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The 2012 American Taxpayer Relief Act: Limits On Deductions and Exemptions

January 20, 2013
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Among the tax increases in the recently enacted 2012 American Taxpayer Relief Act are provisions that impose, or in some cases reinstate, caps on tax breaks for top earners. The new rules reinstate the personal exemption phase-out (PEP) and so-called Pease limit on itemized deductions — named after its author, former Ohio Democratic representative Don…

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The 2012 American Taxpayer Relief Act: Individual Extenders

January 18, 2013
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In addition to permanently extending the Bush-era tax cuts for most taxpayers, revising tax rates on ordinary and capital gain income for high-income individuals, modifying the estate tax, providing permanent relief from the AMT, and imposing limits on the deductions and exemptions of high-income individuals, the recently enacted 2012 American Taxpayer Relief Act extends a…

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The 2012 American Taxpayer Relief Act: AMT Relief

January 15, 2013
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We’d like to detail some key provisions in the recently enacted 2012 American Taxpayer Relief Act which provide permanent relief to individual taxpayers from the alternative minimum tax, or AMT. Earlier temporary measures to deal with the unintended creep of the AMT’s reach expired at the end of 2011, meaning that millions of additional taxpayers…

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The IRS to Accept Most 2012 Tax Filings Beginning January 30

January 14, 2013
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Due to the changes in the tax law prompted by the recently enacted American Taxpayer Relief Act of 2012 (ATRA), the IRS has announced it will begin accepting 2012 tax filings on January 30. The IRS had anticipated a January 22 start date. However, forms and processes must be updated in response to the ATRA,…

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Avoid Identity Theft: Keep Your Tax Documents Safe

January 7, 2013
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Taxpayer Guide to Identity Theft, Reprinted from the IRS website: What is identity theft?  Identity theft occurs when someone uses your personal information such as your name, Social Security number (SSN) or other identifying information, without your permission, to commit fraud or other crimes. How do you know if your tax records have been affected?…

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The Fiscal Cliff: What Does it Mean?

December 24, 2012
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The final countdown towards the “Fiscal Cliff” is winding down as 2012 concludes. But what does it actually mean to you as a taxpayer? In summary, the fiscal cliff can be defined as: “A combination of expiring tax  cuts  and across-the-board government spending cuts scheduled to become effective Dec.  31, 2012. The idea behind the fiscal…

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Frequently Asked Questions: My spouse passed away this year, what filing status should I claim?

August 6, 2012
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Question: My spouse passed away this year, what filing status should I claim? Answer: As the surviving spouse, you have several filing choices that may be appropriate. You may be able to choose married filing jointly, married filing separately, qualifying widow(er), or head of household. Married filing jointly: You can usually file a joint return…

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National Taxpayer Advocate Identifies Challenges and Issues for Upcoming Year

July 30, 2012
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WASHINGTON — National Taxpayer Advocate Nina E. Olson today released a report to Congress that identifies the priority issues the Taxpayer Advocate Service (TAS) will focus on during the upcoming fiscal year. The report expresses particular concern about the taxpayer impact of expired and expiring tax provisions, the rise in tax fraud and tax-related identity…

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