House and Senate lawmakers on May 10 blasted the IRS after learning that the Service had targeted approximately 75 conservative groups for additional scrutiny.
The Internal Revenue Service said it will be making changes to the filing requirements for corporate and partnership taxpayers with assets of between $10 million and $50 million in an effort to lighten the burden.
In the early hours of January 1, 2013, the Senate passed, by an 89-8 vote, the American Taxpayer Relief Act of 2012 (P.L. 112-240), which, along with many other provisions, permanently extends the so-called Bush-era tax cuts for low- and middle-income individuals.
The IRS noted that it had received many comments on the regulations, most of which it addressed in issuing the rules. (The AICPA submitted a comment letter recommending various changes, described here.)
The Patient Protection and Affordable Care Act (P.L.111–148), (as amended by the Health Care and Education Reconciliation Act of 2010 (Pub.L. 111-152), contains a 3.8% net investment income tax (NIIT), that will impact estate and trusts, starting in 2013.
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