[ggcsquicksig] Fw: FYI for your sig participants that prepare their own returns from RIA

From: bcbloch@xxxxxxxx
To: ggcsquicksig@xxxxxxxxxxxxx
Date: Tue, 5 Feb 2013 11:00:38 -0800
Tom Spott kindly sent us this update on some tax changes for 2012/
----- Forwarded Message -----
From: "Tom.Spott"

What's new on the 2012 Form 1040 and related forms and schedulesPart II
Forms, Schedules, and Instructions, IRS website
IRS has released on its website a number of the final tax forms and
instructions for the 2012 tax year, including Form 1040 and related forms
and schedules. They reflect many administrative and law changes that
apply for the 2012 tax year.
This Practice Alert in two parts highlights key changes made on the 2012
return. Part I examines Form 1040 itself (see ¶ 21). This Part covers
related forms and schedules. 
Form 1040Schedule A, Itemized Deductions
Line 1. Medical and dental expenses. The 2012 standard mileage rate for
medically-related use of an auto is 23¢ per mile.
Line 21. Unreimbursed employee expenses. The 2012 standard mileage rate
for business travel is 55.5¢ per mile.
Form 1040Schedule B, Interest and Ordinary Dividends
Line 1. Interest. Accrued interest on Series EE U.S. savings bonds issued
in '82 is taxable.
Line 3. Excludable interest on Series EE or Series I U.S. savings bonds.
The exclusion for education related savings bond interest phases out at
higher income levels. For 2012, the phaseout begins at modified AGI above
$72,850 ($109,250 on a joint return).
Form 1040Schedule C, Profit Or Loss From Business 
No separate payment card reporting requirements. Gross receipts received
via payment card (credit and debit cards) and third-party network
payments are not separately reported on Schedule C.
Heavy highway vehicle use tax. This tax has been extended through Sept.
30, 2017.
Part II. Expenses. Line 9. Car and truck expenses. The 2012 standard
mileage rate for business travel is 55.5¢ per mile.
Part II. Expenses. Line 13. Depreciation and section 179 expense. See
entries for Form 4562, below.
Form 4562, Depreciation and Amortization
Part I. Election to expense certain tangible property under Sec. 179. For
tax years beginning in 2012, the maximum section 179 expense deduction is
$500,000 ($535,000 for enterprise zone property). This limit is reduced
by the amount by which the cost of section 179 property placed in service
during the tax year exceeds $2 million.
Part II. Special depreciation allowance. For qualified property acquired
and placed in service after 2011 and before 2014 (before 2015 for
aircraft and certain long-production period property), a 50% (down from
100% for 2011) bonus first-year depreciation allowance applies under Code
Sec. 168(k).
Part V. Listed property. First-year luxury auto limits for vehicles first
placed in service in 2012 are $11,160 for autos and $11,360 for light
trucks or vans (if bonus depreciation rules apply) and $3,160 and $3,360,
respectively (if bonus depreciation rules don't apply).
Form 1040Schedule D, Capital Gains And Losses
Form 8949. For 2012, Form 8949 has separate instructions. The Form 8949
instructions are no longer included in the Schedule D instructions.
Basis on Form 1099-B. The complex stock basis and character reporting
rules under Code Sec. 6045(g) apply to shares in a regulated investment
company (RIC, i.e., a mutual fund), or stock acquired in connection with
a dividend reinvestment plan (DRP), if acquired after 2011.
Full small business stock exclusion. The exclusion of 100% of gain on
certain small business stock under Code Sec. 1202(a)(4) applies for
qualified stock acquired after Sep. 27, 2010 and before Jan. 1, 2014.
Form 1040Schedule E, Supplemental Income and Loss
No separate payment card reporting requirements. Gross receipts received
via payment card (credit and debit cards) and third-party network
payments are not separately reported on Schedule E.
Information reporting requirements. Lines A and B, which address the
taxpayer's required filing of Forms 1099 in 2012, have been moved to Part
I. The taxpayer only needs to answer the questions on lines A and B if
the taxpayer is completing Part 1.
Standard mileage rate. The standard mileage rate for miles driven in
connection with the taxpayer's rental activities is 55.5¢ per mile.
Form 1040Schedule F, Profit Or Loss From Farming
No separate payment card reporting requirements. Gross receipts received
via payment card (credit and debit cards) and third-party network
payments are not separately reported on Schedule F.
Heavy highway vehicle use tax. This tax has been extended through Sept.
30, 2017.
Part II. Farm ExpensesCash and Accrual Method. Line 10. Car and truck
expenses. The 2012 standard mileage rate for business travel is 55.5¢ per
mile.
 

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[ggcsquicksig] Fw: FYI for your sig participants that prepare their own returns from RIA

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