Tax filing resources—Tax year 2012

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

All 2012 tax returns can now be filed with IRS
March 4, 2013
The IRS announced that it finished updating its processing systems and is now accepting all returns that include the 29 forms that were delayed by the late passage of the American Taxpayer Relief Act of 2012.

Start of tax season delayed until Jan. 30; later for some taxpayers
Jan. 8, 2013
The IRS announced that it plans to open the 2013 filing season and begin processing many individual income tax returns on Jan. 30; however, not all taxpayers will be able to start filing tax returns on that date.

Congress passes fiscal cliff act
Jan. 1, 2013
Here is a comprehensive look at the tax provisions in the American Taxpayer Relief Act of 2012.

“Cliff” law reconfigures tax preparation and planning
Jan. 8, 2013
The American Taxpayer Relief Act offers something for nearly all taxpayers and their preparers to assess and implement as they begin preparing 2012 returns and plan for the future.

Tax season quick guide
Jan. 7, 2013
Handy numbers for preparers to use during tax season.

Individual Tax Update
December 2012
Recent developments affecting individual taxation.

Individual Tax Update
March 2013
More recent developments affecting individual taxation.

IRS Provides Relief for Hurricane Sandy Victims
January 2013
In response to the extraordinary damage caused by Hurricane Sandy and the extreme need for relief, the IRS announced various tax relief measures for individuals and businesses affected by Hurricane Sandy in Connecticut, New Jersey, New York, and Rhode Island.

Per Diem Rate Updates for 2012–13
December 2012
The IRS issued its annual update of special per diem rates for use in substantiating certain business expenses taxpayers incur when traveling away from home.

Inflation Adjustments for 2013
December 2012
In October, the released many inflation adjusted items for 2013, but not the tax rate tables.

Tax tables, other inflation adjustments, issued for 2013
Jan. 11, 2013
In January, the IRS released the rest of the inflation-adjusted items for 2013, as well as new income tax rate tables reflecting changes made by the American Taxpayer Relief Act.

IRS issues withholding tables for American Taxpayer Relief Act
Jan. 4, 2013
Newly revised percentage withholding tables implement the tax rates that will be in effect this year now that the American Taxpayer Relief Act has been enacted.

Simplified home-office deduction safe harbor announced
Jan. 15, 2013
The IRS gave taxpayers an optional safe-harbor method to calculate the amount of the deduction for expenses for business use of a residence during the tax year under Sec. 280A, beginning with the current tax year.

IRS further delays acceptance of returns claiming Form 8863 education credits
Jan. 28, 2013
The Internal Revenue Service announced that it will not be able to accept tax returns containing Form 8863, Education Credits, until mid-February.

IRS to start accepting returns claiming depreciation, education credits
Feb. 8, 2013
The IRS announced that it would start accepting tax returns that include Form 4562, Depreciation or Amortization, on Sunday, Feb. 10, and returns with Form 8863, Education Credits, later in the week. It also said that it will start accepting other delayed forms sometime in early March, but did not specify a date.

IRS issues 2013 automobile depreciation limitations
Feb. 25, 2013
The IRS released the 2013 inflation-adjusted depreciation limits and lease income inclusion amounts for passenger automobiles, trucks and vans.

Sequestration will lead to IRS cuts in services, enforcement, and tax-related payments
March 5, 2013
The IRS announced areas that will be affected by mandatory cuts in federal spending during this fiscal year. The affected areas include taxpayer services, enforcement, operations support, and business systems modernization.

Taxpayers filing delayed forms get late-payment penalty relief
March 20, 2013
Recognizing that its inability to accept all tax forms at the start of tax season is causing many taxpayers to request extensions, the IRS announced that it is waiving the late-payment penalty for taxpayers who are filing one of the 31 delayed forms and who make a good-faith effort to estimate and pay their tax when they file for an extension.

BUSINESS TAX

Current Developments in Partners and Partnerships
February 2013
Recent developments affecting taxation of partners and partnerships.

Small businesses struggle to navigate provisions of the health care law
January 2013
Small businesses are having a hard time understanding and adapting to the new laws requiring health care coverage for all employees.

Compensation and Benefits Update: Implementing the New Health Plan Laws
December 2012
An in-depth look at guidance released and changes to the rules for group health plans as a result of the Patient Protection and Affordable Care Act.

Compensation and Benefits Update: Retirement Plans and Executive Compensation
November 2012
A discussion of  statutory, regulatory, and judicial changes in compensation and benefits over the past year, focusing on qualified retirement plans and executive compensation.

Current Developments in S Corporations
October 2012
A look at major changes affecting S corporations that took place in the last year and some tax planning ideas for S corporations and their shareholders.

PRACTICE, PROCEDURES, AND COMPLIANCE

To fight identity theft, IRS proposes rules for truncating identifying numbers
Jan. 3, 2013
Proposed regulations permit filers of information returns to use truncated taxpayer identification numbers (TTINs) when issuing payee statements.

New ITIN procedures issued for 2013 filing season
Nov. 29, 2012
The IRS issued new individual taxpayer identification number (ITIN) procedures for taxpayers who need ITINs and for certifying acceptance agents.

ADDITIONAL RESOURCES TO CHECK FOR ASSISTANCE

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