Category: IRS News

Budget issues force IRS closures

The IRS will close all of its operations on June 14, July 5, July 22, and August 30, 2013.

IRS announces 2013 deduction limits for business vehicles

The IRS has published depreciation limits for business vehicles first placed in service this year. The limits for passenger autos remain the same as the 2012 limits…

Prior-year health care reform law changes 2013 tax rules

The 2010 health care reform legislation included several provisions that go into effect this year. Among them is the increase in Medicare taxes for taxpayers with incomes above certain levels…

IRS offers a simplified home-office deduction

The IRS is reducing the record keeping required for the home office deduction, effective for 2013. Taxpayers who qualify may use a new optional deduction…

IRS delays basis reporting for bonds and options

The IRS is giving brokers extra time to start reporting the basis in debt instruments and options. This requirement had been scheduled to go into effect on January 1, 2013, but brokers and other involved parties complained to the IRS that this did not

IRS announces 2013 HSA limits

Health Savings Accounts (HSAs) allow taxpayers with high–deductible health insurance to set aside tax–deductible dollars that can be used tax–free to pay unreimbursed medical expenses.

IRS eases reporting requirement on health coverage

The Affordable Care Act of 2010 included a provision requiring employers to report the cost of coverage under an employer-sponsored group health plan on the employee's 2012 W–2.

IRS releases vehicle deduction limits for 2012

The IRS has published depreciation limits for business vehicles first placed in service this year. Because 50% bonus depreciation is allowed only for new vehicles, these limits are different for new and used vehicles.

Filing reminder for tax-exempts

Tax−exempt organizations are required to file annual reports with the IRS. Those with gross receipts below $50,000 can file an E-postcard rather than a longer version of Form 990.

IRS reopens disclosure program

To encourage taxpayers with offshore accounts to get current with their tax obligations, the IRS has reopened its "offshore voluntary disclosure program (OVDP)."