser)

Estate Exclusion Portability Election Regs. Issued (The Tax Adviser)

New portability rules: A cure for incomplete estate planning (JofA)

IRS issues rules on portability election (JofA)

Draft Form 706 provides check box to not elect portability (JofA news)

Draft instructions to Form 706 provide guidance on portability election (JofA news)

Financial planning for the rest of 2012 (video)

Estate and gift tax planning for the rest of 2012 (video)


2011 expired tax provisions

R&D Tax Incentives Around the World (The Tax Adviser)

What’s New with the New Markets Tax Credit? (The Tax Adviser)


The roll-out of the tax provisions of the health care law

Supreme Court upholds health care law (JofA news)

Supreme Court: Health Care Mandate Is Constitutional as a Tax (The Tax Adviser)

Potential Tax Changes Await Investors in 2013 (The Tax Adviser)

New $2,500 Health FSA Limit Guidance (The Tax Adviser)

Employee health insurance safe harbors expanded (JofA news)

False internet rumors about “real estate transaction tax” worry taxpayers (JofA news)

Preparing for the Medical Device Excise Tax (The Tax Adviser)

Guidance issued on additional Medicare tax (JofA news)

IRS issues proposed regs. on 3.8% net investment income tax (JofA news)


Tax and fiscal reform

Obama can't expect a “fiscal honeymoon” in second term, Fitch says (JofA news)

Pathway to tax reform (Tax Insider)

Former comptroller general urges fiscally responsible reforms (JofA news)

How Changes in Corporate Tax Rate Can Affect Choice of C vs. S Corp. (The Tax Adviser)

Questions about tax reform for the 2012 presidential candidates (Tax Insider)


PTINs and preparer regulation

PTIN information release concerns aired (JofA news)

Eleventh Circuit says PTIN user fees are valid (JofA news)

 

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