IRS Update: Things to Know for the Remainder of the 2013 Filing Season

Reduction in Refundable Portion of the Small Business Health Care Tax Credit

Due to the sequestration legislation that went into effect on March 1, 2013, the refundable portion of the Small Business Health Care Tax Credit will be reduced by 8.7 percent for the remainder of the Federal fiscal year (September 30, 2013). This reduction may be restored if Congress restores the automatic cut that affected this credit. Read more

2012 Federal Returns with Form 8839 (Qualified Adoption Expenses)

Because of the late passage of legislation that permanently extended the adoption credit and made the credit nonrefundable, the IRS is requiring that 2012 Federal returns that include Form 8839 be filed on paper. In addition, there is no longer a requirement to attach supporting documentation for the adoption expenses. Read more

New IRS Video Explaining How to Report Certain Military Retirement Income

The IRS has added a new video that explains how to report military retirement income for veterans when there is an increase in the percentage of disability by the Veterans Administration, or the veteran was granted combat-related special compensation after an award for concurrent retirement and disability.

Click here to read the entire CrossLink Tax Update about things to know for the remainder of the 2013 Filing Season.