2012 IRS Forms Waiting for Approval

Although filing season has technically started with the IRS and state governments, there are still many forms that are not ready for filing yet due to the tax changes included in the American Taxpayer Relief Act (ATRA) enacted on January 2, 2013.

For instance, education credit Form 8863 will not be e-fileable until February 14th. Once this form is final, that will enable the majority of taxpayers that have been on hold to be able to file their tax returns. Some other forms like Form 8903 Domestic Production Activities Deduction and Form 8582 Passive Activity Loss Limitations are among a list of forms that may not be accepted by the IRS until the first week of March.

For a complete list of forms waiting on final approval from the IRS please visit http://www.irs.gov/uac/Newsroom/List-of-IRS-forms-that-1040-filers-can-begin-filing-in-late-February-or-into-March-2013.

We will continually check with the IRS to determine when these forms have been updated.

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%

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

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.

 

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%

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!