IRS Offers New Tax Guide to Help Prepare 2013 Taxes

 

The Internal Revenue Service has published a newly revised comprehensive tax guide on IRS.gov to help taxpayers get the most out of various tax benefits. However, the IRS is discontinuing its printed wall calendar listing various tax due dates.

Publication 17, Your Federal Income Tax, features details on taking advantage of a wide range of tax-saving opportunities, such as the American Opportunity Tax Credit for parents and college students, and the Child Tax Credit and Earned Income Tax Credit for low- and moderate-income workers. It also includes a rundown on tax changes for 2013 including information on revised tax rates and new limits on various tax benefits for some taxpayers.  This useful 292-page guide also provides thousands of interactive links to help taxpayers quickly get answers to their questions

Publication 17 has been published annually by the IRS since the 1940s and has been available on the IRS web site since 1996. As in prior years, this publication is packed with basic tax-filing information and tips on what income to report and how to report it, figuring capital gains and losses, claiming dependents, choosing the standard deduction versus itemizing deductions, and using IRAs to save for retirement.

 

Besides Publication 17, IRS.gov offers many other resources for those doing year-end tax planning. Many 2013 forms are already posted, and updated versions of other forms, instructions and publications are being posted almost every day. Forms already available include Form 1040 and short Forms 1040A and1040EZ.

For tax professionals, the IRS also recently released the latest edition of its tax calendars in Publication 509, listing the due dates for various individual and business tax forms. However, according to a reader of Accounting Today, the IRS has discontinued the printed wall calendar that used to list the due dates on the pages of each month.

The IRS noted on the cover of Publication 509 that Publication 1518, IRS Tax Calendar for Small 
Businesses and Self-Employed, has been discontinued after 2013. However, the IRS said that an IRS Tax Calendar and most of the information previously contained in Publication 1518 can be found atwww.irs.gov/taxcalendar. The calendar dates can be imported into a user's own calendar sofware through the IRS CalendarConnector, and users can also subscribe to the IRS's Small Businesses Calendar through Outlook 2007 or 2010, or Mac iCal.

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2013 Enhancements for TaxPrep Software (Taxwise)

2013 Enhancements for TaxPrep Software (Taxwise)

New Menu Option for Program and Module Updates

• TaxWise has added two new menu options that allow you to download program and module updates without having to login to the Customer Support Site.

Latest News on TaxWise Home Page

• TaxWise created a new section on the Home Page that displays links to the latest news from the Customer Support Site. The Latest News puts important information right in front of you each time you visit the TaxWise Home Page.

Schedule Automatic Downloads of Program Updates

TaxWise now allows you to schedule the automatic download and installation of TaxWise Program Updates.

Integrated Refund Advantage


• Refund Advantage is no longer a third party bank. It is now fully integrated with the CCH SFS Electronic Filing Center processes.
• Check printing remains on the Refund Advantage system but all the data will flow into TaxWise


Changes to Extensions


• TaxWise now allows you to efile extensions without selecting the "Check here if using this form check box" on the extension forms. TaxWise will determine when to efile the form(s) based on the PIN check box(es) on the Main Information Sheet and state forms.



Expiration of E-Files
• Once an e-file has been created, you have 10 days to transmit it or TaxWise will display an Error 189 message during batching alerting you to recreate the e-file.
Section 508 Compliance
• TaxWise has implemented JAWS reader support needed for Section 508 compliance. This allows a screen reader to announce the fields and directions on screen to visually impaired preparers and is required for government contracts under the Americans with Disabilities Act.
1041 Returns Moved to MeF Platform
• Form 1041 returns now use the MeF platform instead of Legacy.
 
Form 5500 Allows Text Attachments
• In addition to PDF Attachments, Form 5500 returns now allow text (.txt) attachments due to agency requirements.
 
New Forms for tax year 2013
1040 Package
• Form 8959, Additional Medicare Tax
• Form 8960, Net Investment Income Tax
• Form 8967, Paid Preparer's Child Tax Credit Checklist
1065 Package
• Form 1065X, Amended Return or Administrative Adjustment Request (AAR)
1120S Package
• Form 1120S Schedule B-1, Information on Certain Shareholders of an S Corporation
• Form 1125-E, Compensation of Officers
1041 Package
• Form 8960, Net Investment Income Tax
 






Updated Return Query (F7)
TaxWise has updated the Return Query (F7) screen to show all refund solutions including Fee Collect and Fee Collect PS transactions and disbursements