This is the one-stop shop for all the updates you need to know for
this year’s tax filing season. Find resources from the Journal of
Accountancy, plus tax return checklists and tax savings tips from
the AICPA, categorized by tax topic.
INDIVIDUAL TAX
Tax season
starts
Jan. 16, 2012
Tuesday, Jan. 17, marks
the start of tax season, as the IRS opens up its system to accept
e-filed individual tax returns. It will also start accepting returns
through its Free File program. Unlike last year, when the start of tax
season was delayed for some taxpayers by last-minute tax law changes,
this year the IRS will be accepting all individual returns when it
opens up its e-filing system.
New tax provisions
for 2012
Jan. 2, 2012
The new year brought
with it several tax law changes, including new credits for hiring
veterans, new rules for capital gain and foreign financial asset
reporting, and an increased due diligence penalty for practitioners
who prepare returns that claim the earned income credit.
Tax
relief and health care acts shape 2011 returns
January 2012
Keep on top of this tax filing season’s
changes in tax law and practice and procedure. Plus: A
downloadable PDF with a handy collection of important numbers for
individual returns to keep at your fingertips during tax season.
Standard mileage
rates for 2012 released
Dec. 9, 2011
The
IRS released standard mileage rates for use in 2012. Taxpayers can use
the optional standard mileage rates to calculate the deductible costs
of operating an automobile.
BUSINESS TAX
New tax provisions
for 2012
Jan. 2, 2012
The new year brought
with it several tax law changes, including new credits for hiring
veterans, new rules for capital gain and foreign financial asset
reporting, and an increased due diligence penalty for practitioners
who prepare returns that claim the earned income credit.
Tax
relief and health care acts shape 2011
returns
January 2012
Keep
on top of this tax filing season’s changes in tax law and practice and
procedure. Plus: A downloadable PDF with a handy collection
of important numbers for individual returns to keep at your fingertips
during tax season.
Many tax
provisions set to expire at year-end
Dec. 22,
2011
While Congress has focused on trying to extend the reduced
payroll tax rate, a large number of other expiring provisions have
been ignored. Among the changes scheduled to take effect January 1 are
elimination of 100% bonus depreciation and increased Sec. 179
expensing amounts, reduction of the AMT exemptions to their statutory
levels, and expiration of the research and development credit.
Standard mileage
rates for 2012 released
Dec. 9, 2011
The
IRS released standard mileage rates for use in 2012. Taxpayers can use
the optional standard mileage rates to calculate the deductible costs
of operating an automobile.
PRACTICE, PROCEDURES AND COMPLIANCE
IRS accepting PTIN
renewals after Dec. 31 deadline
Jan. 10,
2012
The IRS' online system for new preparer tax identification
number applications is back up after being taken down in late December
for maintenance. In addition, the IRS is continuing to accept renewals
of expired PTINs despite the passing of the Dec. 31, 2011, renewal deadline.
IRS PTIN application
system to go down for maintenance
Dec. 21,
2011
The IRS announced on its website that it will not be
accepting new applications for preparer tax identification numbers
(PTINs) from 5 p.m. EST Friday, Dec. 23, until approximately 6 a.m.
EST on Monday, Jan. 9. The IRS PTIN system will be available for
renewals during that time.
IRS issues final
regs on EITC due diligence
Dec. 19,
2011
The IRS issued final regulations with the due-diligence
requirements for tax return preparers who prepare tax returns on which
taxpayers claim the earned income tax credit (EITC). The new rules
require tax return preparers to submit Form 8867, Paid Preparer’s
Earned Income Credit Checklist, to the IRS.
EXEMPT ORGANIZATIONS
New Form 990 has a
few significant changes for 2011
Jan. 24,
2012
The IRS has posted a new version Form 990 for 2011 filings
by tax-exempt organizations. Among other changes, the new form revises
how exempt organizations report income from joint ventures and changes
the threshold for required reporting of activities outside the United States.
Some Form 990 filers
have extension to March 30
Dec. 16,
2011
The IRS extended the filing deadline for Form 990 until
March 30, 2012, for many tax-exempt organizations with a filing due
date during the first two months of the new year. Organizations
affected by the extension normally would have a filing deadline of
Jan. 17 or Feb. 15, 2012. The extension does not affect calendar-year
exempt organizations with a May 15, 2012, filing deadline.
ADDITIONAL RESOURCES TO CHECK FOR ASSISTANCE
AICPA
2011 Tax Practice Guides and Checklists
The
2011 Practice Guides and Checklists have been updated, reviewed and
tested and are ready to download. The comprehensive package includes
engagement letters, organizers, checklists, and miscellaneous practice
guides. In addition to the Word and PDF versions, the AICPA is
launching a new interactive version of the individual and C
corporation checklists that makes document management and handling by
multiple preparers much easier.
Interactive
Tax Checklists
Coordinate and collaborate with
efficiency during your busiest time of year with the AICPA Interactive
Tax Checklists. With advanced sharing and collaboration capabilities,
visual navigation and checklist review status, you will experience a
more efficient process for managing your upcoming tax season.
Keep up to date through various additional resources for tax preparers:
- The monthly Tax Insider e-newsletter for individuals
- The monthly Corporate Taxation Insider e-newsletter, and
- AICPA Tax team website
