Committee Requests Your Input

TSCPA’s Federal Tax Policy Committee plans to issue comments to the IRS on proposed rules that provide guidance under IRC section 1411 on the 3.8 percent tax on net investment income. The tax is effective for taxable years beginning after Dec. 31, 2012. The IRS published proposed reliance regulation on Dec. 5, 2012 (NPRM REG-130507-11). TSCPA is seeking input from members and other tax professionals. On or before Feb. 15, please reply here in the comments section or e-mail a detailed response of your concerns to [email protected].  

For more information:

http://www.journalofaccountancy.com/news/20126946.htm

http://www.gpo.gov/fdsys/pkg/FR-2012-12-05/pdf/2012-29238.pdf

Comments

[Gary Light]

Re: the 3.8% tax on investment income - if we "don't have a spending problem" then we certainly don't need to be taxing more.

[JOHN L GATZ, CPA]

With all of the delays in the acceptance of and processing of tax returns, the deadline for filing Form 1040 US Individual Income Tax returns should be extended to April 30, 2013. John L Gatz, CPA, Garland, TX and Tyler, TX