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Topic: American Taxpayer Relief Act

Stocks continue to rise in First Quarter

 

F&M Investment Services - Raymond JamesClarksville, TN – The three major stock indices continued to rise in the first quarter with the S&P 500 closing at a record high. Driving the S&P 500’s momentum were consumer staples and consumer discretionary stocks.

Since the S&P hit its previous closing high in October 2007, the consumer discretionary sector has gained 40.4%, while staples are up 41.3% – outperforming technology and financials. «Read the rest of this article»

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Relief Available To Many Extension Requesters Claiming Tax Benefits

 

Internal Revenue Service - IRSWashington, D.C. – The Internal Revenue Service has provided late-payment penalty relief to individuals and businesses requesting a tax-filing extension because they are attaching to their returns any of the forms that couldn’t be filed until after January.

The relief applies to the late-payment penalty, normally 0.5 percent per month, charged on tax payments made after the regular filing deadline. This relief applies to any of the forms delayed until February or March, primarily due to the January enactment of the American Taxpayer Relief Act.

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Internal Revenue Service now Accepting All 2012 Returns

 

Internal Revenue Service - IRSWashington, D.C. – The Internal Revenue Service announced today that it has finished updating its tax-processing systems allowing all remaining individual and business taxpayers to file their 2012 federal income tax returns.

Over the weekend, the IRS completed reprogramming and testing of its systems for tax-year 2012 including all remaining updates required by the American Taxpayer Relief Act (ATRA) enacted by Congress in January.

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Understanding “Sequestration”

 

F&M Investment Services - Raymond JamesClarksville, TN – If you like political drama, you’re in luck. It seems like just yesterday the news was filled with references to the fiscal cliff. Now, coming to theaters everywhere, is “sequestration.” Look for more political confrontation to unfold as sequestration gets under way.

What exactly is sequestration?

“Sequestration” refers to a series of automatic, across-the-board spending cuts to federal government agencies that are scheduled to take place in fiscal years 2013 through 2021. «Read the rest of this article»

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IRS To Accept Tax Returns with Education Credits, Depreciation Next Week

 

Internal Revenue Service - IRSWashington, D.C. – The Internal Revenue Service announced today that taxpayers will be able to start filing two major tax forms next week covering education credits and depreciation.

Starting Sunday, February 10th, the IRS will start processing tax returns that contain Form 4562, Depreciation and Amortization. And on Thursday, February 14th, the IRS plans to start processing Form 8863, Education Credits. «Read the rest of this article»

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IRS provides Farmers and Fishermen Estimated Tax Penalty Relief

 

Internal Revenue Service - IRSWashington, D.C. – The Internal Revenue Service announced today that it will issue guidance in the near future to provide relief from the estimated tax penalty for farmers and fishermen unable to file and pay their 2012 taxes by the March 1st deadline due to the delayed start for filing tax returns.

The delay stems from this month’s enactment of the American Taxpayer Relief Act (ATRA). The ATRA affected several tax forms that are often filed by farmers and fishermen, including the Form 4562, Depreciation and Amortization (Including Information on Listed Property).  These forms will require extensive programming and testing of IRS systems, which will delay the IRS’s ability to accept and process these forms. «Read the rest of this article»

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IRS Offers Tips to Help Taxpayers with the January 30th Tax Season Opening

 

Internal Revenue Service - IRSWashington, D.C. – The IRS will begin processing most individual income tax returns on January 30th after updating forms and completing programming and testing of its processing systems.

The IRS anticipated many of the tax law changes made by Congress under the American Taxpayer Relief Act (ATRA), but the final law requires some changes before the IRS can begin accepting tax returns.

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IRS Plans January 30th Tax Season Opening for 1040 Filers

 

Internal Revenue Service - IRSWashington, D.C. – Following the January tax law changes made by Congress under the American Taxpayer Relief Act (ATRA), the Internal Revenue Service announced today it plans to open the 2013 filing season and begin processing individual income tax returns on January 30th.

The IRS will begin accepting tax returns on that date after updating forms and completing programming and testing of its processing systems. This will reflect the bulk of the late tax law changes enacted January 2nd. The announcement means that the vast majority of tax filers — more than 120 million households — should be able to start filing tax returns starting January 30th. «Read the rest of this article»

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