Tuesday, January 29, 2013

Applicable Federal Rates for February 2013

The Applicable Federal Rates (AFRs) for the month of February are as follows:


Annual
Semiannual
Quarterly
Monthly
Short-term (≤3 years)
0.29%
0.29%
0.29%
0.29%
Mid-term (>3 years but ≤9 years)
1.15%
1.15%
1.15%
1.15%
Long-term (>9 years)
2.77%
2.75%
2.74%
2.73%

Monday, January 14, 2013

IRS Increases Certain Benefits and Assistance Programs for 2013

As a result of the American Taxpayer Relief Act of 2012, the IRS has released additional annual inflation adjustments and other tax changes for tax year 2013 that may affect your benefit programs:


Qualified transportation benefits - monthly transit and parking limit $245 for 2013:
For the 2013 tax year, the monthly limit for transit passes and transportation in a commuter vehicle is $245, up from $240 for tax year 2012 (the legislation provided a retroactive increase from $125). Parking has also increased to $245 from $240 for the 2012 tax year.

Adoption Assistance Programs – 2013 limit is $12,970:
The amount excludable from an employee's gross income begins to phase out under § 137(b)(2)(A) for taxpayers with modified adjusted gross income in excess of $194,580. It is completely phased out for those with modified adjusted gross income of $234,580 or more.

Details are in Revenue Procedure 2013-15, available at http://www.irs.gov/pub/irs-drop/rp-13-15.pdf





Wednesday, January 9, 2013

2013 Tax Updates & TYS News

2013 Tax Updates


As you may be aware, there were numerous tax changes that were accepted into law for 2012 and 2013 this past week.  For details on these tax updates, please visit our website at http://www.tysllp.com/newsletters/2013taxupdates/.

Our New York Office Has Moved


Effective January 1, 2013 our New York office address is:

615 Cross Keys Office Park
Fairport, NY 14450
T: (585) 678-9015
F: (585) 678-9384

Office Closure

Our offices will be closed on Thursday, January 10, 2013 and Friday, January 11, 2013.  We will resume normal business hours on Monday, January 14, 2013.


 

Thursday, January 3, 2013

Applicable Federal Rates for January 2013


The Applicable Federal Rates (AFRs) for the month of January are as follows:

Annual
Semiannual
Quarterly
Monthly
Short-term (≤3 years)
0.25%
0.25%
0.25%
0.25%
Mid-term (>3 years but ≤9 years)
0.94%
0.94%
0.94%
0.94%
Long-term (>9 years)
2.66%
2.64%
2.63%
2.63%

Tuesday, January 1, 2013

Holiday Office Hours & New Office Address


Happy Holidays
 
To celebrate this holiday season, tys, llp offices will be closed from
Monday, December 24th through Tuesday, January 1, 2013.
 
We will re-open on Wednesday, January 2, 2013.
 
 
Our New York Office is Moving!

Starting January 1, 2013 the new address for our New York office is:
 
TYS, LLP
615 Cross Keys Office Park
Fairport, NY 14450
T: (585) 678-9015
F: (585) 678-9384
 
 
Best wishes for a wonderful Holiday Season and a New Year filled with peace, happiness and success!