IRS Rev. Proc. 2012-20
Internal Revenue Bulletin: 2012-14 April 2, 2012 Rev. Proc. 2012-20 Table of Contents SECTION 1. PURPOSE SECTION 2. BACKGROUND SECTION 3. SCOPE SECTION 4. APPLICATION SECTION 5. CHANGES IN METHODS OF ACCOUNTING SECTION 6....
Category: Taxation
IRS Rev. Proc. 2012-19
Internal Revenue Bulletin: 2012-14 April 2, 2012 Rev. Proc. 2012-19 Table of Contents SECTION 1. PURPOSE SECTION 2. BACKGROUND SECTION 3. SCOPE SECTION 4. CHANGES IN METHODS OF ACCOUNTING SECTION 5. EFFECT ON OTHER...
Tax-filing and Payment Extensions Expire Oct. 15
The Internal Revenue Service urged taxpayers whose tax-filing extension runs out on Oct. 15 to double check their returns for often-overlooked tax benefits and then file their returns electronically using IRS e-file or the...
2012 OVPD – Calculating the Offshore Penality
Penalty Computation Worksheet When determining the highest amount in each undisclosed foreign account for each year or the highest asset balance of all undisclosed foreign entities for each year, what exchange rate should be...
New Filing Compliance Procedures for Non-Resident U.S. Taxpayers (FBAR, Form TD F, Tax Return)
The Service is announcing a new procedure for current non-residents including, but not limited to, dual citizens who have not filed U.S. income tax and information returns to file their delinquent returns. This procedure...
BWH Rate 2012
Backup Withholding (BWH-B) Rate/Effective Dates Rate/Percentage is 28%, effective for all subject payments after December 31, 2002 until December 31, 2012. The rate after December 31, 2012 will be determined at a later date....
Form 1099-H Health Coverage Tax Credit (HCTC) Advance Payments
Form 1099-H includes Copy 1, which is provided to recipients by the IRS Health Coverage Tax Credit (HCTC) Transaction Center. Copy B must be provided to recipients by all other filers. File Form 1099-H,...
2011 Annual Survey of State Government Tax Collections
Overall government tax collections for states increased $55.7 billion to $757.2 billion in fiscal year 2011, the U.S. Census Bureau reported today. Corporate net income tax revenue was at $40.2 billion, up 9.4 percent,...
2012 Offshore Voluntary Disclosure Program
2012 Offshore Voluntary Disclosure Initiative Frequently Asked Questions and Answers Forms TD F 90-22.1, Report of Foreign Bank and Financial Accounts Form 433A, Collection Information Statement for Wage Earners and Self-Employed Individuals Form 433B,...
FBAR and Form 8938 Comparison
Form 8938, Statement of Specified Foreign Financial Assets Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR) Who Must File? Specified individuals, which include U.S citizens, resident aliens, and certain non-resident...
Report of Foreign Bank and Financial Accounts – FBAR. Deadline June 29th, 2012
United States persons are required to file an FBAR if: The United States person had a financial interest in or signature authority over at least one financial account located outside of the United States;...
When To File Form 4868 for 2011 Federal Tax Return – Due Dates, Penalties and Interests
File Form 4868 by April 17, 2012. Fiscal year taxpayers, file Form 4868 by the regular due date of the return. Taxpayers who are out of the country. If, on the regular due date...
Extensions of Time to File Your Tax Return – Form 4868
There are three ways you can request an automatic extension of time to file a U.S. individual income tax return: you can electronically file Form 4868 (PDF), Application For Automatic Extension of Time To...
U.S. Citizens and Resident Aliens Abroad – Extensions of Time to File Federal Tax Return
You may be allowed an automatic 2-month extension of time to file your return and pay any federal income tax that is due. You will be allowed the extension if you are a U.S....
2012 Tax Scams
IRS issued its annual “Dirty Dozen” ranking of tax scams, reminding taxpayers to use caution during tax season to protect themselves against a wide range of schemes ranging from identity theft to return preparer...
Middle Class Tax Relief and Job Creation Act of 2012
H.R.3630 — Middle Class Tax Relief and Job Creation Act of 2012 (Enrolled Bill [Final as Passed Both House and Senate] – ENR) Beginning SECTION 1. SHORT TITLE; TABLE OF CONTENTS. Sec. 1. Short...
Form 941 for 2012: Employer’s QUARTERLY Federal Tax Return
Form 941 for 2012: Employer’s QUARTERLY Federal Tax Return Under the Middle Class Tax Relief and Job Creation Act of 2012, workers will continue to receive larger paychecks for the rest of this year...
Florida DR-15MO Form – Use Tax for Internet and Mail-order Catalog Purchases.
Use tax normally applies to items purchased outside Florida, including another country, which are brought or delivered into this state and would have been taxed if purchased in Florida. The use tax rate is...
Travel, Entertainment, Gift, and Car Expenses
Publication 463 – Introductory Material What’s New Reminder Introduction Users of employer-provided vehicles. Volunteers. Ordering forms and publications. Tax questions. Useful Items – You may want to see: 1. Travel Traveling Away From...
2011 Tax Benefits Changes and Tax Payment and Reporting Requirements
Two Extra Days to File and Pay Taxpayers across the nation will have until Tuesday, April 17, 2012, to file their 2011 income tax returns and pay any taxes due. Taxpayers have extra time...