The IRS announced on Friday that it will soon be able to accept tax returns that include Form 4562,Depreciation and Amortization, and/or Form 8863, Education Credits (IR-2013-18). The IRS will start processing returns with Form 4562 on Sunday, Feb. 10, and will start processing returns with Form 8863 on Thursday, Feb. 14. It also announced that it…
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Category Archives: Individual Tax
Refunds Seen Postponed in IRS Quest to Stamp Out ID Theft
Some taxpayers seeking a quick refund may have to wait longer than usual this year as the Internal Revenue Service tries to stop criminals who steal others’ identities and file fraudulent returns. Read more at Bloomberg…
IRS further delays acceptance of returns claiming education credits
On Monday, two days before the delayed Jan. 30 start of the 2013 filing season, the IRS announced a further delay in processing returns that contain Form 8863, Education Credits, which must be filed by people claiming the American opportunity and the lifetime learning tax credits (IR-2013-10). Read more at Journal of Accountancy…
401(k) breaches undermining retirement security for millions
A large and growing share of American workers are tapping their retirement savings accounts for non-retirement needs, raising broad questions about the effectiveness of one of the most important savings vehicles for old age. More than one in four American workers with 401(k) and other retirement savings accounts use them to pay current expenses, new…
7 Reasons You Shouldn’t Retire Now
For some people, there is a natural progression toward retirement. They know exactly when it’s time to call it quits. For others, thoughts about when to retire make them nervous, and the decision isn’t easy. Determining the right time to retire can become mind-numbingly complex when you consider all of the personal and financial factors that…
Make Sure Your Charitable Contributions Documentation Is Sufficient
Charitable organizations frequently depend on donations from the public to pursue their mission, and, although there are many altruistic reasons people give, it is largely acknowledged that the federal tax deduction for charitable contributions is a significant incentive. Earlier this year, the Tax Court highlighted how an apparently slight oversight in documentation can upend the…
Fiscal Cliff Act Has Passed. So What?
Pulling back from the “fiscal cliff” at the 13th hour, Congress on Tuesday preserved most of the George W. Bush-era tax cuts and extended many other lapsed tax provisions. Shortly before 2 a.m. Tuesday, the Senate passed a bill that had been heralded and, in some quarters, groused about throughout the preceding day. By a…
Inflation Adjustments for 2013
On Oct. 18, the IRS released its annual revenue procedure making inflation adjustments to the gift tax annual exclusion and other items for tax years beginning in 2013 (Rev. Proc. 2012-41). Read more at The Tax Adviser…
How Your Paycheck Will Change After the Fiscal Cliff
With all the drama and uncertainty surrounding the pending fiscal cliff, all consumers really want to know is how much they should be worrying about their own paycheck. Read more at The Fiscal Times…
It’s decision time — will you be making big gifts before year-end?
With a variety of tax measures scheduled to expire at the end of 2012, this advisory will focus solely on the changes impacting federal estate and gift taxes, highlighting those factors that individuals concerned about the burden of future estate tax should consider when deciding whether to take action now, so transfers can be completed…
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