Thomson Reuters has released a special retrospective report focused on the key tax developments that occurred during 2013, which included a major federal tax law as well as many significant new cases, regulations, rulings, and revenue procedures. The report alerts tax professionals to these important developments and also highlights many of the rates, dollar caps, and other figures that changed over the course of the year.
“While most tax practitioners are aware of the many tax changes that are effective for the 2013 tax year, many taxpayers may not be,” said Tom Long, a senior tax analyst at Thomson Reuters. “Effective in 2013, there is a higher payroll tax and a surtax on the unearned income of higher-income individuals; higher tax rates also apply to ordinary income, while at the same time limitations are imposed on the use of the personal exemption and itemized deductions.”
Long also noted that “In 2013, we saw a landmark Supreme Court decision that fundamentally altered the tax treatment of same-sex married couples.”
The special report notes milestone events for the year such as:
- The American Taxpayer Relief Act of 2012 (P.L. 112-240, 1/2/2013)
- The Supreme Court’s Windsor decision, which struck down a section of the Defense of Marriage Act that required same-sex spouses to be treated as unmarried for federal law purposes
- IRS’s post-Windsor guidance that provided clarity on the practical application of the new rules
- The long-awaited and important capitalization vs. repair regulations
- IRS’s issuance of regulations on the newly effective 0.9 percent payroll tax on wages and self-employment income and 3.8 percent surtax on net investment income.
With so many tax developments, tax and accounting professionals will benefit from a comprehensive, singular report that recaps the major 2013 tax changes. The report is available for download at no cost at https://tax.thomsonreuters.com/2013TaxRetrospective.
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Tags: Income Tax, Payroll Taxes, Taxes
