Ask a CPA

For information on disaster recovery, individuals should visit disasterassistance.gov or http://www.irs.gov/uac/Newsroom/Help-for-Victims-of-Hurricane-Sandy

Qualified disaster relief payments made to individuals by their employers or any other person may be excluded from those individuals’ taxable income.
Employer-sponsored private foundations may provide disaster relief to affected employees without endangering their tax-exempt status.

The following tax forms will be accepted by the IRS in late February or into March after updating forms and completing programming and testing of its processing systems. A specific date will be announced by the IRS in the near future.
•Form 3800 General Business Credit •Form 4136 Credit for Federal Tax Paid on Fuels •Form 4562 Depreciation and Amortization (Including Information on Listed Property) •Form 5074 Allocation of Individual Income Tax to Guam or the Commonwealth of the Northern Mariana Islands •Form 5471 Information Return of U.S. Persons With Respect to Certain Foreign Corporations •Form 5695 Residential Energy Credits •Form 5735 American Samoa Economic Development Credit •Form 5884 Work Opportunity Credit •Form 6478 Credit for Alcohol Used as Fuel •Form 6765 Credit for Increasing Research Activities •Form 8396 Mortgage Interest Credit •Form 8582 Passive Activity Loss Limitations •Form 8820 Orphan Drug Credit •Form 8834 Qualified Plug-in Electric and Electric Vehicle Credit •Form 8839 Qualified Adoption Expenses •Form 8844 Empowerment Zone and Renewal Community Employment Credit •Form 8845 Indian Employment Credit •Form 8859 District of Columbia First-Time Homebuyer Credit •Form 8864 Biodiesel and Renewable Diesel Fuels Credit •Form 8874 New Markets Credits •Form 8900 Qualified Railroad Track Maintenance Credit •Form 8903 Domestic Production Activities Deduction •Form 8908 Energy Efficient Home Credit •Form 8909 Energy Efficient Appliance Credit •Form 8910 Alternative Motor Vehicle Credit •Form 8911 Alternative Fuel Vehicle Refueling Property Credit •Form 8912 Credit to Holders of Tax Credit Bonds •Form 8923 Mine Rescue Team Training Credit •Form 8932 Credit for Employer Differential Wage Payments •Form 8936 Qualified Plug-in Electric Drive Motor Vehicle Credit

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 the majority of individual income tax returns on January 30th 2013.
There are several forms affected by the late legislation that require more extensive programming and testing of IRS systems. The IRS hopes to begin accepting tax returns including these tax forms between late February and into March

For an estate of any decedent dying during calendar year 2013, the basic exclusion amount is $5,250,000 for determining the amount of the unified credit against estate tax.

For taxable years beginning in 2013, a taxpayer's (MAGI) modified adjusted gross income in excess of $53,000 ($107,000 for a joint return) is used to determine the reduction in the amount of the Lifetime Learning Credit.

For taxable years beginning in 2013, the credit allowed for an adoption of a child with special needs is $12,970. For taxable years beginning in 2013, the maximum credit allowed for other adoptions is the amount of qualified adoption expenses up to $12,970.
The available adoption credit begins to phase out for taxpayers with modified adjusted gross income in excess of $194,580 and is completely phased out for taxpayers with modified adjusted gross income of $234,580 or more.

In 2016 the maximum credit allowed for adoptions is the amount of qualified adoption expenses up to $13,460.
The available adoption credit begins to phase out for taxpayers with modified adjusted gross income in excess of $201,920 and is completely phased out for taxpayers with modified adjusted gross income of $241,920 or more.

The maximum Earned Income Credit amount is $6,044 for taxpayers filing jointly who have three or more qualifying children, up from a total of $5,891 for tax year 2012.

The (AMTE) Alternative Minimum Tax Exemption amount is $53,900 ($83,800, for married couples filing jointly),