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Payroll Tax Holiday Extended Through the End of the Year

Congress has passed the Middle Class Tax Relief and Job Creation Act of 2012 (HR 3630). President Obama is expected to sign the bill into law as soon as it is presented to him. Read More

New Changes Allow More Taxpayers to Enter Streamlined Installment Agreements

The IRS announced the changes in SBSE 05–0112–013. The IRS also clarified that more specific eligibility requirements would apply to taxpayers with outstanding liabilities between $25,001 and $50,000. Read More

Revised Equitable Innocent Spouse Guidelines

The IRS has released Notice 2012–8, announcing that it was working to update the threshold requirements that previously applied to requests for equitable spouse relief and modifying the factors it will use to evaluate requests. Read More

Big Changes Announced for Form 1099-K

This means that taxpayers who receive Form 1099-K for 2011 may report "zero" on their tax return instead of the amount shown on Form 1099-K. Read More

IRS Clarifies Exclusion for Personal Injuries under No-Fault Statutes

Under the new rule, the exclusion for personal injuries does not depend on what kinds of remedies are available under state law, and the exclusion may be claimed if the remedy is determined under a state law such as a no-fault statute. Read More

IRS Extends Estate Tax Filing Deadline for 2011 Decedents

The portability election passes the decedent's unused estate and gift tax exclusion amounts to the surviving spouse . The combined estate and gift tax exclusion amount for 2011 is $5 million. Read More

Proposition 8 Held Unconstitutional: What Does That Mean for Taxpayers?
In a divided opinion (2–1), the Federal Court of Appeals for the Ninth Circuit decided California's ban on same-sex marriage was unconstitutional.
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Virginia Advances Conformity Date to December 31, 2011
Effective for tax years beginning on and after January 1, 2011, Virginia will conform to the federal Internal Revenue Code as of December 31, 2011. Read More

Massachusetts Explains Basis of Property Inherited in 2010 and 2011
A taxpayer who inherited property from the estate of a decendent who died in 2010 may have a different basis in that property for Massachusetts tax purposes than for federal tax purposes. Read More

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References

The Tax Institute has created several quick reference cards and overviews to update tax professionals on tax law changes, aid in return preparation, or assist with counseling clients. The quick reference cards contain very high level explanations of the key information while the overviews provide in-depth explanations.

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Question of the Week
Q: Our client, a citizen of Balzania, has been in the U.S. for a few years, completing her undergraduate degree. She graduates from college in June and will remain in the U.S. to work. Her visa will switch from F–1 (student) status to H1–B (work) status. She will file a dual status return for the year. Although she received a partial scholarship, she has sizeable tuition expenses that she paid. Can she claim the American Opportunity Credit based on her tuition expenses on her Form 1040 return for the part of the year she′ll file as a U.S. resident? She is a single filer.
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