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What's New for Tax Year 2012!

 

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Treasury and IRS Expand Availability of Housing for Hurricane Sandy Victims
IR-2012-86, Nov. 4, 2012 — Treasury and the IRS announced that they will waive low-income housing tax credit rules that prohibit owners of low-income housing from providing housing to victims of Sandy who do not qualify as low-income.

IRS Waives Diesel Fuel Penalty Due to Hurricane Sandy
IR-2012-85, Nov. 3, 2012 — The IRS, in response to shortages of clear diesel fuel caused by Hurricane Sandy, will not impose a tax penalty when dyed diesel fuel is sold for use or used on the highway.

IRS Announces Qualified Disaster Treatment of Payments to Victims of Hurricane Sandy
IR-2012-84, Nov. 2, 2012 ― Hurricane Sandy qualified disaster relief payments made to individuals by their employer or any person can be excluded from those individuals’ taxable income.

IRS Provides Tax Relief to Victims of Hurricane Sandy; Return Filing and Tax Payment Deadline Extended to Feb. 1, 2013
IR-2012-83, Nov. 2, 2012 –– In the aftermath of Hurricane Sandy, the Internal Revenue Service announced additional tax relief to affected individuals and businesses.

IRS Gives Additional Time to Taxpayers and Preparers Affected by Hurricane Sandy; File and Pay by Nov. 7
IR-2012-82, Oct. 31, 2012 — Taxpayers and tax preparers affected by Hurricane Sandy will have until Nov. 7 to file returns and accompanying payments.

October IRS Live presents Get Prepared: A to Z Details on the Registered Tax Return Preparer Test
IR-2012-81, Oct. 26, 2012 — The next IRS Live webinar, “Get Prepared: A to Z Details on the Registered Tax Return Preparer Test” is Wednesday, Oct. 31, at 2 p.m. Eastern Time.

IRPAC Issues Annual Report for 2012
IR-2012-80, Oct. 24, 2012 — The Information Reporting Program Advisory Committee (IRPAC) today released its 2012 Report, which includes recommendations pertaining to a number of information reporting issues.

PTIN Renewal Period Underway for All Tax Professionals; Registered Tax Return Preparer Candidates Urged to Schedule Tests
IR-2012-79, Oct. 22, 2012 — The IRS today reminded the nation’s 730,000 federal tax return preparers that they must renew their Preparer Tax Identification Numbers (PTINs) for 2013.

IRS Announces 2013 Pension Plan Limitations; Taxpayers May Contribute Up to $17,500 to Their 401(k) Plans in 2013
IR-2012-77, Oct. 18, 2012 — The IRS announced cost-of-living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2013.

In 2013, Various Tax Benefits Increase Due to Inflation Adjustments
IR-2012-78, Oct. 18, 2012— The IRS announced the annual inflation adjustments for more than two dozen tax provisions for 2013.

Shulman to Finish His Term as IRS Commissioner on Nov. 9
IR-2012-76, Oct. 10, 2012 — The IRS today announced that its 47th commissioner, Doug Shulman, has decided to step down on Nov. 9, the last day of his term.

IRS Seeks Applications for Advisory Committee for the Tax Exempt and Government Entities Division
IR-2012-75, Oct. 1, 2012 — The IRS is seeking applications through November 2 for vacancies on the Advisory Committee on Tax Exempt and Government Entities (ACT).

Seminars from the 2012 Forums Now Available at IRS Nationwide Tax Forums Online
IR-2012-74, Oct. 1, 2012 ― Tax professionals can earn continuing professional education credits online through seminars filmed at the 2012 IRS Nationwide Tax Forums.

Tax-filing and Payment Extensions Expire Oct. 15; Check Eligibility for Overlooked Tax Benefits; Choose e-file; Payment Options Available
IR-2012-73, Sept. 28, 2012 — The IRS urged taxpayers whose tax-filing extension runs out on Oct. 15 to double check their returns for often-overlooked tax benefits and then file their returns electronically using IRS e-file or the Free File system.

Drought-Stricken Farmers and Ranchers Have More Time to Replace Livestock, 43 States Affected
IR-2012-72, Sept. 25, 2012— Farmers and ranchers forced to sell livestock due to drought have an extended period of time to replace the livestock and defer tax on any gains from the forced sales.

Summer 2012 Statistics of Income Bulletin Now Available
IR-2012-71, Sept. 24, 2012 — The IRS's summer 2012 issue of the Statistics of Income Bulletin, which features sole proprietorship data for tax year 2010, is now available.

Prepared Remarks of Commissioner Douglas H. Shulman before the American Bar Association
Sept. 15, 2012 - Commissioner Shulman speaks at the American Bar Association's Joint Fall Meeting in Boston, Mass.

IRS Provides Tax Relief to Victims of Hurricane Isaac; Return filing and Tax Payment Deadline Extended to Jan. 11, 2013
IR-2012-70, Sept. 5, 2012 –– The Internal Revenue Service is providing tax relief to individuals and businesses affected by Hurricane Isaac.

Reminder: For Most Truckers, Highway Use Tax Return Due Aug. 31
IR-2012-69, Aug. 27, 2012 — The Internal Revenue Service today reminded truckers and other owners of heavy highway vehicles that in most cases, their next federal highway use tax return is due on Aug. 31, 2012.

Interest Rates Remain the Same for the Fourth Quarter of 2012
IR-2012-68, Aug. 23, 2012 — Interest rates are the same for the fourth quarter of 2012 as they were in the prior quarter.

IRS Announces Efforts to Help U. S. Citizens Overseas Including Dual Citizens and Those with Foreign Retirement Plans
IR-2012-65, June 26, 2012 - IRS offshore efforts help U.S. citizens overseas and dual citizens.

IRS Says Offshore Effort Tops $5 Billion, Announces New Details on the Voluntary Disclosure Program and Closing of Offshore Loophole
IR-2012-64, June 26, 2012 - IRS Offshore Voluntary Disclosure Effort Tops $5 Billion.

IRS Strengthens ITIN Application Requirements; Interim Changes Will Protect the Integrity of the ITIN Process
IR-2012-62, June 22, 2012 — The Internal Revenue Service today announced important interim changes to strengthen its procedures for issuing Individual Taxpayer Identification Numbers (ITINs) from now through the end of the year.

Prepare for Hurricanes, Disasters by Safeguarding Tax Records
IR-2012-60, June 11, 2012 — Individuals and businesses are encouraged to safeguard themselves against natural disasters by taking a few simple steps.

IRS Marks Third Anniversary of Return Preparer Review; Urges Required Preparers to Take Competency Test as Soon as Possible
IR-2012-59, June 5, 2012 — The IRS marks the 3rd anniversary of its return preparer initiative and urged those paid tax return preparers required to pass a new competency test to take the test as soon as possible.

IRS Announces 43 Small Offices to Close, Others to be Consolidated; Agency Sheds More than One Million Square Feet of Office Space
IR-2012-54, May 22, 2012 — By cutting more than 1 million square feet of office space, the IRS will save taxpayers millions of dollars.

Prepared Remarks of Commissioner of Internal Revenue Douglas H. Shulman before the National Press Club
IR-2012-42, April 5, 2012 ― Prepared Remarks of Commissioner of Internal Revenue Douglas H. Shulman before the National Press Club.

Information for U.S. Citizens or Dual Citizens Residing Outside the U.S.
FS-2011-13, December 2011 – This fact sheet summarizes information about federal income tax return and FBAR filing requirements for dual citizens in Canada, the United Kingdom and other countries.

FAQs on New Payment Card Reporting Requirements
The IRS is providing special transitional relief to banks and other payment settlement entities required to begin reporting payment card and third-party network transactions on new Form 1099-K.

The American Recovery and Reinvestment Act of 2009: Information Center
Update on the new economic stimulus legislation.

PTIN Requirements for Tax Return Preparers
Regulations require all paid tax return preparers to obtain a PTIN. Preparers must renew their PTIN each year by December 31. Some preparers will also soon need to pass a competency test and take continuing education courses.

The “What Ifs” for Struggling Taxpayers
Here are some “What if” scenarios and the possible tax impact.

Tax Benefits for Education: Information Center
Many tax breaks are available to help with the cost of higher education.

Commissioner's Comments, Statements and Remarks
IRS Commissioner Doug Shulman discusses a range of tax administration issues.

Compliance & Enforcement News
A collection of recent news releases, statements and other items related to IRS compliance and enforcement efforts.

2012 and Prior Year Filing Season Statistics
Find tax filing season statistics showing cumulative and comparative totals from the current filing season and from 2010.

Page Last Reviewed or Updated: 2012-11-04
 

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