IRS Corrects 2013 Tax Tables


The IRS announced corrections to two of the 2013 tax tables it issued on Jan. 11 in Rev. Proc. 2013-15. The corrections, as incorporated into the revised revenue procedure, are to Tables 1 and 2 of the tax rate tables in Rev. Proc. 2013-15, Section 2.01. In Table 1, Married Individuals Filing Joint Returns and Surviving Spouses, the sixth entry in the “The Tax Is:” column was corrected to read “$107,768.50 plus 35% of the excess over $398,350.” Originally, it read “$107,768.00 plus 35% of the excess over $398,350.”

In Table 2, Head of Households, the seventh entry in the “The Tax Is:” column was corrected to read “$121,364.50 plus 39.6% of the excess over $425,000.” Originally, it read “$121,394.50 plus 39.6% of the excess over $425,000.”

Newsletter Articles

TAX REFORM

Traps for the unwary: Tax Cuts and Jobs Act changes

By now many of us are familiar with the various provisions of the law known as the Tax Cuts and Jobs Act (TCJA), P.L. 115-97. Here is a list of changes together with (perhaps) unexpected nuances.

DEDUCTIONS

Qualified business income deduction regs. and other guidance issued

The package includes final regulations, guidance on how to calculate W-2 wages, a safe-harbor rule for rental real estate businesses, and new proposed rules on the treatment of previously suspended losses.