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
