American Taxpayer Relief Act of 2012.
The following tax deductions and credits have been extended for tax year 2012 by the American Taxpayer Relief Act
of 2012, P.L. 112–240:
The election to deduct state and local sales taxes instead of state and local income taxes,
Mortgage insurance premium deduction,
The deduction for certain domestic production activities in Puerto Rico,
Energy efficient appliance credit,
Credit for employer differential wage payments,
Credit for increasing research activities,
Empowerment zone credit,
Indian employment credit,
Biodiesel and renewable diesel fuels credit.
Bankruptcy estate filing threshold.
For tax years beginning in 2012, the requirement to file a return for a bankruptcy estate applies only if gross income
is at least $9,750.
Qualified disability trust.
For 2012, qualified disability trusts can claim an exemption of up to $3,800. The exemption is no longer phased out.
Specified domestic entity.
The IRS anticipates issuing regulations that will require a domestic entity to file Form 8938 if the entity is formed
or availed of to hold specified foreign financial assets and the value of those assets exceeds the appropriate reporting threshold.
Until the IRS issues such regulations, only individuals must file Form 8938.
Effective October 1, 2012, applications to become an IRS e-file
provider must be submitted online. The IRS is no longer accepting paper applications on Form 8633, Application to Participate
in the IRS e-file
Program. See Electronic Filing
, later, for complete information.