Tax & Accounting Updates

• Low Income Taxpayer Clinic Grant Recipients Announced February 17, 2012
• IRS Releases the Dirty Dozen Tax Scams for 2012 February 16, 2012
• Updated Rules Issued for IRS Communications with Appeals Office February 15, 2012
• IRS and Treasury to Hold Town Hall and Consultation Listening Meetings on Possible Approaches to Governmental Plan Guidance February 13, 2012
• IRS Issues Rules for Providing K-1s Electronically February 13, 2012
• IRS Extends Comment Period for Guidance on Indian Tribal Government Programs February 13, 2012
• IRS Reminds Preparers and Providers of New Continuing Education Requirements February 10, 2012
• IRS Releases Guidance on How to Claim Expanded Veterans Tax Credit; Certification Requirements Streamlined February 9, 2012
• New IRS Online Tool Helps Low- and Moderate-Income Taxpayers Find Locations for Help February 8, 2012

• 12/17/2010 Bush Era Tax Cuts Extended: Congress and President Obama came together to pass a compromise tax cut package that would allow the current rates to continue for 2 years. Cut social security taxes, a two percentage point reduction in payroll tax for lower income individuals (reduced from 6.2% to 4.2%) for one year. Low and middle-class filers could benefit from a higher earned income tax credit, child credit, and credit for college expenses. Unemployment benefits were also extended for 13 months affecting an estimated seven million Americans. Estate tax for 2011 is capped at 35% for Estates that are valued > $5MM; Estates > $1MM would have been taxed at rates topping at 55% if not extended.

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