Federal Tax Update - Jan. 7, 2013

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Lynn Nichols delivers the latest federal tax information via tax podcast.  These podcasts are brought to FICPA members for free by FICPA CPE ... for all of your CPE needs, please go to www.ficpa.org/cpe.  This week the updates include:

(‘Doc’ numbers are citations to the listed item in Tax Analysts’ Tax Notes Today www.taxanalysts.com)

  1. a. Proposed Regs on Employer Shared Responsibility for Health Insurance Coverage

    2. (REG-138006-12; 12/28/2012)
    The IRS has issued proposed regulations that provide guidance on large employers' shared responsibility for employee health insurance coverage under section 4980H; comments are due by March 18, and discussion topic outlines for the April 23 public hearing are due by April 3.
    [Doc 2012-26855]

    b. Q&A on Employer Shared Responsibility Provisions Under Affordable Care Act
    (12/28/2012)
    The IRS has released a list of questions and answers on the employer shared responsibility provisions for employee health insurance coverage under section 4980H that are effective January 1, 2014, and apply to employers that employ at least 50 full-time employees or a combination of full- and part-time employees that equals at least 50.
    [Doc 2012-26856]

  2. Proposed Regs on Truncated Taxpayer Identification Numbers

    3. (REG-148873-09; 1/2/2013)
    The IRS has issued proposed regulations that allow filers of some information returns to use on payee statements an IRS truncated taxpayer identification number in lieu of a payee's Social Security number, IRS individual taxpayer identification number, or IRS adoption taxpayer identification number.
    [Doc 2013-114]

  3. Cost of Fiscal Cliff Avoidance Bill Estimated at $3.9 Trillion

    4. (JCX-1-13; 1/1/2013)
    The American Taxpayer Relief Act of 2012 (H.R. 8), passed by the Senate and House on January 1, would result in a $3.9 trillion loss in revenue over 10 years compared with current law, according to a report released the same day by the Joint Committee on Taxation.
    [Doc 2013-5]

  4. IRS Publication on Taxable and Nontaxable Income

    5. (Publication 525; 12/27/2012)
    The IRS released Publication 525 (rev. Dec. 2012), Taxable and Nontaxable Income, for use in preparing 2012 returns, discussing many kinds of income and whether they are taxable or nontaxable.
    [Doc 2013-81]

  5. Social Security Disability Benefits Are Includable in Income

    6. (James Brady et ux. v. Commissioner; T.C. Memo. 2013-1; 1/3/2013)
    The Tax Court held that Social Security benefits an individual received and was required to repay to his disability insurer were includable in income, but that he and his wife weren't liable for an accuracy-related penalty on the resulting underpayment because they relied on a tax return preparer.
    [Doc 2013-213]

LAST UPDATED 1/7/2013