The IRS announced corrections to two of the 2013 tax tables it issued on Jan. 11.
Advertisement
News
Simplified Home-Office Deduction Safe Harbor Announced
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.
Tax Tables, Other Inflation Adjustments, Issued for 2013
The IRS issued inflation-adjusted items for 2013 as well as the new income tax rate tables now in effect as a result of the American Taxpayer Relief Act.
Appeals Court Reverses Claims Court, Disallows LILO Deductions
The Federal Circuit issued a decision reversing and remanding a case to the Court of Federal Claims, which had upheld a LILO transaction.
Regulations Issued on Treasury Inflation-Protected Securities Issued at a Premium
The IRS issued regulations on the tax treatment of TIPS that have more than a de minimis amount of premium and on debt instruments with bond premium carryforward in the holder’s final accrual period.
Start of Tax Season Delayed Until Jan. 30; Later for Some Taxpayers
The IRS announced that it plans to open the 2013 filing season and begin processing many individual income tax returns on Jan. 30
“Cliff” Law Reconfigures Tax Preparation and Planning
With its scores of new and extended provisions, 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.
IRS Issues Withholding Tables for American Taxpayer Relief Act
The IRS issued newly revised percentage withholding tables to implement the rates that will be in effect this year now that the American Taxpayer Relief Act has been enacted.
To Fight Identity Theft, IRS Proposes Rules for Truncating Identifying Numbers
Proposed regulations permit filers of information returns to use truncated taxpayer identification numbers (TTINs) when issuing certain payee statements.
Proposed Regs. Issued on Large Employer Health Coverage Shared Responsibility Provisions
The IRS has issued proposed regulations providing guidance on the large employer “shared responsibility” provisions in Sec. 4980H.
Congress Passes Fiscal Cliff Act
Congress preserved most of the George W. Bush-era tax cuts and extended many other lapsed tax provisions.
Mandatory Language for Consents to Disclose, Use Taxpayer Information Modified
The IRS has provided guidance to tax return preparers about the format and content of taxpayer consents to disclose and consents to use tax return information and modified the mandatory language required on each taxpayer consent.
Rules on Use, Disclosure of Taxpayer Information Finalized
The IRS issued final regulations under Sec. 7216 that govern the circumstances in which tax return preparers can disclose or use certain limited tax return information.
Final Regs. Remove De Minimis Partner Rule
The IRS issued final regulations that remove the de minimis partner rule from Regs. Sec. 1.704-1(b)(2)(iii)(e).
Sec. 304 Anti-Abuse, Anti-Avoidance Rules Finalized
The IRS finalized regulations that apply to transactions subject to Sec. 304 but that are structured with the principal purpose of avoiding the statute’s application.
Voluntary Classification Settlement Program Expanded, Liberalized
The IRS announced significant changes to its Voluntary Classification Settlement Program (VCSP).
Proposed Regs. Provide Rules for Whistleblower Awards
The IRS issued proposed regulations for whistleblower awards, as well as rules governing the disclosure of return information under Sec. 6103(h) to pursue these claims.
Tangible Property Regs. Amended to Implement Delayed Effective Date
The IRS released technical amendments that delay the effective date of the temporary regulations it issued in December 2011 governing whether tangible property expenses could be deducted or had to be capitalized.
Rules Distinguishing Tips From Service Charges Delayed Until 2014
The IRS announced that businesses have additional time to make the changes needed to comply with the proper treatment of tips and service charges.
Reportable Transaction Rules Updated for Certain Losses
Rev. Proc. 2013-11 provides that certain losses are not taken into account in determining whether a transaction is a reportable transaction.
TAX PRACTICE MANAGEMENT
2025 tax software survey
AICPA members in tax practice assess how their return preparation software performed during tax season and offer insights into their procedures.
