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Federal Tax Update

Federal Tax Update. 60 th Annual Institute on Taxation Thursday, November 7, 2013 8:30 am – 9:30 am. By: Peter X. Bellanti , CPA. Amato, Fox & Company PC (716) 694 0336 Email: pbellanti@amatofox.com. HIGHLIGHTS OF TAX ACTS. THE AMERICAN TAXPAYER RELIEF ACT OF 2012

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Federal Tax Update

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  1. Federal Tax Update 60th Annual Institute on Taxation Thursday, November 7, 2013 8:30 am – 9:30 am

  2. By: Peter X. Bellanti, CPA Amato, Fox & Company PC (716) 694 0336 Email: pbellanti@amatofox.com

  3. HIGHLIGHTS OF TAX ACTS THE AMERICAN TAXPAYER RELIEF ACT OF 2012 Signed by President Obama: Jan. 2, 2013

  4. Good News! • 1. Certain items were only extended for 2013 • A. AMT has been permanently “patched for 2012 with adjustments for inflation for future years. • B. The American Opportunity Tax Credit for education expenses has been extended through 2017.

  5. 2. Business items only extended through 2013 (among others): • 3. Federal Estate and Gift Tax • 4. Individual Income Tax Rates • 5. Other changes

  6. HOME OFFICE EXPENSE New Rules (Rev. Proc 2013 -13

  7. MEDICARE TAX ON UNEARNED INCOME

  8. ADDITIONAL MEDICARE TAX In the Patient Protection and Affordable Care Act (PPACA)

  9. HEALTH PLAN COSTS REPORTABLE ON FORMS W-2

  10. Federal Tax Items2013 • Other Points of Interest • Gift Tax Exclusion • The obesity problem • Federal extension requests on line • Tax Code Reform Movement • The IRS Scandal • Regulation of Tax Preparers • The Amazing case of Alfonso Diaz and his uncle

  11. THANK YOU FOR YOUR ATTENTION!

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