September 19, 2013
The extended due date for individual income tax returns is October 15, 2013. Be sure to file your return timely in order to avoid penalties and interest. This is also a great time to tax plan for the 2013 tax year. The implementation of the Affordable Care Act could substantially change your income tax in 2013.
Foreign Financial Accounts
June 12, 2013
Taxpayers with an interest in or signature authority over any foreign financial accounts with an aggregate value that exceeded $10,000 at any time during 2012 are required to file Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR) with the Treasury Department by June 30, 2013.
3.8% Net Investment Income Tax
June 11, 2013
Proposed regulations (REG-130507-11) and FAQs were released for the 3.8% net investment income tax, imposed by IRC Sec. 1411, that is set to begin in 2013. The tax applies to the lessor of (1) net investment income, or (2) the excess of modified adjusted gross income over $250,000 for MFJ ($125,000 MFS / $200,000 Single).