Jason Westbrook Nominated to AICPA Joint Trial Board 02-26-2013

Jason Westbrook, CPA, CVA has been nominated to serve on the American Institute of Certified Pubic Accountant’s Joint Trial Board. The Joint Trial Board consists of 36 members elected for a three year term by the Nominations Committee and ratified by the AICPA Council. Jason’s formal election to the Joint Trial Board is scheduled at the annual member’s meeting in October, 2013.

The Joint Trial Board provides for uniform enforcement of professional standards by adjudicating disciplinary charges against state society and AICPA members. Its decisions affect both AICPA and state society memberships.

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2013 Automobile Depreciation Limits Announced 02-25-2013

On Monday, February 25th, the Internal Revenue Service announced the 2013 inflation-adjusted depreciation limits and lease income inclusion amounts for passenger automobiles. These limits are published in Revenue Procedure 2013-21.

For passenger automobiles placed in service in 2013 where the 50% bonus depreciation applies, the depreciation limit is $11,160. Trucks and vans first year is $11,360.

For passenger automobiles for which the bonus depreciation does not apply, the limit is $3,160. The limit for trucks and vans in this category is $3,360. Both of these amounts represent the first year depreciation limit.

Additional guidance on the limits can be found in the aforementioned Revenue Procedure or in the recent Journal of Accountancy article.

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CCH Offers 2012 Tax Year-In-Review Special Report 01-10-2013

CCH has issued a Special Report highlighting the 2012 Tax Year-In-Review.  The special report issued on January 10, 2013 highlights the following occurrences:

  • American Taxpayer Relief Act Passes Congress
  • Supreme Court Upholds Affordable Care Act
  • IRS Issues Guidance On Many Health Care Tax Measures
  • Retirement Incentives Take On New Importance
  • IRS Expands Voluntary Compliance Settlement Program
  • Treasury Releases FATCA Model Agreements
  • IRS Focuses On Domestic And International Compliance
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American Taxpayer Relief Act of 2012 01-04-2013

The American Taxpayer Relief Act of 2012 was passed by Congress on January 1, 2013. CCH has developed an explanation and analysis of the American Taxpayer Relief Act of 2012 in a CCH Tax Briefing Special Report. This document highlights the new tax rates, Bush-Era tax rates extended, the AMT patch, extension of various credits and business tax extenders, and a number of extenders retroactive to the beginning of 2012.

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Proposed regs. issued by IRS on 3.8% net investment income tax 12-04-2012

The IRS has released proposed regulations for the 3.8% investment income tax imposed under Code Section 1411. The tax is equal to 3.8% of the lesser of an individual’s net investment income for the tax year or the excess of the individual’s modified adjusted gross income for the tax year over $250,000 for married filing joint, $125,000 for married filing separately, and $200,000 for singles. To view the full article on the Journal of Accountancy’s website, click here.

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Guidance released on Medicare Surtax 12-03-2012

A recent Journal of Accountancy article explains the recently proposed Internal Revenue Service regulations on the additional Medicare tax. The proposed regulations provide guidance for employers and individuals on implementation of the tax. The tax is effective for wages received in any tax year starting after December 31, 2012. The employer is responsible for withholding the additional tax on any employee’s wages exceeding $200,000 in a calendar year. An employee is liable for additional Medicare tax on wages to the extent that the tax isn’t withheld. The proposed regulations illustrate threshold amounts for self-employed individuals as well as discuss underpayments and the claiming of refunds in limited instances.

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Aldridge, Borden Announces 2013 Interns 12-01-2012

Jan Bigham, Andrew Martin, and Joe Mills from Auburn Montgomery and Jake Scurlock from Troy University will participate in the Aldridge, Borden’s 2013 internship program. The internships will begin in January of 2013.

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IRS Adjusts Standard Mileage Rates for 2013 11-30-2012

The Internal Revenue Service announced the increase of the standard mileage rates for business, medical, and moving for 2013. The following 2013 rates are effective January 1, 2013:

– 56.5 cents per mile for business miles driven
– 24 cents per mile driven for medical or moving purposes
– 14 cents per mile driven in service of charitable organization (unchanged from 2012)

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IRS Announces Inflation Adjustments for 2013 10-18-2012

The Internal Revenue Service recently released its annual inflation adjustments on several tax provisions. Some of these items are as follows:

– The annual exclusion for gifts rises to $14,000 for 2013, up from $13,000 for 2012.

– The amount used to reduce the net unearned income reported on a child’s tax return subject to the “kiddie tax,” is $1,000, up from $950 for 2012.

– The foreign earned income exclusion rises to $97,600, up from $95,100 in 2012.

Click here to view the full article on the Journal of Accountancy’s website.

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