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Recent Developments for Tax Forms, Instructions, and Publications
Correction to 2012 Form W-2; 2012 General Instructions for Forms W-2 and W-3
On the 2012 Form W-2, and in the 2012 General Instructions for Forms W-2 and W-3, under the TIP on page 6, note that the Tier II RRTA tax withheld amount of $3,192.90 shown in the Credit for excess taxes section under the Notice to Employee on the reverse of Copy B is incorrect. The correct amount should be $3,194.10.
Corrections to 2012 Publication 505. Tax Withholding and Estimated Tax
Corrections to 2012 Publication 505. Tax Withholding and Estimated Tax
Corrections to the 2011 Instructions for Form 8582, Passive Activity Loss Limitations — 19-Jun-2012
Update to 2012 Form 1040-ES (NR), U.S. Estimated Tax for Nonresident Alien — 12-JUN-2012
Correction to Publication 1179 (Revenue Procedure 2011-60) — 06-JUN-2012
Corrections to the 2012 Form 1040-C, U.S. Departing Alien Income Tax Return — 12-JUN-2012
Publication 1542 Will No Longer Be Updated — 21-MAY-2012
Caution for Form SS-4 and Instructions for Form SS-4 Limit of one (1) Employer Identification Number (EIN) Issuance per Business Day — 18-MAY-2012
Corrections to Publication 1141 (Revenue Procedure 2011-62) — 16-MAY-2012
Update to 2012 Form 1040-ES, Estimated Tax for Individuals — 14-MAY-2012
The Annual Filing of the 2012 Form 1097-BTC, Bond Tax Credit, With the IRS in the First Quarter of 2013 Will Be Required. — 11-MAY-2012
Correction to the Instructions for Form 8582-CR, Passive Activity Credit Limitations (Rev. January 2012) — 07-MAY-2012
Correction to Publication 970, Tax Benefits for Education (Revision 2011 )– 03-MAY-2012
Changes to the 2011 Schedule A (Form 8804), Penalty for Underpayment of Estimated Section 1446 Tax by Partnerships and instructions — 03-MAY-2012
Changes to the 2012 Form 8804-W, Installment Payments of Section 1446 Tax for Partnerships and instructions — 03-MAY-2012
Correction to Publicaton 554, Tax Guide for Seniors — 09-APR-2012
Rollover of Airline Payments to Traditional IRAs — 04-APR-2012
Correction to 2012 Form W-2GU, Guam Wage and Tax Statement — 04-APR-2012
Corrections to Publication 515, Withholding of Tax on Nonresident Aliens and Foreign Entities — 4-APR-2012
Revised 2012 Forms W-2, W-3SS, and 2012 General Instructions for Forms W-2 and W-3; Note Regarding 2012 Form W-3 — 22-MAR-2012
Update to the Instructions for 2011 Forms 1040, 1040A, and 1040EZ — 16-MAR-2012
Change to the 2011 Instructions for Form 709, United States Gift (and Generation-Skipping Transfer) Tax Return — 16-MAR-2012
Correction to Publication 551, Basis of Assets (Rev. July 2011) — 15-MAR-2012
Change to 2011 Instructions for Form 2210, Underpayment of Estimated Tax by Individuals, Estates, and Trusts — 15-MAR-2012
Correction to Form 720, Quarterly Federal Excise Tax Return — 15-MAR-2012
Update to 2012 Publication 926, Household Employer’s Tax Guide – 13-MAR-2012
Correction to the 2011 Publication 530, Tax Information for Homeowners –12-MAR-2012
Clarification to the 2011 Instructions for Schedule E (Form 1040), Boxes A and B — 28-FEB-2012
Corrección a las Instrucciones para el Formulario 1040-PR, — 24-FEB-2012
Correction to the Instructions for Form 1040-SS, U.S. Self-Employment Tax Return — 17-FEB-2012
Corrections to 2011 Publication 502, Medical and Dental Expenses — 15-FEB-2012
Change to 2011 Instructions for Form 2210, Underpayment of Estimated Tax by Individuals, Estates, and Trusts — 13-FEB-2012
Corrección al Formulario 940-PR de 2011–02-FEB-2012
Update to 2011 Instructions for Form 1120-C, U.S. Income Tax Return for Cooperative Associations — 01-FEB-2012
Form 940 and Schedule A (Form 940) Frequently Asked Questions — 31-JAN-2012
Clarification to the Instructions for Schedule C, E, & F (Form 1040) on Reporting Form 1099-K Amounts — 31-JAN-2012
Credits
Credits & Deductions for Individuals
EITC Home Page–It’s easier than ever to find out if you qualify for EITC
Earned Income Tax Credit also known as EITC or EIC is a tax credit for people who have low to moderate earned income. The earned income can be from working for your employer, yourself or from other sources such as certain disability income.
Adoptive Parents: Don’t Delay Your Adoption Credit Refund
Some taxpayers and their tax professionals claiming the newly-expanded adoption credit are slowing down their refund by failing to include required documentation, such as an adoption order or decree, with their return.
The Health Coverage Tax Credit (HCTC) Program
The Health Coverage Tax Credit (HCTC) is a unique program that pays 72.5% of qualified health insurance premiums for eligible individuals and their family members. Find out if you’re eligible for this valuable tax credit, and how you can receive it.
First-Time Homebuyer Credit
You may be eligible for the credit, whether you’re buying your first home or a replacement principal residence. The options are different depending on the purchase date of the home.
Alternative Minimum Tax (AMT) Assistant for Individuals
Could you be subject to the Alternative Minimum Tax? Find out by using this simple program.
Sales Tax Deduction Calculator
The Sales Tax Deduction Calculator can help you determine the amount of optional state and local sales tax you can claim on Schedule A of Form 1040.
Deducting Business Expenses
Deducting the Costs of Operating a Business
The Economic Recovery Payment
Information on the economic recovery payment provision in the American Recovery and Reinvestment Act of 2009.
Credits & Deductions For Businesses
Alternative Motor Vehicle Credit
The Alternative Fuel Motor Vehicle Credit was enacted by the Energy Policy Act of 2005 and includes separate credits for four distinct categories of vehicles: Hybrid vehicles, Fuel Cell vehicles, Qualified Alternative Fuel Motor vehicles (QAFMV) and Advanced Lean Burn Technology vehicles. The amount of the potential credit varies by type of vehicle and which of the four credits applies.
Manufacturers’ Energy Efficient Appliance Credit
Act Section 305 – Modifications of Energy Efficient Appliance Credit for Appliances Produced After 2007
Plug-In Electric Vehicle Credit (IRC 30 and IRC 30D)
IRC 30 & 30D provide credits for certain Plug-in Electric Vehicles.
Research Credit
Guidelines and audit technique guide are provided for field examiners on the examination of Research Credit cases.
Deducting Business Expenses
Deducting the Costs of Operating a Business
Abusive Tax Shelters and Transactions
The Internal Revenue Service has a comprehensive strategy in place to combat abusive tax shelters and transactions. This strategy includes guidance on abusive transactions, regulations governing tax shelters, a hotline for taxpayers to use to report abusive technical transactions, and enforcement activity against abusive tax shelter promoters and investors.
NEWS
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News & Events
IRS Electronic Tax Administration Advisory Committee Delivers Report to Congress
IR-2012-67, June 29, 2012 — The Electronic Tax Administration Advisory Committee presented its 2012 Annual Report to Congress with recommendations on electronic tax administration.
National Taxpayer Advocate Identifies Challenges and Issues for Upcoming Year in Mid-Year Report to Congress
IR-2012-66, June 27, 2012 — National Taxpayer Advocate Nina E. Olson today released a report to Congress that identifies the priority issues the Taxpayer Advocate Service will focus on during the upcoming fiscal year.
IRS Announces Efforts to Help U. S. Citizens Overseas Including Dual Citizens and Those with Foreign Retirement Plans
IR-2012-65, June 26, 2012 – IRS offshore efforts help U.S. citizens overseas and dual citizens.
IRS Says Offshore Effort Tops $5 Billion, Announces New Details on the Voluntary Disclosure Program and Closing of Offshore Loophole
IR-2012-64, June 26, 2012 – IRS Offshore Voluntary Disclosure Effort Tops $5 Billion.
IRS Strengthens ITIN Application Requirements; Interim Changes Will Protect the Integrity of the ITIN Process
IR-2012-62, June 22, 2012 — The Internal Revenue Service today announced important interim changes to strengthen its procedures for issuing Individual Taxpayer Identification Numbers (ITINs) from now through the end of the year.
BDO USA, LLP to Pay IRS a $34.4 Million Penalty for Violating Tax Laws
IR-2012-61, June 13 2012 — The IRS announced that it has reached a settlement with the accounting firm of BDO USA, LLP.
Prepare for Hurricanes, Disasters by Safeguarding Tax Records
IR-2012-60, June 11, 2012 — Individuals and businesses are encouraged to safeguard themselves against natural disasters by taking a few simple steps.
IRS Marks Third Anniversary of Return Preparer Review; Urges Required Preparers to Take Competency Test as Soon as Possible
IR-2012-59, June 5, 2012 — The IRS marks the 3rd anniversary of its return preparer initiative and urged those paid tax return preparers required to pass a new competency test to take the test as soon as possible.
IRS Provides Tax Relief to Victims of Hurricane Isaac; Return filing and Tax Payment Deadline Extended to Jan. 11, 2013
IR-2012-70, Sept. 5, 2012 –– The Internal Revenue Service is providing tax relief to individuals and businesses affected by Hurricane Isaac.
Tax Relief for Victims of Hurricane Isaac in Louisiana
LA/MS-2012-15, Sept. 5, 2012 — Victims of Hurricane Isaac that began on Aug. 26, 2012 in parts of Louisiana may qualify for tax relief from the Internal Revenue Service.
Tax Relief for Victims of Hurricane Isaac in Mississippi
LA/MS-2012-14, Sept. 5, 2012 — Victims of Hurricane Isaac that began on Aug. 26, 2012 in parts of Mississippi may qualify for tax relief from the Internal Revenue Service.
IRS Announces Efforts to Help U. S. Citizens Overseas Including Dual Citizens and Those with Foreign Retirement Plans
IR-2012-65, June 26, 2012 – IRS offshore efforts help U.S. citizens overseas and dual citizens.
Interest Rates Remain the Same for the Fourth Quarter of 2012
IR-2012-68, Aug. 23, 2012 — Interest rates are the same for the fourth quarter of 2012 as they were in the prior quarter.
Tax Relief for Victims of Freedom Wildfire in Oklahoma
OK-2012-09, Aug. 23, 2012 — Victims of the Freedom Wildfire that began on Aug. 3, 2012, in parts of Oklahoma may qualify for tax relief from the Internal Revenue Service.
National Taxpayer Advocate Identifies Challenges and Issues for Upcoming Year in Mid-Year Report to Congress
IR-2012-66, June 27, 2012 — National Taxpayer Advocate Nina E. Olson today released a report to Congress that identifies the priority issues the Taxpayer Advocate Service will focus on during the upcoming fiscal year.
Reminder: For Most Truckers, Highway Use Tax Return Due Aug. 31
IR-2012-69, Aug. 27, 2012 — The Internal Revenue Service today reminded truckers and other owners of heavy highway vehicles that in most cases, their next federal highway use tax return is due on Aug. 31, 2012.
IRS Electronic Tax Administration Advisory Committee Delivers Report to Congress
IR-2012-67, June 29, 2012 — The Electronic Tax Administration Advisory Committee presented its 2012 Annual Report to Congress with recommendations on electronic tax administration.
IRS Says Offshore Effort Tops $5 Billion, Announces New Details on the Voluntary Disclosure Program and Closing of Offshore Loophole
IR-2012-64, June 26, 2012 – IRS Offshore Voluntary Disclosure Effort Tops $5 Billion.