American Taxpayer Relief Act of 2012

CCH Tax Briefing: 2012 Year in Review

Uncertainty during 2012 over what tax laws would govern in 2013 and beyond because of the expiring Bush-era tax cuts clearly was the most significant development of the year. Now that Congress and President Obama — through the American Taxpayer Relief Act of 2012 (ATRA) — have provided a degree of certainty over tax rates into at least the immediate future, taxpayers need to adjust their tax plans accordingly. Individuals and businesses should immediately recalibrate strategies in light of ATRA. 2012 was also a significant year for important tax developments from the Treasury Department, the IRS and the courts. These developments demand the attention of individual and business taxpayers not only to caution what is no longer allowed under the tax laws but also to shape what steps can be taken in 2013 and beyond to maximize tax savings. With that forward-looking perspective, this Tax Briefing reviews key federal tax developments that took place during 2012.

CCH Tax Briefing: American Taxpayer Relief Act of 2012
The tax side of the 'Fiscal Cliff' has been averted. Download your PDF. 

Source: CCH, a Wolters Kluwer business

How the majority of folks most likely have felt.

Via someecards

From The New Yorker - Shouts & Murmurs: Eric Hague's clever  guide to fiscal topography, including the fiscal isthmus, fiscal escarpment, and fiscal fjord. http:nyr.kr/U6Sv7Q

Some of my favorites:

Fiscal Cliff: The potentially disastrous economic repercussions of the automatic tax hikes and spending cuts scheduled to take effect in 2013 should Congress fail to agree upon a workable alternative by the end of the year.

Fiscal Picturesque Woodland Hiking Trail: The relaxing climb up to the fiscal cliff that leads through the scenic forest of election-year procrastination before arriving at the summit of Mount Crazy Partisan Brinksmanship.

Fiscal Molehill: Where Congress’ T-Mobile contract is up, but it hasn’t made up its mind yet whether it’s going to renew and take the free handset upgrade, or just switch carriers and get an iPhone like all the other Congresses.

Fiscal Isthmus: A narrow strip of public optimism linking two larger bodies of total congressional meltdown.

Underwater Fiscal Cliff: Where Americans must decide whether the long-term costs of resolving the budget crisis exceed the present free-market value of even bothering to have a damn country anymore.

Fiscal Smaug’s Mountain: Where Congress attempts to close the annual deficit by dispatching the House Budget Committee on a quest to find a fabled trove of gold held by a fierce and powerful dragon. Also, the dragon is a metaphor for China.

Fiscal Volcano: When geo-financial pressure builds beneath the Senate floor, causing the Capitol building to spew molten-hot I.R.S. code updates and administrative materials all over the greater D.C. metro area.

Fiscal Indoor Rock Wall: An artificially manufactured fiscal cliff, otherwise known as a fiscal cliff.

For the full list: http://www.newyorker.com/online/blogs/shouts/2012/12/guide-to-fiscal-topography.html#ixzz2FRnSJvwD

Tis the Season to be Clicking

For every Like of CCH on Facebook and Share of this graphic, CCH will donate to LadderUp a non-profit organization that provides free tax and financial services to help hard-working famillies and students move up the economic ladder. 
(Thank you for your clicks)

Tax: Yes, it is entertaining.

TV sitcoms have always been a good way to unwind for me. Funny how shows can take such serious, complex topics and make them, well - funny. Case in point, a few programs that explore the world of tax and give us a laugh.

Parks and Recreation  Episode: Soda Tax (2012) Leslie declares that her first move as city councilwoman is to propose a tax on those giant sugary sodas in hopes of reducing diabetes in Pawnee. With this new tax, all local restaurants can get healthier: from Paunch Burger, to Big and Wide, to The Fat Sack, and even Colonel Plump's Slop Trough (formerly Sue's Salads).  Via NBC.com

And comes away with such memorable quotes as:
Leslie: Well, Paunch Burger just recently came out with a new 128-ounce option. Most people call it a gallon, but they call it the regular. Then, there is a horrifying 512-ounce version that they call child size. How is this a child-sized soda?
Kathryn Pinewood: Well, it's roughly the size of a two-year old child, if the child were liquefied. It's a real bargain at $1.59.

Townsperson 2: If we put a tax on soda, I mean, what's next? Income?
Leslie: Sir, you don't pay your income tax?
Townsperson 2: Whether or not I pay income tax is none of the government's business.
Leslie: Well, no, actually it is.
Townsperson 2: Well, you don't know my name or what I look like, so good luck finding me.  
SOURCE: http://parksandrecreation.wikia.com/wiki/Soda_Tax

SOURCE: TV.com

My Name is Earl - Episode: Didn't Pay Taxes (2006) Earl tries to make up for not paying taxes his whole life. Unfortunately, the Government is not interested in his money, so he has to figure out another way to pay the money back. SOURCE: IMdb.com

Married with Children Episode: Reverend Al (1995)Al and his mens group NO MA'AM decide to form their own church in order to avoid paying beer tax. When Marcy and her women's group FANG expose Al's plan to the public, NO MA'AM surprisingly receives sympathy and donations from thousands of long-suffering married men in America which makes it possible for them to open their church. Al becomes a televangelist and preaches the NO MA'AM way of life.SOURCE: IMdb.com

Seinfeld - Episode: The Truth (1991) Jerry is being audited by the IRS but everything is in hand as George's new girlfriend Patrice is an accountant and former IRS auditor and she has agreed to help him out. Unfortunately, George isn't too happy with the relationship and when she asks him to tell her the truth about how he feels, he obliges. Their break-up leads Patrice to a residential depression clinic and Jerry is desperate to get his tax receipts back.  SOURCE: IMdb.com

The Jack Benny Show - Episode:The Income Tax Show (1964) Jack is visited by two IRS Agents played by Harold Gould as Mr. Hunter, and Bill Quinn as Mr. Will, seeking to help Jack take full advantage of his allowable deductions. They wonder how, on an income of $375,000, his tax deduction for entertainment was less then $20 for the year. Noting a deduction of only $3.90 for a dinner for four, Jack refers the Agents to his dinner companions, Jimmy and Gloria Stewart, to substantiate his expenditure for their meal together. Being the frugal man he is noted for, the entire story is played out as Jimmy and Gloria recount the evening, and how Jack ended up sticking Jimmy with the bill for the dinner so that Jimmy would "have the benefit of the deduction" of over $46 for his own. But if Jimmy paid the bill, what was the $3.90 Jack deducted? That was for having his suit cleaned after Gloria Stewart dumped the salad bowl on his head. SOURCE: IMdb.com

Share & Share a 'Like' = Helping others with Tax

For every Like of CCH on Facebook and Share of this graphic, CCH will donate to LadderUp* a non-profit organization that provides financial services to help hard-working famillies and students move up the economic ladder.

http://ow.ly/fCFf3

For every $1 invested in the organization, Ladder Up returns $36 in benefits to low-income clients. Learn more or get involved at http://www.goladderup.org.

Beyond415 Guidance - IRS Practice & Procedure

Beyond415® Guidance is a Web-based research center that features searchable guidance on IRS practice and procedure, written practically and kept current by experts.

Learn how you can benefit from the special 50% discount with CCH.

APPlicable. APPropriate. APPsolutely.

CCH Mobile Standalone Apps - NEW CCH Code & Regs 2013!

Free News, Easy Rates & Tables and Applicable Federal Rates

CCH Code & Regs 2013

Introductory price of $39.99 - Real-time updates - CCH's Internal Revenue Code and Regulations is now available at your fingertips. You'll find the full text of both the internal Revenue Code and Federal Tax Regulations - final, temporary, and proposed - along with any amendments. Key functionality includes: 

• Keyword searching
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• Quick access to recently accessed documents and searches

This app also contains all the amendment and history notes to aid the researcher in reconstructing the Code and Regs at any given point in time.

iPhone/iPadDownload 

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CCH Tax News Highlights

Receive daily Federal and State Tax News for FREE from the most trusted source in the industry, CCH Incorporated. Download the CCH Mobile Tax News Highlights application and register to begin receiving the days’ top tax headlines on both Federal and State tax topics. No CCH subscription required! You can also get instant access to the most current federal and state tax news from CCH’s premier editorial content anytime and anywhere at no cost!
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CCH Tax Rates and Tables 2012

The CCH Tax Rates and Tables 2012 mobile application provides key information frequently used to prepare federal tax forms. CCH Tax Rates and Tables contains the federal income tax rates for 2011 and 2012, the tax tables for 2008 through 2011 as well as other tax rates. Additional information includes tax credit and deduction amounts, EIC amounts, business deductions, rules for retirement and health care plans, selected depreciation tables, and coverage of estate and gift tax rates. PRICE: $2.99

iPad or iPhone Download 

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CCH Applicable Federal Rates 2012

Every month, the IRS provides various prescribed rates known as Applicable Federal Rates for use in connection with various provisions of the Internal Revenue Code. The CCH Applicable Federal Rates 2012 mobile application provides these rates in a handy, easy-to-use tool for tax practitioners. AFRs are computed as provided in IRC Sec. 1274(d) on the basis of the average market yield on outstanding marketable short-term, mid-term, and long-term obligations of the United States. PRICE: $2.99

iPad or iPhone Download

Android Download

These apps are part of the full CCH Mobile functionality IntelliConnect subscribers already enjoy. If you would like a taste of what tax resources are available - these are good options to explore.

Sage. One known for profound wisdom, judgment & experience.

Good Day = Making some headway on a complicated tax issue

Great Day = Accessing the answers and insight from the top tax minds today

Have a great day.

Q&A with Renowned Tax Experts on Complex Matters 

• Tax Practice & Procedure with Claudia Hill, EA, MBA
• Taxation of S Corporations with Robert Jamison, CPA, Ph.D.
• Taxation of Compensation & Benefits with David Cartano, JD
• Taxation of Limited Liability Companies with David Cartano, JD

Podcast on Hot Topics

• Podcast: Nexus with Kathleen Wright, CPA, JD
• Podcast: Apportionment with Ben Miller, JD 
• Podcast: The Sales Factor with Ben Miller, JD

About the Experts 

CCH Expert Treatise Library: Tax Practice & Procedure

Claudia Hill, EA, MBA is a nationally recognized tax professional and frequent lecturer on taxation of individuals and representation before the IRS. She is Editor in Chief of CCH’s Journal of Tax Practice and Procedure and coordinates the Forbes IRS Watch blog. Ms. Hill has testified before both the Senate Finance Committee and House Ways & Means Committee on tax issues, including tax law complexity and the Alternative Minimum Tax (AMT). In March 2005, she was invited to testify about the individual AMT at the President’s Tax Reform Panel. Ms. Hill is often called upon by the media for comment about tax issues, and she served on the 1987 Commissioner's Advisory Group to the National Office of the Internal Revenue Service.

Ms. Hill is owner and principal of Tax Mam, Inc., and TMI Tax Services Group, Inc., in Cupertino, CA. TMI offers quality tax return preparation, tax advisory and controversy representation services to small businesses and individual taxpayers.

CCH Expert Treatise Library: Federal Taxation of Subchapter S Corporations

Robert W. Jamison, CPA, Ph.D., is a Professor of Accounting at Indiana University’s Kelley School of Business at Indianapolis. In addition to the S Corporation Taxation Guide and the Multistate Tax Guide to Pass-Through Entities, published annually by CCH, he is also the author of several courses published by the AICPA. His professional experience has included employment with Ohio University, University of Illinois, San Diego State University, Portland State University, Ernst & Young, and other national and local CPA firms. His articles have appeared in The Tax Adviser, Journal of S Corporation Taxation, The Journal of Accountancy, and various other publications. Mr. Jamison has taught several professional education programs for both national and local accounting firms and has also developed material used in their continuing education programs.

CCH Expert Treatise Library: Taxation of Compensation and Benefits

CCH Expert Treatise Library: Limited Liability Companies: Federal & State Taxation

David J. Cartano, JD, graduated from the University of Washington in 1972, magna cum laude. He received a JD from Cornell University in 1976 and Masters in Taxation from the University the Southern California in 1989, where he had the highest GPA in the history of tax program. Mr. Cartano is a partner in the Los Angeles law firm of Barton, Klugman & Oetting. He is the author of our treatise, Federal Taxation of Compensation & Benefits, and Taxation of Individual Retirement Accounts, both published by CCH.

CCH Expert Treatise Library: State Taxation of Income and Other Business Taxes 

Kathleen K. Wright, CPA, MBA, JD, LLM — Ms. Wright is a professor of accounting at California State University, Fullerton. She has over 30 years of experience in federal and state and local tax practice and currently has a private tax practice focusing on personal and small business tax planning and consulting. She is the author of The Manual of California Taxes 2010 edition and Practical Guide to California Taxes: The Impact of Economic Crisis, 2010 edition, published by CCH. In addition, she writes a column for State Tax Notes published by Tax Analysts (Washington D.C.) where she serves as the California correspondent.

Ben Miller, JD, formerly Counsel, Multistate Tax Affairs, California Franchise Tax Board Legal Department — Mr. Miller joined the Franchise Tax Board Legal Department shortly after receiving his J.D. from Stanford University. He was Director of the Legal Department’s Multistate Tax Bureau for approximately 20 years and functioned as the manager of the Department’s Protest and Litigation functions until he retired November 2008. Mr. Miller is certified as a Tax Specialist by the California State Board of Legal Specialization and is an expert on unitary and combined state tax filings. He has written and lectured extensively on the subject, and has consulted with a number of other governmental agencies. 

3.8% Medicare Tax & Real Estate Investments

The new Medicare surtax Via Baker Tilly

Property Owners Face a New Surtax  Via WSJ investingbasics.wsj@gmail.com

Charitable Remainder Trusts: Popular REIT Investment Vehicle To Avoid The 3.8% Medicare Tax Next Year Via Brad Thomas - Seeking Alpha™

Facts and Fiction about the 3.8% 'Real Estate' Tax Via Lisa Loper of the Scott Loper Team

How the New “Medicare Tax” Will Affect Your Real Estate Investments Via Jason Jenkins, Investment U Research

National Estate Planning Awareness Week

What is National Estate Planning Awareness Week? 
Do you or your clients have the estate and gift tax strategies for asset protection in this time of uncertainty? What resources are you using?

CCH Estate Planning Review—The Journal Special Issue  

The CCH FINANCIAL AND ESTATE PLANNING Advisory Board met discuss what practitioners should be advising their estate and wealth planning clients to do before year end. 

Once Congress addresses the sunset of the EGTRRA and 2010 Tax Relief Act provisions, CCH will reconvene the Advisory Board to get the Members’ reactions and insights and will report the findings in a future issue of ESTATE PLANNING REVIEW—THE JOURNAL.

DOWNLOAD YOUR ADVISORY BOARD ISSUE TODAY: http://tax.cchgroup.com/cforms/research/taa-tax-research-bundles.aspx

The Forbes Guide To Estate Planning Very helpful - with compilation of other articles on estate specifics!http://www.forbes.com/sites/janetnovack/2012/10/14/the-forbes-guide-to-estate-planning

Via Forbes - Janet Novack, Forbes Staff

Tax on the Go: CCH Mobile

CCH Tax News Highlights - FREE for anyone: 
Receive daily Federal and State Tax News for FREE from the most trusted source in the industry, CCH Incorporated. Download the CCH Mobile Tax News Highlights application and register to begin receiving the days’ top tax headlines on both Federal and State tax topics. No CCH subscription required!
iPad/iPhone Download
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CCH IntelliConnect Subscribers: Free CCH Enhanced Mobile!
With a chance to win an iPod Shuffle just to download & login!

Even more enhancements! We're excited to roll out additional enhancements to CCH Mobile™ that will make your on-the-go experience easier, more convenient and more relevant to the way you work. When you download the CCH Mobile™ app, you'll have access to your favorite IntelliConnect publications, Tax Tracker News™, the IRS Code and Regulations, CCH Smart Charts™, tax rate tables and much more. Download today for your chance to win an iPod Shuffle CCH is doing a weekly drawing of customers who download CCH Mobile from now till the end of the year. Just download then log in to the app — and you could be a winner*! Enjoy the following new and enhanced capabilities And look forward to more updates as we continue to enhance this exciting app! Android availability — Available on iPad®, iPhone® and Android® devices. Enhanced search capabilities — Keyword search available on all publications: US Master Tax Guide, Standard Federal Tax Reporter and more. CCH Mobile alerts — Get alerts on new legislation, briefings and breaking news. Search your Favorites directly from the CCH Mobile app — Add up to 50 IntelliConnect favorites to your mobile home screen. Smart Charts & Tools — Access any Smart Chart in your subscription as well as key rate tables and other tools . Access your research folders — Save documents on your mobile device and access them on IntelliConnect. Research history — View recent documents viewed and searches run for the last 60 days. Suggested search — When you begin typing search terms, the suggested search/wordwheel will automatically show related keywords, helping you locate more relevant documents. Pinch and zoom — Use your fingers to zoom in and out of a document seamlessly. Enhanced navigation bar — Runs smoother than ever before. *Read Official Rules

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