Tax news January 2013

Tax

E-Filing Continues to Grow, Exceeds 80 Percent Goal

Saying that paper tax returns are "steadily becoming a thing of the past," the IRS Oversight Board reports that e-filing of individual tax returns has surpassed an 80 percent goal.
Tax

Nation's Top Tax Advocate Calls for Tax Reform

National Taxpayer Advocate Nina E. Olson cited the need for comprehensive tax reform as the top priority in her annual report to Congress. The report identifies problems facing taxpayers and advises Congress to take significant steps to simplify matters.
Tax

IRS: Annual Inflation Adjustments for 2013

The IRS announced January 11, 2013, annual inflation adjustments for tax year 2013, including the tax rate schedules and other tax changes from the recently passed American Taxpayer Relief Act of 2012.
Tax

Movie Deal Meets Wire Fraud: IRS to the Rescue?

The movie was supposed to involve Hollywood giants like Kevin Costner, Ron Howard, and James Brooks. It was supposed to be based on the book "A Matter of Time" and make the book's author, Don Kirchner, a fortune.
Tax

Don't Be Shocked by E-Filing Glitches

The IRS is concerned that e-filing by tax return preparers could be short-circuited by hackers. As a result, it has updated the FAQs on its website outlining the steps to take if your EFIN is compromised.
Tax

Crime Watch: January 9, 2013

A Florida woman – who owned or controlled undeclared foreign financial accounts in excess of $42 million in 2007 and who caused a tax loss to the government of approximately $667,716 – has been ordered to pay a $21 million civil penalty.
Tax

IRS Plans January 30 Tax Season Opening for 1040 Filers

Following the January tax law changes made by Congress under the American Taxpayer Relief Act, the IRS has announced it plans to open the 2013 filing season and begin processing individual income tax returns January 30.
Tax

As 2012 Ends, Celebrities Pay Tax Debts, Sort Of

The Lindsay Lohan story never ends. To recap, 2012 started for her with two IRS liens. For 2009, she owed about $94,000 and for 2010, another $140,000. Next came a series of reports about bad behavior and financial irresponsibility.
Tax

UBIT: When a Nonprofit Is Profitable

When people think of a nonprofit organization they often automatically assume it is tax exempt, but that is not always the case. Certain exempt nonprofits are liable for tax if they have unrelated business taxable income.
Tax

American Taxpayer Relief Act of 2012: What It Means for You

In the final hour of January 1, 2013, Congress passed the American Taxpayer Relief Act of 2012, which in part addressed the dramatic sunset of favorable federal estate, gift, and generation-skipping tax exemption limits.
Tax

Retirement Plans Can Make Loans, Hardship Distributions to Sandy Victims

The IRS announced on November 16, 2012, that 401(k)s and similar employer-sponsored retirement plans can make loans and hardship distributions to victims of Hurricane Sandy and members of their families.
Tax

IRS Provides Updated Withholding Guidance for 2013

The IRS today released updated income tax withholding tables for 2013 reflecting this week's changes by Congress. The new rates in effect for 2013 supersede the tables issued on December 31, 2012.
Tax

New Tax Law Emerges Beyond the Fiscal Cliff

The agreement hammered out in the Senate, and subsequently approved by the House on January 1, pulled the nation back from the edge of the fiscal cliff. President Obama signed the "American Taxpayer Relief Act" into law on January 2. Here's an overview of the key tax provisions in store for individual and business clients in 2013.
Tax

Rapper Fat Joe Takes the Rap with the IRS

Like so many celebrities, the rap star who calls himself Fat Joe got behind on his taxes. But unlike many famous tax deadbeats, he's willing to take responsibility for his own blunder instead of blaming his handlers or lashing out at authorities.
Tax

Gerard Depardieu Just Says No to Supertax

Gerard Depardieu's departure from France may have been premature. As December rolled to a close, the harsh "temporary supertax" that French President Francois Hollandee sought to impose on individuals he calls "the rich" was soundly rejected.

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