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- IRS Delays Accepting 2012 Returns for Processing
- The procrastination in reaching a tax-bill compromise, by our elected officials in Washington, has created a ripple effect for the preparation of 2012 tax returns. Congress reached an agreement in the last days of December and the legislation was not actually signed by the president until January 2. This has left the IRS scrambling to modify tax forms and complete programming and testing of its processing systems, all of which must be completed before it can begin accepting tax returns and issuing refunds.
- President Signs American Taxpayer Relief Act of 2012
- President Obama on January 2 signed the American Taxpayer Relief Act of 2012. The new law makes permanent Bush-era tax rates for individuals and couples with annual income of $400,000 and $450,000, respectively. The law also permanently indexes the alternative minimum tax for inflation, extends unemployment insurance benefits for one year and extends numerous business benefits. The law does not continue the 2012 reduction in employment tax rates from 6.2 percent to 4.2 percent.
- Congress Avoids the Fiscal Cliff
- The Senate and the House have passed a last minute budget deal worked out between President Barack Obama and congressional Republicans averting the so-called fiscal cliff.
- Don't Forget Your Minimum Required Distribution for 2012
- The IRS does not allow IRA owners to keep funds in a Traditional IRA indefinitely. Eventually, assets must be distributed and taxes paid. If there are no distributions, or if the distributions are not large enough, the IRA owner may have to pay a 50% penalty on the amount not distributed as required. Generally, required distributions begin in the year the IRA owner attains the age of 70½.
- Portability of a Deceased Spouse’s Estate Tax Exemption Explained.
- Estates of decedents who died from January 1, 2011 through December 31, 2012 may elect to transfer any unused exclusion to the surviving spouse. The amount received by the surviving spouse is called the deceased spousal unused exclusion (DSUE) amount. Making this election can have a profound effect on the taxation of the estate of the surviving spouse.
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