MARCH 29, 2013
Upcoming Due Dates

April 1

File Forms 1097, 1098, 1099, 3921,3922, and W­2G with the IRS.

This due date applies only if you file electronically.

 

April 10

Employees who work for tips.

If you re­ceived $20 or more in tips during March, re­port them to your employer. You can use Form 4070.

 

April 15

Individuals.

File a 2012 income tax return and pay any tax due or file for an extension of time to file.

 

Please contact us no later than April 8th if you would like for us to file a 6­month extension of time to file the return, You must pay any tax due with your extension to avoid interest and late penalty fees.

 

Household employers.

If you paid cash wages of $1,800 or more in 2012 to a house­ hold employee, you must file Schedule H. If you are required to file a federal income tax return (Form 1040), file Schedule H with the return and report any household employment taxes. Report any federal unemployment (FUTA) tax on Schedule H if you paid total cash wages of $1,000 or more in any calen­dar quarter of 2011 or 2012 to household employees. Also, report any income tax you withheld for your household employees.

 

Individuals (Estimated Tax)

If you are not paying your 2013 income tax through withholding (or will not pay in enough tax during the year that way), pay the first installment of your 2013 estimated tax.

 

Contact us no later than April 8th if you would like for us to figure your 1st Quarter 2013 Estimated Tax Payment.

 

Partnerships

File a 2012 calendar year return (Form 1065). Provide each partner with a copy of Schedule K­1 Partner's Share of Income, Deductions, Credits, etc., or a substitute Schedule K­1. If you want an automatic 5­ month extension of time to file the return and provide Sched­ule K­1 or a substitute Schedule K­1, file Form 7004. Then, file Form 1065 by September 16.

 

Corporations (Estimated Tax)

Deposit the first installment of estimated income tax for 2013.

 
AMT rules become permanent

 

Perhaps you've heard about the permanent patch for the alternative minimum tax (AMT), which was part of the new tax legislation that became law in January. The change eliminates the need for the annual wait for Congress to "fix" the AMT exemption, and means less uncertainty going forward. If you're wondering how the new rules will affect your 2012 federal income tax return, here are the details.

 

In general, the basic calculation of your 2012 AMT liability remains the same as in prior years. That is, you begin with the income on Form 1040, and adjust it for items that are treated differently under the AMT, such as certain itemized deductions. Then you subtract the AMT exemption to arrive at the income subject to the tax.

 

What changed? The permanent patch increased the exemption you use to reduce AMT income. For 2012, when you're single, the exemption is $50,600. It's $78,750 when you're married filing jointly (or a surviving spouse), and $39,375 if you're married and file separate returns.

 

One thing to note: your exemption can be less, depending on the amount of your AMT taxable income. For example, when you're married filing jointly and your AMT taxable income exceeds $150,000, the exemption begins to phase out. The reduction starts at $112,500 when you're filing single, and $75,000 if you're married filing separately.

 

Want to know more about the alternative minimum tax and its impact on you? Call us. We specialize in plain-language explanations, as well as practical AMT planning suggestions.

                         
  
               

Dirty Dozen Tax Scams for 2012

  

WASHINGTON - The Internal Revenue Service issued its annual "Dirty Dozen" list of tax scams, reminding taxpayers to use caution during tax season to protect themselves against a wide range of schemes ranging from identity theft to return preparer fraud.

 

The Dirty Dozen listing, compiled by the IRS each year, lists a variety of common scams taxpayers can encounter at any point during the year. But many of these schemes peak during filing season as people prepare their tax returns.

 

"This tax season, the IRS has stepped up its efforts to protect taxpayers from a wide range of schemes, including moving aggressively to combat identity theft and refund fraud," said IRS Acting Commissioner Steven T. Miller. "The Dirty Dozen list shows that scams come in many forms during filing season. Don't let a scam artist steal from you or talk you into doing something you will regret later."

 

Illegal scams can lead to significant penalties and interest and possible criminal prosecution. IRS Criminal Investigation works closely with the Department of Justice (DOJ) to shutdown scams and prosecute the criminals behind them.

 

If you would like to see a list of the Dirty Dozen Tax Scams for 2013, visit the IRS website at

 

http://www.irs.gov/uac/Newsroom/IRS-Releases-the-Dirty-Dozen-Tax-Scams-for-2013