January 29, 2013 12:00 am
Published by Mark
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. During testing, the IRS discovered that programming modifications must be made before the form can be processed correctly so returns that include the form cannot be filed until mid-February.
January 15, 2013 12:00 am
Published by Mark
Businesses should issue a Form 1099-MISC to appropriate vendors (non-corporate) to whom they paid more than $600 for services during a calendar year. The Form should be provided to the vendor by January 31st and should be mailed to the IRS (along with Form 1096) by February 28th 2012. If you are electronically filing form 1099, then last date to submit form to IRS is April 2nd 2012 A non-corporate entity includes individual sole proprietorship, partnership or limited liability company (LLC).
January 11, 2013 12:00 am
Published by Mark
The IRS has posted a list of 30 additional tax forms that 1040 filers cannot begin filing until late February or into March. The forms will be accepted by the IRS after the updating of forms and completion of programming and testing of the service’s processing systems. A specific date for filing will be announced soon, the service noted.
January 11, 2013 12:00 am
Published by Mark
Following the January tax law changes made by Congress under the American Taxpayer Relief Act (ATRA), the Internal Revenue Service announced today it plans to open the 2013 filing season and begin processing individual income tax returns on Jan. 30. The IRS will begin accepting tax returns on that date after updating forms and completing programming and testing of its processing systems.
January 7, 2013 12:00 am
Published by Mark
The updated tables show the new rates for 2013, which reflect the expiration of the tax cuts in the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA, P.L. 107-16) and in the Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRRA, P.L. 108-27).
January 7, 2013 12:00 am
Published by Mark
Defined Contribution Plan Limits For 401(k), 403(b) and most 457 plans, below are the COLA increases for dollar limits on benefits and contributions. 2013 Maximum elective deferral by employee. $17,500 Catch-up contribution (age 50 and older during 2012).
January 7, 2013 12:00 am
Published by Mark
New taxes also took effect Jan. 1, 2013 as a result of 2010’s health care reform legislation. Additional hospital insurance tax on high-income taxpayers.
January 7, 2013 12:00 am
Published by Mark
With the expiration of the payroll tax cuts, the majority of workers will be facing smaller amounts of take home pay starting this month. Nearly three-quarters of American households will have smaller paychecks this year because in the fiscal cliff legislation Congress chose not to extend the 2 percentage-point payroll tax holiday that has been in effect for two years. That means someone who earns $50,000 will take home about $1,000 less.
January 7, 2013 12:00 am
Published by Mark
Contribution and Out-of-Pocket Limits for Health Savings Accounts and for High-Deductible Health Plans 2013 HSA contribution limit (employer + employee) Individual: $3,250 Family: $6,450 HSA catch-up contributions (age 55 or older)* $1,000 HDHP minimum deductible amounts Individual: $1,250 Family: $2,500 HDHP maximum out-of-pocket amounts (deductibles, co-payments and other amounts, but not premiums) Individual: $6,250 Family: $12,500
January 7, 2013 12:00 am
Published by Mark
"The American Taxpayer Relief Act” (the Act), would prevent many of the tax hikes that were scheduled to go into effect this year and retain many favorable tax breaks that were scheduled to expire. However, it would also increase income taxes for some high-income individuals and slightly increase transfer tax rates. This article provides an overview of the Act's key provisions.
