American Taxpayer Relief Act

Tax

Midyear Tax Planning: Drum Up More Business

The summer doldrums have set in. Aside from the occasional "emergency," your office is quiet, as most clients pursue outdoor activities and tend to personal business. Tax planning is probably the last thing on their minds.
Tax

Need More Time to Submit WOTC Forms? You Got It

More than two months after Congress authorized a retroactive extension of the Worker Opportunity Tax Credit, the IRS has finally issued transitional rules for claiming the credit for recent job hires.
Tax

IRS Now Accepting All 2012 Returns for Processing

The IRS announced March 4 it has finished updating all its forms and its tax-processing systems so that all individual and business taxpayers who may have been forced to postpone filing while awaiting revised forms are now able to file their 2012 federal income tax returns.
Tax

Education Credit or Deduction? Read between the Lines

The American Taxpayer Relief Act has officially restored and extended several tax breaks relating to higher education. Should your clients claim a higher education tax credit or a tuition deduction for 2012? The answer? It depends.
Tax

Last Shot at IRA Gifts to Charity for '12

The IRS is reminding senior citizens of an eleventh-hour reprieve granted by the American Taxpayer Relief Act. Older individuals can still pull off a tax-free, IRA-to-charity transfer of funds, but only if they act by January 31.
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

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

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.