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Lynn Nichols of Nichols Patrick CPE presents the weekly podcast covering the latest changes in the federal tax area. For the final tax courses before tax season begins, please click here. The podcast covers the following areas this week.
[Doc numbers are citations to Tax Notes Today]
- Proposed Regs on Net Investment Income, Medicare Taxes
(Tax Notes Today; 12/3/2012; Article by Jaime Arora and Jeremiah Coder)
Treasury and the IRS on November 30 finally released proposed regulations for the new section 1411 tax on net investment income and the 0.9 percentage point increase in the section 3101 hospital insurance tax, only a month before both are set to take effect.
- Proposed Regs on Net Investment Income Tax
The IRS has issued proposed regulations that provide guidance under section 1411, as added by the Health Care and Education Reconciliation Act of 2010, regarding net investment income tax.
[Doc 2012-24640 (70 pages)]
- Proposed Regs on Rules for Additional Medicare Tax
The IRS has issued proposed regulations that provide guidance to employers and individuals on the implementation of the additional hospital insurance tax under the Affordable Care Act.
[Doc 2012-24641 (19 pages)]
- FAQ on Net Investment Income Tax
(IRC Sec. 1411 Net Investment Tax FAQs)
The IRS has issued a list of frequently asked questions on the section 1411 net investment income tax, which goes into effect in 2013 and imposes a 3.8 percent tax on some net investment income of individuals, estates, and trusts that have income above the statutory threshold amounts.
- Q&A on Implementation of Additional Medicare Tax
(Questions and Answers for Additional Medicare Tax; 11/30/2012)
The IRS has released a list of questions and answers to help employers and payroll service providers implement the additional Medicare tax, which goes into effect in 2013.
- Religious Freedom Doesn't Prevent Levy on Parsonage Allowance
(ECC 201248020; 9/7/2012; rel. 11/30/2012)
In e-mailed advice, the IRS stated that the Religious Freedom Restoration Act would not bar an administrative levy against a parsonage allowance, noting that a federal court found that a levy furthered the government's compelling interest in collecting unpaid taxes by the means least restrictive to the exercise of religion.
- Gross Income Exclusion Applies to Unwanted Medical Procedures
(ECC 201248019; 6/4/2012; rel. 11/30/2012
In e-mailed advice, the IRS stated that unwanted medical procedures qualify for the section 104(a)(2) exclusion from gross income.
- Final Regs on Insurer Fees That Fund Patient-Centered Outcomes Research
(T.D. 9602; 77 F.R. 72721-72736; 12/6/2012)
The IRS has published final regulations that implement and provide guidance on the fees imposed by the Patient Protection and Affordable Care Act on issuers of some health insurance policies and plan sponsors of some self-insured health plans to fund the Patient-Centered Outcomes Research Trust Fund.
- Final Regs and Interim Guidance on Medical Device Excise Tax
(Tax Notes Today; 12/6/2012; Article by Jaime Arora)
Final regulations issued December 5 on the excise tax imposed on the sale of medical devices do not include major changes to the proposed guidance, but the IRS also issued interim guidance on several important issues.
- FAQ on Medical Device Excise Tax
(Medical Device Excise Tax -- IRC 4191; 12/5/2012)
The IRS has released a list of frequently asked questions on the medical device excise tax under section 4191.
- Final Regs on Deduction of Film, TV Production Costs
(T.D. 9603; 77 F.R. 72923-72924; 12/7/2012)
The IRS has published final regulations under section 181 on the deduction for film and television production costs.
LAST UPDATED 12/10/2012