Tips on Reporting Natural Resource Income
1. Tips on Reporting Natural Resource Income
Taxpayers who own land that contains valuable natural resourcesshould be aware that arranging for the development of the resources by means of a lease creates tax consequences.
2. Last-Minute Filers: Avoid Common Errors
The Internal Revenue Service reminded taxpayers to review their tax returns for common errors that could delay the processing of their returns.
3. Budget in Brief FY 2014
This summarizes how the budget request will enable the agency to meet its strategic goals: improve customer service and enhance enforcement of the tax laws.
4. Low Income Taxpayer Clinic Program Reports on Activities
The IRS s Low Income Taxpayer Clinic Program Office issued its first report showing how LITCs provide pro bono legal services to help thousands of low income taxpayers resolve disputes with the IRS and learn about their taxpayer rights and responsibilities. During the first half of 2012, LITCs helped taxpayers secure more than $3.2 million in tax refunds and to eliminate nearly $16.5 million in tax liabilities, penalties and interest, said William P. Nelson, LITC Program Director.
We are proud to provide this synopsis and to demonstrate how the pro bono representation, education, and advocacy efforts of clinics assist low income taxpayers, said Nina E. Olson, National Taxpayer Advocate.
Read the full news release on the Taxpayer Advocate Service website.
5. YouTube: Last-Minute Tax Tips
Its down to the wire before the April 15 deadline. These IRS YouTube videos will help your clients understand how to request an extension and how to avoid common mistakes:
1. Last-Minute Tax Tips
2. Need More Time to File Your Tax Return?
3. Tax Return Errors
For more IRS YouTube videos, go to the IRS YouTube Channel.
6. Reminder: Sandy Victims Have Until Oct. 15 To Make Disaster Loss Election
Victims of Hurricane Sandy wishing to claim disaster-related losses on their prior year federal income tax return have an extra six months, until Oct. 15, 2013, to make this choice. Individuals and businesses sustaining uninsured or unreimbursed Sandy-related losses in the District of Columbia and parts of 11 states can choose to claim these casualty loss deductions on either their 2011 or 2012 returns. See Notice 2013-21 for details.
7. Phone Forum April 23: Defined Benefit Plan Update
Earn continuing education credit while you learn about recent developments affecting defined benefit plans in this April 23 Phone Forum. IRS actuaries Larry Heberle, Mike Spaid and Carol Zimmerman will lead a discussion that includes guidance topics as well as issues and practices the IRS has encountered in examinations and requests for rulings.
Sign up now. If you have a specific matter that you would like addressed, email us at email@example.com by April 16.
8. Technical Guidance
Revenue Procedure 2013-23 provides information to any individual who failed to meet the eligibility requirements of section 911(d)(1) of the Internal Revenue Code because adverse conditions in a foreign country precluded the individual from meeting those requirements for taxable year 2012. Generally, U.S. citizens or resident aliens living and working abroad are taxed on their worldwide income. However, if their tax home is in a foreign country and they meet either the bona fide residence test or the physical presence test, they can choose to exclude from their income a limited amount of their foreign earned income ($95,100 for 2012). Both the bona fide residence test and the physical presence test contain minimum time requirements. The minimum time requirements can be waived, however, if you must leave a foreign country because of war, civil unrest, or similar adverse conditions in that country. Revenue Procedure 2013-23 provides the list of countries for tax year 2012 for which the minimum time requirements are waived.