News Releases for December 2011
IRS and Treasury Department Publish Temporary Regulations on Treatment of Tangible Property
IR-2011-126, Dec. 27, 2011 — Temporary regulations were published today in the Federal Register that provide guidance on the treatment of amounts paid to acquire, produce, or improve tangible property and regarding the accounting for, and dispositions of, property subject to depreciation.
IRS Announces New Advisory Council Members
IR-2011-125, Dec. 27, 2011 — The Internal Revenue Service announced the selection of seven new members to the Internal Revenue Service Advisory Council (IRSAC), which provides an organized public forum for IRS officials and representatives of the public to discuss key tax administration issues.
Payroll Tax Cut Temporarily Extended into 2012
IR-2011-124, Dec. 23, 2011 — The Temporary Payroll Tax Cut Continuation Act of 2011 temporarily extends the two percentage point payroll tax cut for employees on wages through Feb. 29, 2012.
New Tax Guide Helps People Save on Their 2011 Taxes
IR-2011-123, Dec. 21, 2011 — The newly revised Publication 17, Your Federal Income Tax, is now available on the IRS website, along with many 2011 tax forms.
Starting Jan. 1: Tax Preparers Need to File Due Diligence Checklist with All Earned Income Tax Credit Claims
IR-2011-122, Dec. 20, 2011 — The IRS released final regulations requiring paid tax return preparers to file a due diligence checklist with any federal return claiming the Earned Income Tax Credit (EITC).
Plan Now to Get Full Benefit of Saver’s Credit; Tax Credit Helps Low- and Moderate-Income Workers Save for Retirement
IR-2011-121, Dec. 16, 2011 — Low- and moderate-income workers can take steps now to save for retirement and earn a special tax credit in 2011 and the years ahead.
Filing Deadline Extended to March 30 for Some Tax-Exempt Organizations
IR-2011-120, Dec. 16, 2011 — Tax-exempt organizations with January and February filing due dates will have until March 30, 2012 to file their annual returns.
IRS Urges Preparers to Renew PTINs for 2012
IR-2011-119, Dec. 15, 2011 — The IRS reminded tax return preparers to renew their Preparer Tax Identification Numbers (PTINs) before the end of the year.
IRS Offers Tips for Year-End Giving
IR-2011-118, Dec. 15, 2011 — Those making charitable contributions should keep in mind several important tax law provisions that have taken effect in recent years.
IRS Releases Guidance on Foreign Financial Asset Reporting
IR-2011-117, Dec. 14, 2011 — The IRS in coming days will release a new information reporting form that taxpayers will use starting this coming tax filing season to report specified foreign financial assets for tax year 2011.
IRS Announces 2012 Standard Mileage Rates, Most Rates Are the Same as in July
IR-2011-116, Dec. 9, 2011 — Business mileage rate remains unchanged for 2012.
IRS Announces Standards for Continuing Education Providers and Accrediting Organizations
IR-2011-115, Dec. 6, 2011 — The IRS announced standards to become an IRS-approved Continuing Education (CE) Provider or an IRS CE Accrediting organization.
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