Early Planning Can Make 2012 Filing Season Easier
The new year brings a new tax filing season. Mid-April may seem like a long time away in January but it is important to start preparing now for filing your 2011 federal income tax return. The IRS expects to receive and process more than 140 million returns during the 2012 filing season. Early planning can help avoid any delays in the filing and processing of your return. more

Payroll Tax Cut Extended Two-months; Other Temporary Incentives Expire
As 2012 gets underway, Congress has extended the employee-side payroll tax cut but a laundry list of tax incentives have expired and their renewal is in doubt. The fate of these incentives, along with the Bush-era tax cuts, will dominate debate in Washington D.C. in 2012. At the same time, tax planning in a time of uncertainty appears to have become the new normal. more

Looking Back: Top 10 Federal Tax Developments of 2011
Looking back over 2011, the IRS, Congress and the courts made many tax decisions impacting taxpayers of all types. Some tax developments were taxpayer-friendly; others imposed new requirements on taxpayers. Here is a brief rundown of the top 10 federal tax developments of 2011. more

FAQ – When Do I Need to File IRS Form 8938, Statement of Specified Foreign Financial Assets?
The Foreign Account Tax Compliance Act (FATCA), enacted in 2010, requires certain U.S. taxpayers to report their interests in specified foreign financial assets. The reporting requirement may apply if the assets have an aggregate value exceeding certain thresholds. The IRS has released Form 8938, Statement of Specified Foreign Financial Assets, for this reporting requirement under FATCA. more

How Do I – Claim a Charitable Contribution of Property?
Claiming a charitable deduction for a cash contribution is straightforward. The taxpayer claims the amount paid, whether by cash, check, credit card or some other method. Taxpayers need only a bank record or a written acknowledgment from the charity. For contributions of property, the rules can be more complex. more

January 2012 Tax Compliance Calendar
As an individual or business, it is your responsibility to be aware of and to meet your tax filing/reporting deadlines. This calendar summarizes important tax reporting and filing data for individuals, businesses and other taxpayers for the month of January 2012. more

IRS Releases Business Standard Mileage Rate for 2012
The business standard mileage rate, which many employers use to reimburse employees for business miles driven, is 55.5 cents-per-mile for 2012, the IRS has announced. This reflects no change from the second half of 2011. more

IRS Updates Form 940 for Mid-year Expiration of FUTA Surtax
The IRS has updated Form 940 to reflect the mid-year 2011 expiration of the 0.2 percent FUTA surtax. FUTA taxes for 2011 will be calculated using two rates, the IRS explained. more

IRS Revises Regulations for Capitalization of Tangible Assets
Just before year-end 2011, the IRS issued much-anticipated revised regulations on the capitalization of tangible assets. The IRS withdrew proposed regulations issued in 2008 and issued temporary and proposed regulations. The text of the temporary regulations serves as the text of the proposed regulations. more

IRS Reminds Dual Citizenship Taxpayers to Report Foreign Accounts
The IRS recently reminded dual citizenship taxpayers and U.S. citizens residing abroad to file U.S. income tax returns and, if appropriate, Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR).  The reminder, posted on the IRS website, is part of the agency's ongoing campaign to heighten awareness about reporting foreign accounts. more

IRS Relief for IRA Owners Entering into Broker Indemnification Agreements
The IRS is providing temporary relief for owners of individual retirement accounts (IRAs) who have entered into indemnification agreements with brokers that may result in prohibited loan transactions. The relief is in response to a recent decision by the U.S. Department of Labor (DOL). more

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