Filing Your Taxes Online is Fast, Easy and Secure.
Start now and receive your tax refund in as little as 7 days.

1. Get Answers

Your online questions are customized to your unique tax situation.

2. Maximize your Refund

Find tax credits for everything from school tuition to buying a hybri

3. E-File for FREE

E-file free with direct deposit to get your refund in as few as 7 days.

Filing your taxes with paper mail can be difficult and it could take weeks for your refund to arrive. IRS e-file is easy, fast and secure. There is no paperwork going to the IRS so tax refunds can be processed in as little as 7 days with direct deposit. As you prepare your taxes online, you can see your tax refund in real time.

FREE audit support and representation from an enrolled agent – NEW and only from H&R Block

Georgia State Income Tax Forms 2012

Complete 1040x FormTurbotax For 2011 Tax YearFree Tax Preparation 2012Free Income Tax FilingHow To File Amended Tax ReturnHow To File A 2011 Tax Return LateTurbotax 2011 Tax PreparationState Income Tax1040ez Tax FileHow Can I Do My 2012 Federal Tax Return With H&r Block1040nr OnlineTurbo Tax Form 1040xOnline Tax AmendmentIrs FormsAmending 2010 TaxesFreetaxusa2011 TaxesHow Do You Fill Out A 1040x Form2011 Taxact OnlineTaxwise SoftwareFree Income Tax Filing 2012E File 2011 Taxes OnlineTax Amendment FormTax Return Form 1040ez1040x FormEfileState Income Tax Returns1040ez 2009 Tax FormForm 1040ez InstructionsIncome Tax Forms 1040ezHow Do I File 2010 TaxesPrintable 1040ez FormCan You Efile A 1040xFree H&r Block Tax SoftwareIrs 2012 Tax Forms And Instructions2011 Form 1040Turbotax Military1040a 2011 Tax FormCan You E File An Amended 1040xFree Tax ProgramsH And R Block 1040ez

Georgia State Income Tax Forms 2012

Georgia state income tax forms 2012 1. Georgia state income tax forms 2012   Travel Table of Contents Traveling Away From HomeTax Home Tax Home Different From Family Home Temporary Assignment or Job What Travel Expenses Are Deductible?Employee. Georgia state income tax forms 2012 Business associate. Georgia state income tax forms 2012 Bona fide business purpose. Georgia state income tax forms 2012 Meals Travel in the United States Travel Outside the United States Luxury Water Travel Conventions If you temporarily travel away from your tax home, you can use this chapter to determine if you have deductible travel expenses. Georgia state income tax forms 2012 This chapter discusses: Traveling away from home, Temporary assignment or job, and What travel expenses are deductible. Georgia state income tax forms 2012 It also discusses the standard meal allowance, rules for travel inside and outside the United States, luxury water travel, and deductible convention expenses. Georgia state income tax forms 2012 Travel expenses defined. Georgia state income tax forms 2012   For tax purposes, travel expenses are the ordinary and necessary expenses of traveling away from home for your business, profession, or job. Georgia state income tax forms 2012   An ordinary expense is one that is common and accepted in your trade or business. Georgia state income tax forms 2012 A necessary expense is one that is helpful and appropriate for your business. Georgia state income tax forms 2012 An expense does not have to be required to be considered necessary. Georgia state income tax forms 2012   You will find examples of deductible travel expenses in Table 1-1 , later. Georgia state income tax forms 2012 Traveling Away From Home You are traveling away from home if: Your duties require you to be away from the general area of your tax home (defined later) substantially longer than an ordinary day's work, and You need to sleep or rest to meet the demands of your work while away from home. Georgia state income tax forms 2012 This rest requirement is not satisfied by merely napping in your car. Georgia state income tax forms 2012 You do not have to be away from your tax home for a whole day or from dusk to dawn as long as your relief from duty is long enough to get necessary sleep or rest. Georgia state income tax forms 2012 Example 1. Georgia state income tax forms 2012 You are a railroad conductor. Georgia state income tax forms 2012 You leave your home terminal on a regularly scheduled round-trip run between two cities and return home 16 hours later. Georgia state income tax forms 2012 During the run, you have 6 hours off at your turnaround point where you eat two meals and rent a hotel room to get necessary sleep before starting the return trip. Georgia state income tax forms 2012 You are considered to be away from home. Georgia state income tax forms 2012 Example 2. Georgia state income tax forms 2012 You are a truck driver. Georgia state income tax forms 2012 You leave your terminal and return to it later the same day. Georgia state income tax forms 2012 You get an hour off at your turnaround point to eat. Georgia state income tax forms 2012 Because you are not off to get necessary sleep and the brief time off is not an adequate rest period, you are not traveling away from home. Georgia state income tax forms 2012 Members of the Armed Forces. Georgia state income tax forms 2012   If you are a member of the U. Georgia state income tax forms 2012 S. Georgia state income tax forms 2012 Armed Forces on a permanent duty assignment overseas, you are not traveling away from home. Georgia state income tax forms 2012 You cannot deduct your expenses for meals and lodging. Georgia state income tax forms 2012 You cannot deduct these expenses even if you have to maintain a home in the United States for your family members who are not allowed to accompany you overseas. Georgia state income tax forms 2012 If you are transferred from one permanent duty station to another, you may have deductible moving expenses, which are explained in Publication 521, Moving Expenses. Georgia state income tax forms 2012   A naval officer assigned to permanent duty aboard a ship that has regular eating and living facilities has a tax home (explained next) aboard the ship for travel expense purposes. Georgia state income tax forms 2012 Tax Home To determine whether you are traveling away from home, you must first determine the location of your tax home. Georgia state income tax forms 2012 Generally, your tax home is your regular place of business or post of duty, regardless of where you maintain your family home. Georgia state income tax forms 2012 It includes the entire city or general area in which your business or work is located. Georgia state income tax forms 2012 If you have more than one regular place of business, your tax home is your main place of business. Georgia state income tax forms 2012 See Main place of business or work , later. Georgia state income tax forms 2012 If you do not have a regular or a main place of business because of the nature of your work, then your tax home may be the place where you regularly live. Georgia state income tax forms 2012 See No main place of business or work , later. Georgia state income tax forms 2012 If you do not have a regular or main place of business or post of duty and there is no place where you regularly live, you are considered an itinerant (a transient) and your tax home is wherever you work. Georgia state income tax forms 2012 As an itinerant, you cannot claim a travel expense deduction because you are never considered to be traveling away from home. Georgia state income tax forms 2012 Main place of business or work. Georgia state income tax forms 2012   If you have more than one place of work, consider the following when determining which one is your main place of business or work. Georgia state income tax forms 2012 The total time you ordinarily spend in each place. Georgia state income tax forms 2012 The level of your business activity in each place. Georgia state income tax forms 2012 Whether your income from each place is significant or insignificant. Georgia state income tax forms 2012 Example. Georgia state income tax forms 2012 You live in Cincinnati where you have a seasonal job for 8 months each year and earn $40,000. Georgia state income tax forms 2012 You work the other 4 months in Miami, also at a seasonal job, and earn $15,000. Georgia state income tax forms 2012 Cincinnati is your main place of work because you spend most of your time there and earn most of your income there. Georgia state income tax forms 2012 No main place of business or work. Georgia state income tax forms 2012   You may have a tax home even if you do not have a regular or main place of work. Georgia state income tax forms 2012 Your tax home may be the home where you regularly live. Georgia state income tax forms 2012 Factors used to determine tax home. Georgia state income tax forms 2012   If you do not have a regular or main place of business or work, use the following three factors to determine where your tax home is. Georgia state income tax forms 2012 You perform part of your business in the area of your main home and use that home for lodging while doing business in the area. Georgia state income tax forms 2012 You have living expenses at your main home that you duplicate because your business requires you to be away from that home. Georgia state income tax forms 2012 You have not abandoned the area in which both your historical place of lodging and your claimed main home are located; you have a member or members of your family living at your main home; or you often use that home for lodging. Georgia state income tax forms 2012   If you satisfy all three factors, your tax home is the home where you regularly live. Georgia state income tax forms 2012 If you satisfy only two factors, you may have a tax home depending on all the facts and circumstances. Georgia state income tax forms 2012 If you satisfy only one factor, you are an itinerant; your tax home is wherever you work and you cannot deduct travel expenses. Georgia state income tax forms 2012 Example 1. Georgia state income tax forms 2012 You are single and live in Boston in an apartment you rent. Georgia state income tax forms 2012 You have worked for your employer in Boston for a number of years. Georgia state income tax forms 2012 Your employer enrolls you in a 12-month executive training program. Georgia state income tax forms 2012 You do not expect to return to work in Boston after you complete your training. Georgia state income tax forms 2012 During your training, you do not do any work in Boston. Georgia state income tax forms 2012 Instead, you receive classroom and on-the-job training throughout the United States. Georgia state income tax forms 2012 You keep your apartment in Boston and return to it frequently. Georgia state income tax forms 2012 You use your apartment to conduct your personal business. Georgia state income tax forms 2012 You also keep up your community contacts in Boston. Georgia state income tax forms 2012 When you complete your training, you are transferred to Los Angeles. Georgia state income tax forms 2012 You do not satisfy factor (1) because you did not work in Boston. Georgia state income tax forms 2012 You satisfy factor (2) because you had duplicate living expenses. Georgia state income tax forms 2012 You also satisfy factor (3) because you did not abandon your apartment in Boston as your main home, you kept your community contacts, and you frequently returned to live in your apartment. Georgia state income tax forms 2012 Therefore, you have a tax home in Boston. Georgia state income tax forms 2012 Example 2. Georgia state income tax forms 2012 You are an outside salesperson with a sales territory covering several states. Georgia state income tax forms 2012 Your employer's main office is in Newark, but you do not conduct any business there. Georgia state income tax forms 2012 Your work assignments are temporary, and you have no way of knowing where your future assignments will be located. Georgia state income tax forms 2012 You have a room in your married sister's house in Dayton. Georgia state income tax forms 2012 You stay there for one or two weekends a year, but you do no work in the area. Georgia state income tax forms 2012 You do not pay your sister for the use of the room. Georgia state income tax forms 2012 You do not satisfy any of the three factors listed earlier. Georgia state income tax forms 2012 You are an itinerant and have no tax home. Georgia state income tax forms 2012 Tax Home Different From Family Home If you (and your family) do not live at your tax home (defined earlier), you cannot deduct the cost of traveling between your tax home and your family home. Georgia state income tax forms 2012 You also cannot deduct the cost of meals and lodging while at your tax home. Georgia state income tax forms 2012 See Example 1 , later. Georgia state income tax forms 2012 If you are working temporarily in the same city where you and your family live, you may be considered as traveling away from home. Georgia state income tax forms 2012 See Example 2 , later. Georgia state income tax forms 2012 Example 1. Georgia state income tax forms 2012 You are a truck driver and you and your family live in Tucson. Georgia state income tax forms 2012 You are employed by a trucking firm that has its terminal in Phoenix. Georgia state income tax forms 2012 At the end of your long runs, you return to your home terminal in Phoenix and spend one night there before returning home. Georgia state income tax forms 2012 You cannot deduct any expenses you have for meals and lodging in Phoenix or the cost of traveling from Phoenix to Tucson. Georgia state income tax forms 2012 This is because Phoenix is your tax home. Georgia state income tax forms 2012 Example 2. Georgia state income tax forms 2012 Your family home is in Pittsburgh, where you work 12 weeks a year. Georgia state income tax forms 2012 The rest of the year you work for the same employer in Baltimore. Georgia state income tax forms 2012 In Baltimore, you eat in restaurants and sleep in a rooming house. Georgia state income tax forms 2012 Your salary is the same whether you are in Pittsburgh or Baltimore. Georgia state income tax forms 2012 Because you spend most of your working time and earn most of your salary in Baltimore, that city is your tax home. Georgia state income tax forms 2012 You cannot deduct any expenses you have for meals and lodging there. Georgia state income tax forms 2012 However, when you return to work in Pittsburgh, you are away from your tax home even though you stay at your family home. Georgia state income tax forms 2012 You can deduct the cost of your round trip between Baltimore and Pittsburgh. Georgia state income tax forms 2012 You can also deduct your part of your family's living expenses for meals and lodging while you are living and working in Pittsburgh. Georgia state income tax forms 2012 Temporary Assignment or Job You may regularly work at your tax home and also work at another location. Georgia state income tax forms 2012 It may not be practical to return to your tax home from this other location at the end of each work day. Georgia state income tax forms 2012 Temporary assignment vs. Georgia state income tax forms 2012 indefinite assignment. Georgia state income tax forms 2012   If your assignment or job away from your main place of work is temporary, your tax home does not change. Georgia state income tax forms 2012 You are considered to be away from home for the whole period you are away from your main place of work. Georgia state income tax forms 2012 You can deduct your travel expenses if they otherwise qualify for deduction. Georgia state income tax forms 2012 Generally, a temporary assignment in a single location is one that is realistically expected to last (and does in fact last) for 1 year or less. Georgia state income tax forms 2012    However, if your assignment or job is indefinite, the location of the assignment or job becomes your new tax home and you cannot deduct your travel expenses while there. Georgia state income tax forms 2012 An assignment or job in a single location is considered indefinite if it is realistically expected to last for more than 1 year, whether or not it actually lasts for more than 1 year. Georgia state income tax forms 2012   If your assignment is indefinite, you must include in your income any amounts you receive from your employer for living expenses, even if they are called travel allowances and you account to your employer for them. Georgia state income tax forms 2012 You may be able to deduct the cost of relocating to your new tax home as a moving expense. Georgia state income tax forms 2012 See Publication 521 for more information. Georgia state income tax forms 2012 Exception for federal crime investigations or prosecutions. Georgia state income tax forms 2012   If you are a federal employee participating in a federal crime investigation or prosecution, you are not subject to the 1-year rule. Georgia state income tax forms 2012 This means you may be able to deduct travel expenses even if you are away from your tax home for more than 1 year provided you meet the other requirements for deductibility. Georgia state income tax forms 2012   For you to qualify, the Attorney General (or his or her designee) must certify that you are traveling: For the federal government, In a temporary duty status, and To investigate, prosecute, or provide support services for the investigation or prosecution of a federal crime. Georgia state income tax forms 2012 Determining temporary or indefinite. Georgia state income tax forms 2012   You must determine whether your assignment is temporary or indefinite when you start work. Georgia state income tax forms 2012 If you expect an assignment or job to last for 1 year or less, it is temporary unless there are facts and circumstances that indicate otherwise. Georgia state income tax forms 2012 An assignment or job that is initially temporary may become indefinite due to changed circumstances. Georgia state income tax forms 2012 A series of assignments to the same location, all for short periods but that together cover a long period, may be considered an indefinite assignment. Georgia state income tax forms 2012   The following examples illustrate whether an assignment or job is temporary or indefinite. Georgia state income tax forms 2012 Example 1. Georgia state income tax forms 2012 You are a construction worker. Georgia state income tax forms 2012 You live and regularly work in Los Angeles. Georgia state income tax forms 2012 You are a member of a trade union in Los Angeles that helps you get work in the Los Angeles area. Georgia state income tax forms 2012 Your tax home is Los Angeles. Georgia state income tax forms 2012 Because of a shortage of work, you took a job on a construction project in Fresno. Georgia state income tax forms 2012 Your job was scheduled to end in 8 months. Georgia state income tax forms 2012 The job actually lasted 10 months. Georgia state income tax forms 2012 You realistically expected the job in Fresno to last 8 months. Georgia state income tax forms 2012 The job actually did last less than 1 year. Georgia state income tax forms 2012 The job is temporary and your tax home is still in Los Angeles. Georgia state income tax forms 2012 Example 2. Georgia state income tax forms 2012 The facts are the same as in Example 1, except that you realistically expected the work in Fresno to last 18 months. Georgia state income tax forms 2012 The job actually was completed in 10 months. Georgia state income tax forms 2012 Your job in Fresno is indefinite because you realistically expected the work to last longer than 1 year, even though it actually lasted less than 1 year. Georgia state income tax forms 2012 You cannot deduct any travel expenses you had in Fresno because Fresno became your tax home. Georgia state income tax forms 2012 Example 3. Georgia state income tax forms 2012 The facts are the same as in Example 1, except that you realistically expected the work in Fresno to last 9 months. Georgia state income tax forms 2012 After 8 months, however, you were asked to remain for 7 more months (for a total actual stay of 15 months). Georgia state income tax forms 2012 Initially, you realistically expected the job in Fresno to last for only 9 months. Georgia state income tax forms 2012 However, due to changed circumstances occurring after 8 months, it was no longer realistic for you to expect that the job in Fresno would last for 1 year or less. Georgia state income tax forms 2012 You can only deduct your travel expenses for the first 8 months. Georgia state income tax forms 2012 You cannot deduct any travel expenses you had after that time because Fresno became your tax home when the job became indefinite. Georgia state income tax forms 2012 Going home on days off. Georgia state income tax forms 2012   If you go back to your tax home from a temporary assignment on your days off, you are not considered away from home while you are in your hometown. Georgia state income tax forms 2012 You cannot deduct the cost of your meals and lodging there. Georgia state income tax forms 2012 However, you can deduct your travel expenses, including meals and lodging, while traveling between your temporary place of work and your tax home. Georgia state income tax forms 2012 You can claim these expenses up to the amount it would have cost you to stay at your temporary place of work. Georgia state income tax forms 2012   If you keep your hotel room during your visit home, you can deduct the cost of your hotel room. Georgia state income tax forms 2012 In addition, you can deduct your expenses of returning home up to the amount you would have spent for meals had you stayed at your temporary place of work. Georgia state income tax forms 2012 Probationary work period. Georgia state income tax forms 2012   If you take a job that requires you to move, with the understanding that you will keep the job if your work is satisfactory during a probationary period, the job is indefinite. Georgia state income tax forms 2012 You cannot deduct any of your expenses for meals and lodging during the probationary period. Georgia state income tax forms 2012 What Travel Expenses Are Deductible? Once you have determined that you are traveling away from your tax home, you can determine what travel expenses are deductible. Georgia state income tax forms 2012 You can deduct ordinary and necessary expenses you have when you travel away from home on business. Georgia state income tax forms 2012 The type of expense you can deduct depends on the facts and your circumstances. Georgia state income tax forms 2012 Table 1-1 summarizes travel expenses you may be able to deduct. Georgia state income tax forms 2012 You may have other deductible travel expenses that are not covered there, depending on the facts and your circumstances. Georgia state income tax forms 2012 When you travel away from home on business, you should keep records of all the expenses you have and any advances you receive from your employer. Georgia state income tax forms 2012 You can use a log, diary, notebook, or any other written record to keep track of your expenses. Georgia state income tax forms 2012 The types of expenses you need to record, along with supporting documentation, are described in Table 5-1 (see chapter 5). Georgia state income tax forms 2012 Separating costs. Georgia state income tax forms 2012   If you have one expense that includes the costs of meals, entertainment, and other services (such as lodging or transportation), you must allocate that expense between the cost of meals and entertainment and the cost of other services. Georgia state income tax forms 2012 You must have a reasonable basis for making this allocation. Georgia state income tax forms 2012 For example, you must allocate your expenses if a hotel includes one or more meals in its room charge. Georgia state income tax forms 2012 Travel expenses for another individual. Georgia state income tax forms 2012    If a spouse, dependent, or other individual goes with you (or your employee) on a business trip or to a business convention, you generally cannot deduct his or her travel expenses. Georgia state income tax forms 2012 Employee. Georgia state income tax forms 2012   You can deduct the travel expenses of someone who goes with you if that person: Is your employee, Has a bona fide business purpose for the travel, and Would otherwise be allowed to deduct the travel expenses. Georgia state income tax forms 2012 Business associate. Georgia state income tax forms 2012   If a business associate travels with you and meets the conditions in (2) and (3), earlier, you can deduct the travel expenses you have for that person. Georgia state income tax forms 2012 A business associate is someone with whom you could reasonably expect to actively conduct business. Georgia state income tax forms 2012 A business associate can be a current or prospective (likely to become) customer, client, supplier, employee, agent, partner, or professional advisor. Georgia state income tax forms 2012 Bona fide business purpose. Georgia state income tax forms 2012   A bona fide business purpose exists if you can prove a real business purpose for the individual's presence. Georgia state income tax forms 2012 Incidental services, such as typing notes or assisting in entertaining customers, are not enough to make the expenses deductible. Georgia state income tax forms 2012 Table 1-1. Georgia state income tax forms 2012 Travel Expenses You Can Deduct   This chart summarizes expenses you can deduct when you travel away from home for business purposes. Georgia state income tax forms 2012 IF you have expenses for. Georgia state income tax forms 2012 . Georgia state income tax forms 2012 . Georgia state income tax forms 2012 THEN you can deduct the cost of. Georgia state income tax forms 2012 . Georgia state income tax forms 2012 . Georgia state income tax forms 2012 transportation travel by airplane, train, bus, or car between your home and your business destination. Georgia state income tax forms 2012 If you were provided with a free ticket or you are riding free as a result of a frequent traveler or similar program, your cost is zero. Georgia state income tax forms 2012 If you travel by ship, see Luxury Water Travel and Cruise Ships (under Conventions) for additional rules and limits. Georgia state income tax forms 2012 taxi, commuter bus, and airport limousine fares for these and other types of transportation that take you between: The airport or station and your hotel, and The hotel and the work location of your customers or clients, your business meeting place, or your temporary work location. Georgia state income tax forms 2012 baggage and shipping sending baggage and sample or display material between your regular and temporary work locations. Georgia state income tax forms 2012 car operating and maintaining your car when traveling away from home on business. Georgia state income tax forms 2012 You can deduct actual expenses or the standard mileage rate, as well as business-related tolls and parking. Georgia state income tax forms 2012 If you rent a car while away from home on business, you can deduct only the business-use portion of the expenses. Georgia state income tax forms 2012 lodging and meals your lodging and meals if your business trip is overnight or long enough that you need to stop for sleep or rest to properly perform your duties. Georgia state income tax forms 2012 Meals include amounts spent for food, beverages, taxes, and related tips. Georgia state income tax forms 2012 See Meals for additional rules and limits. Georgia state income tax forms 2012 cleaning dry cleaning and laundry. Georgia state income tax forms 2012 telephone business calls while on your business trip. Georgia state income tax forms 2012 This includes business communication by fax machine or other communication devices. Georgia state income tax forms 2012 tips tips you pay for any expenses in this chart. Georgia state income tax forms 2012 other other similar ordinary and necessary expenses related to your business travel. Georgia state income tax forms 2012 These expenses might include transportation to or from a business meal, public stenographer's fees, computer rental fees, and operating and maintaining a house trailer. Georgia state income tax forms 2012 Example. Georgia state income tax forms 2012 Jerry drives to Chicago on business and takes his wife, Linda, with him. Georgia state income tax forms 2012 Linda is not Jerry's employee. Georgia state income tax forms 2012 Linda occasionally types notes, performs similar services, and accompanies Jerry to luncheons and dinners. Georgia state income tax forms 2012 The performance of these services does not establish that her presence on the trip is necessary to the conduct of Jerry's business. Georgia state income tax forms 2012 Her expenses are not deductible. Georgia state income tax forms 2012 Jerry pays $199 a day for a double room. Georgia state income tax forms 2012 A single room costs $149 a day. Georgia state income tax forms 2012 He can deduct the total cost of driving his car to and from Chicago, but only $149 a day for his hotel room. Georgia state income tax forms 2012 If he uses public transportation, he can deduct only his fare. Georgia state income tax forms 2012 Meals You can deduct the cost of meals in either of the following situations. Georgia state income tax forms 2012 It is necessary for you to stop for substantial sleep or rest to properly perform your duties while traveling away from home on business. Georgia state income tax forms 2012 The meal is business-related entertainment. Georgia state income tax forms 2012 Business-related entertainment is discussed in chapter 2 . Georgia state income tax forms 2012 The following discussion deals only with meals that are not business-related entertainment. Georgia state income tax forms 2012 Lavish or extravagant. Georgia state income tax forms 2012   You cannot deduct expenses for meals that are lavish or extravagant. Georgia state income tax forms 2012 An expense is not considered lavish or extravagant if it is reasonable based on the facts and circumstances. Georgia state income tax forms 2012 Expenses will not be disallowed merely because they are more than a fixed dollar amount or take place at deluxe restaurants, hotels, nightclubs, or resorts. Georgia state income tax forms 2012 50% limit on meals. Georgia state income tax forms 2012   You can figure your meals expense using either of the following methods. Georgia state income tax forms 2012 Actual cost. Georgia state income tax forms 2012 The standard meal allowance. Georgia state income tax forms 2012 Both of these methods are explained below. Georgia state income tax forms 2012 But, regardless of the method you use, you generally can deduct only 50% of the unreimbursed cost of your meals. Georgia state income tax forms 2012   If you are reimbursed for the cost of your meals, how you apply the 50% limit depends on whether your employer's reimbursement plan was accountable or nonaccountable. Georgia state income tax forms 2012 If you are not reimbursed, the 50% limit applies whether the unreimbursed meal expense is for business travel or business entertainment. Georgia state income tax forms 2012 Chapter 2 discusses the 50% Limit in more detail, and chapter 6 discusses accountable and nonaccountable plans. Georgia state income tax forms 2012 Actual Cost You can use the actual cost of your meals to figure the amount of your expense before reimbursement and application of the 50% deduction limit. Georgia state income tax forms 2012 If you use this method, you must keep records of your actual cost. Georgia state income tax forms 2012 Standard Meal Allowance Generally, you can use the “standard meal allowance” method as an alternative to the actual cost method. Georgia state income tax forms 2012 It allows you to use a set amount for your daily meals and incidental expenses (M&IE), instead of keeping records of your actual costs. Georgia state income tax forms 2012 The set amount varies depending on where and when you travel. Georgia state income tax forms 2012 In this publication, “standard meal allowance” refers to the federal rate for M&IE, discussed later under Amount of standard meal allowance . Georgia state income tax forms 2012 If you use the standard meal allowance, you still must keep records to prove the time, place, and business purpose of your travel. Georgia state income tax forms 2012 See the recordkeeping rules for travel in chapter 5 . Georgia state income tax forms 2012 Incidental expenses. Georgia state income tax forms 2012   The term “incidental expenses” means fees and tips given to porters, baggage carriers, hotel staff, and staff on ships. Georgia state income tax forms 2012   Incidental expenses do not include expenses for laundry, cleaning and pressing of clothing, lodging taxes, costs of telegrams or telephone calls, transportation between places of lodging or business and places where meals are taken, or the mailing cost of filing travel vouchers and paying employer-sponsored charge card billings. Georgia state income tax forms 2012 Incidental-expenses-only method. Georgia state income tax forms 2012   You can use an optional method (instead of actual cost) for deducting incidental expenses only. Georgia state income tax forms 2012 The amount of the deduction is $5 a day. Georgia state income tax forms 2012 You can use this method only if you did not pay or incur any meal expenses. Georgia state income tax forms 2012 You cannot use this method on any day that you use the standard meal allowance. Georgia state income tax forms 2012 This method is subject to the proration rules for partial days. Georgia state income tax forms 2012 See Travel for days you depart and return , later in this chapter. Georgia state income tax forms 2012 Note. Georgia state income tax forms 2012 The incidental-expenses-only method is not subject to the 50% limit discussed below. Georgia state income tax forms 2012 Federal employees should refer to the Federal Travel Regulations at www. Georgia state income tax forms 2012 gsa. Georgia state income tax forms 2012 gov. Georgia state income tax forms 2012 Find the “Most Requested Links” on the upper left and click on “Regulations: FAR, FMR, FTR” for Federal Travel Regulation (FTR) for changes affecting claims for reimbursement. Georgia state income tax forms 2012 50% limit may apply. Georgia state income tax forms 2012   If you use the standard meal allowance method for meal expenses and you are not reimbursed or you are reimbursed under a nonaccountable plan, you can generally deduct only 50% of the standard meal allowance. Georgia state income tax forms 2012 If you are reimbursed under an accountable plan and you are deducting amounts that are more than your reimbursements, you can deduct only 50% of the excess amount. Georgia state income tax forms 2012 The 50% limit is discussed in more detail in chapter 2, and accountable and nonaccountable plans are discussed in chapter 6. Georgia state income tax forms 2012 There is no optional standard lodging amount similar to the standard meal allowance. Georgia state income tax forms 2012 Your allowable lodging expense deduction is your actual cost. Georgia state income tax forms 2012 Who can use the standard meal allowance. Georgia state income tax forms 2012   You can use the standard meal allowance whether you are an employee or self-employed, and whether or not you are reimbursed for your traveling expenses. Georgia state income tax forms 2012 Use of the standard meal allowance for other travel. Georgia state income tax forms 2012   You can use the standard meal allowance to figure your meal expenses when you travel in connection with investment and other income-producing property. Georgia state income tax forms 2012 You can also use it to figure your meal expenses when you travel for qualifying educational purposes. Georgia state income tax forms 2012 You cannot use the standard meal allowance to figure the cost of your meals when you travel for medical or charitable purposes. Georgia state income tax forms 2012 Amount of standard meal allowance. Georgia state income tax forms 2012   The standard meal allowance is the federal M&IE rate. Georgia state income tax forms 2012 For travel in 2013, the rate for most small localities in the United States is $46 a day. Georgia state income tax forms 2012    Most major cities and many other localities in the United States are designated as high-cost areas, qualifying for higher standard meal allowances. Georgia state income tax forms 2012    You can find this information (organized by state) on the Internet at www. Georgia state income tax forms 2012 gsa. Georgia state income tax forms 2012 gov/perdiem. Georgia state income tax forms 2012 Enter a zip code or select a city and state for the per diem rates for the current fiscal year. Georgia state income tax forms 2012 Per diem rates for prior fiscal years are available by using the drop down menu under “Search by State. Georgia state income tax forms 2012 ”   Per diem rates are listed by the Federal government's fiscal year which runs from October 1 to September 30. Georgia state income tax forms 2012 You can choose to use the rates from the 2013 fiscal year per diem tables or the rates from the 2014 fiscal year tables, but you must consistently use the same tables for all travel you are reporting on your income tax return for the year. Georgia state income tax forms 2012   If you travel to more than one location in one day, use the rate in effect for the area where you stop for sleep or rest. Georgia state income tax forms 2012 If you work in the transportation industry, however, see Special rate for transportation workers , later. Georgia state income tax forms 2012 Standard meal allowance for areas outside the continental United States. Georgia state income tax forms 2012   The standard meal allowance rates above do not apply to travel in Alaska, Hawaii, or any other location outside the continental United States. Georgia state income tax forms 2012 The Department of Defense establishes per diem rates for Alaska, Hawaii, Puerto Rico, American Samoa, Guam, Midway, the Northern Mariana Islands, the U. Georgia state income tax forms 2012 S. Georgia state income tax forms 2012 Virgin Islands, Wake Island, and other non-foreign areas outside the continental United States. Georgia state income tax forms 2012 The Department of State establishes per diem rates for all other foreign areas. Georgia state income tax forms 2012    You can access per diem rates for non-foreign areas outside the continental United States at: www. Georgia state income tax forms 2012 defensetravel. Georgia state income tax forms 2012 dod. Georgia state income tax forms 2012 mil/site/perdiemCalc. Georgia state income tax forms 2012 cfm. Georgia state income tax forms 2012 You can access all other foreign per diem rates at: www. Georgia state income tax forms 2012 state. Georgia state income tax forms 2012 gov/travel/. Georgia state income tax forms 2012 Click on “Travel Per Diem Allowances for Foreign Areas,” under “Foreign Per Diem Rates” to obtain the latest foreign per diem rates. Georgia state income tax forms 2012 Special rate for transportation workers. Georgia state income tax forms 2012   You can use a special standard meal allowance if you work in the transportation industry. Georgia state income tax forms 2012 You are in the transportation industry if your work: Directly involves moving people or goods by airplane, barge, bus, ship, train, or truck, and Regularly requires you to travel away from home and, during any single trip, usually involves travel to areas eligible for different standard meal allowance rates. Georgia state income tax forms 2012 If this applies to you, you can claim a standard meal allowance of $59 a day ($65 for travel outside the continental United States). Georgia state income tax forms 2012   Using the special rate for transportation workers eliminates the need for you to determine the standard meal allowance for every area where you stop for sleep or rest. Georgia state income tax forms 2012 If you choose to use the special rate for any trip, you must use the special rate (and not use the regular standard meal allowance rates) for all trips you take that year. Georgia state income tax forms 2012 Travel for days you depart and return. Georgia state income tax forms 2012   For both the day you depart for and the day you return from a business trip, you must prorate the standard meal allowance (figure a reduced amount for each day). Georgia state income tax forms 2012 You can do so by one of two methods. Georgia state income tax forms 2012 Method 1: You can claim 3/4 of the standard meal allowance. Georgia state income tax forms 2012 Method 2: You can prorate using any method that you consistently apply and that is in accordance with reasonable business practice. Georgia state income tax forms 2012 Example. Georgia state income tax forms 2012 Jen is employed in New Orleans as a convention planner. Georgia state income tax forms 2012 In March, her employer sent her on a 3-day trip to Washington, DC, to attend a planning seminar. Georgia state income tax forms 2012 She left her home in New Orleans at 10 a. Georgia state income tax forms 2012 m. Georgia state income tax forms 2012 on Wednesday and arrived in Washington, DC, at 5:30 p. Georgia state income tax forms 2012 m. Georgia state income tax forms 2012 After spending two nights there, she flew back to New Orleans on Friday and arrived back home at 8:00 p. Georgia state income tax forms 2012 m. Georgia state income tax forms 2012 Jen's employer gave her a flat amount to cover her expenses and included it with her wages. Georgia state income tax forms 2012 Under Method 1, Jen can claim 2½ days of the standard meal allowance for Washington, DC: 3/4 of the daily rate for Wednesday and Friday (the days she departed and returned), and the full daily rate for Thursday. Georgia state income tax forms 2012 Under Method 2, Jen could also use any method that she applies consistently and that is in accordance with reasonable business practice. Georgia state income tax forms 2012 For example, she could claim 3 days of the standard meal allowance even though a federal employee would have to use Method 1 and be limited to only 2½ days. Georgia state income tax forms 2012 Travel in the United States The following discussion applies to travel in the United States. Georgia state income tax forms 2012 For this purpose, the United States includes the 50 states and the District of Columbia. Georgia state income tax forms 2012 The treatment of your travel expenses depends on how much of your trip was business related and on how much of your trip occurred within the United States. Georgia state income tax forms 2012 See Part of Trip Outside the United States , later. Georgia state income tax forms 2012 Trip Primarily for Business You can deduct all of your travel expenses if your trip was entirely business related. Georgia state income tax forms 2012 If your trip was primarily for business and, while at your business destination, you extended your stay for a vacation, made a personal side trip, or had other personal activities, you can deduct only your business-related travel expenses. Georgia state income tax forms 2012 These expenses include the travel costs of getting to and from your business destination and any business-related expenses at your business destination. Georgia state income tax forms 2012 Example. Georgia state income tax forms 2012 You work in Atlanta and take a business trip to New Orleans in May. Georgia state income tax forms 2012 Your business travel totals 850 miles round trip. Georgia state income tax forms 2012 On your way, you stop in Mobile to visit your parents. Georgia state income tax forms 2012 You spend $2,120 for the 9 days you are away from home for travel, meals, lodging, and other travel expenses. Georgia state income tax forms 2012 If you had not stopped in Mobile, you would have been gone only 6 days, and your total cost would have been $1,820. Georgia state income tax forms 2012 You can deduct $1,820 for your trip, including the cost of round-trip transportation to and from New Orleans. Georgia state income tax forms 2012 The deduction for your meals is subject to the 50% limit on meals mentioned earlier. Georgia state income tax forms 2012 Trip Primarily for Personal Reasons If your trip was primarily for personal reasons, such as a vacation, the entire cost of the trip is a nondeductible personal expense. Georgia state income tax forms 2012 However, you can deduct any expenses you have while at your destination that are directly related to your business. Georgia state income tax forms 2012 A trip to a resort or on a cruise ship may be a vacation even if the promoter advertises that it is primarily for business. Georgia state income tax forms 2012 The scheduling of incidental business activities during a trip, such as viewing videotapes or attending lectures dealing with general subjects, will not change what is really a vacation into a business trip. Georgia state income tax forms 2012 Part of Trip Outside the United States If part of your trip is outside the United States, use the rules described later in this chapter under Travel Outside the United States for that part of the trip. Georgia state income tax forms 2012 For the part of your trip that is inside the United States, use the rules for travel in the United States. Georgia state income tax forms 2012 Travel outside the United States does not include travel from one point in the United States to another point in the United States. Georgia state income tax forms 2012 The following discussion can help you determine whether your trip was entirely within the United States. Georgia state income tax forms 2012 Public transportation. Georgia state income tax forms 2012   If you travel by public transportation, any place in the United States where that vehicle makes a scheduled stop is a point in the United States. Georgia state income tax forms 2012 Once the vehicle leaves the last scheduled stop in the United States on its way to a point outside the United States, you apply the rules under Travel Outside the United States . Georgia state income tax forms 2012 Example. Georgia state income tax forms 2012 You fly from New York to Puerto Rico with a scheduled stop in Miami. Georgia state income tax forms 2012 You return to New York nonstop. Georgia state income tax forms 2012 The flight from New York to Miami is in the United States, so only the flight from Miami to Puerto Rico is outside the United States. Georgia state income tax forms 2012 Because there are no scheduled stops between Puerto Rico and New York, all of the return trip is outside the United States. Georgia state income tax forms 2012 Private car. Georgia state income tax forms 2012   Travel by private car in the United States is travel between points in the United States, even though you are on your way to a destination outside the United States. Georgia state income tax forms 2012 Example. Georgia state income tax forms 2012 You travel by car from Denver to Mexico City and return. Georgia state income tax forms 2012 Your travel from Denver to the border and from the border back to Denver is travel in the United States, and the rules in this section apply. Georgia state income tax forms 2012 The rules under Travel Outside the United States apply to your trip from the border to Mexico City and back to the border. Georgia state income tax forms 2012 Travel Outside the United States If any part of your business travel is outside the United States, some of your deductions for the cost of getting to and from your destination may be limited. Georgia state income tax forms 2012 For this purpose, the United States includes the 50 states and the District of Columbia. Georgia state income tax forms 2012 How much of your travel expenses you can deduct depends in part upon how much of your trip outside the United States was business related. Georgia state income tax forms 2012 Travel Entirely for Business or Considered Entirely for Business You can deduct all your travel expenses of getting to and from your business destination if your trip is entirely for business or considered entirely for business. Georgia state income tax forms 2012 Travel entirely for business. Georgia state income tax forms 2012   If you travel outside the United States and you spend the entire time on business activities, you can deduct all of your travel expenses. Georgia state income tax forms 2012 Travel considered entirely for business. Georgia state income tax forms 2012   Even if you did not spend your entire time on business activities, your trip is considered entirely for business if you meet at least one of the following four exceptions. Georgia state income tax forms 2012 Exception 1 - No substantial control. Georgia state income tax forms 2012   Your trip is considered entirely for business if you did not have substantial control over arranging the trip. Georgia state income tax forms 2012 The fact that you control the timing of your trip does not, by itself, mean that you have substantial control over arranging your trip. Georgia state income tax forms 2012   You do not have substantial control over your trip if you: Are an employee who was reimbursed or paid a travel expense allowance, and Are not related to your employer, or Are not a managing executive. Georgia state income tax forms 2012    “Related to your employer” is defined later in chapter 6 under Per Diem and Car Allowances . Georgia state income tax forms 2012   A “managing executive” is an employee who has the authority and responsibility, without being subject to the veto of another, to decide on the need for the business travel. Georgia state income tax forms 2012   A self-employed person generally has substantial control over arranging business trips. Georgia state income tax forms 2012 Exception 2 - Outside United States no more than a week. Georgia state income tax forms 2012   Your trip is considered entirely for business if you were outside the United States for a week or less, combining business and nonbusiness activities. Georgia state income tax forms 2012 One week means 7 consecutive days. Georgia state income tax forms 2012 In counting the days, do not count the day you leave the United States, but do count the day you return to the United States. Georgia state income tax forms 2012 Example. Georgia state income tax forms 2012 You traveled to Brussels primarily for business. Georgia state income tax forms 2012 You left Denver on Tuesday and flew to New York. Georgia state income tax forms 2012 On Wednesday, you flew from New York to Brussels, arriving the next morning. Georgia state income tax forms 2012 On Thursday and Friday, you had business discussions, and from Saturday until Tuesday, you were sightseeing. Georgia state income tax forms 2012 You flew back to New York, arriving Wednesday afternoon. Georgia state income tax forms 2012 On Thursday, you flew back to Denver. Georgia state income tax forms 2012 Although you were away from your home in Denver for more than a week, you were not outside the United States for more than a week. Georgia state income tax forms 2012 This is because the day you depart does not count as a day outside the United States. Georgia state income tax forms 2012 You can deduct your cost of the round-trip flight between Denver and Brussels. Georgia state income tax forms 2012 You can also deduct the cost of your stay in Brussels for Thursday and Friday while you conducted business. Georgia state income tax forms 2012 However, you cannot deduct the cost of your stay in Brussels from Saturday through Tuesday because those days were spent on nonbusiness activities. Georgia state income tax forms 2012 Exception 3 - Less than 25% of time on personal activities. Georgia state income tax forms 2012   Your trip is considered entirely for business if: You were outside the United States for more than a week, and You spent less than 25% of the total time you were outside the United States on nonbusiness activities. Georgia state income tax forms 2012 For this purpose, count both the day your trip began and the day it ended. Georgia state income tax forms 2012 Example. Georgia state income tax forms 2012 You flew from Seattle to Tokyo, where you spent 14 days on business and 5 days on personal matters. Georgia state income tax forms 2012 You then flew back to Seattle. Georgia state income tax forms 2012 You spent 1 day flying in each direction. Georgia state income tax forms 2012 Because only 5/21 (less than 25%) of your total time abroad was for nonbusiness activities, you can deduct as travel expenses what it would have cost you to make the trip if you had not engaged in any nonbusiness activity. Georgia state income tax forms 2012 The amount you can deduct is the cost of the round-trip plane fare and 16 days of meals (subject to the 50% limit), lodging, and other related expenses. Georgia state income tax forms 2012 Exception 4 - Vacation not a major consideration. Georgia state income tax forms 2012   Your trip is considered entirely for business if you can establish that a personal vacation was not a major consideration, even if you have substantial control over arranging the trip. Georgia state income tax forms 2012 Travel Primarily for Business If you travel outside the United States primarily for business but spend some of your time on other activities, you generally cannot deduct all of your travel expenses. Georgia state income tax forms 2012 You can only deduct the business portion of your cost of getting to and from your destination. Georgia state income tax forms 2012 You must allocate the costs between your business and other activities to determine your deductible amount. Georgia state income tax forms 2012 See Travel allocation rules , later. Georgia state income tax forms 2012 You do not have to allocate your travel expenses if you meet one of the four exceptions listed earlier under Travel considered entirely for business . Georgia state income tax forms 2012 In those cases, you can deduct the total cost of getting to and from your destination. Georgia state income tax forms 2012 Travel allocation rules. Georgia state income tax forms 2012   If your trip outside the United States was primarily for business, you must allocate your travel time on a day-to-day basis between business days and nonbusiness days. Georgia state income tax forms 2012 The days you depart from and return to the United States are both counted as days outside the United States. Georgia state income tax forms 2012   To figure the deductible amount of your round-trip travel expenses, use the following fraction. Georgia state income tax forms 2012 The numerator (top number) is the total number of business days outside the United States. Georgia state income tax forms 2012 The denominator (bottom number) is the total number of business and nonbusiness days of travel. Georgia state income tax forms 2012 Counting business days. Georgia state income tax forms 2012   Your business days include transportation days, days your presence was required, days you spent on business, and certain weekends and holidays. Georgia state income tax forms 2012 Transportation day. Georgia state income tax forms 2012   Count as a business day any day you spend traveling to or from a business destination. Georgia state income tax forms 2012 However, if because of a nonbusiness activity you do not travel by a direct route, your business days are the days it would take you to travel a reasonably direct route to your business destination. Georgia state income tax forms 2012 Extra days for side trips or nonbusiness activities cannot be counted as business days. Georgia state income tax forms 2012 Presence required. Georgia state income tax forms 2012   Count as a business day any day your presence is required at a particular place for a specific business purpose. Georgia state income tax forms 2012 Count it as a business day even if you spend most of the day on nonbusiness activities. Georgia state income tax forms 2012 Day spent on business. Georgia state income tax forms 2012   If your principal activity during working hours is the pursuit of your trade or business, count the day as a business day. Georgia state income tax forms 2012 Also, count as a business day any day you are prevented from working because of circumstances beyond your control. Georgia state income tax forms 2012 Certain weekends and holidays. Georgia state income tax forms 2012   Count weekends, holidays, and other necessary standby days as business days if they fall between business days. Georgia state income tax forms 2012 But if they follow your business meetings or activity and you remain at your business destination for nonbusiness or personal reasons, do not count them as business days. Georgia state income tax forms 2012 Example 1. Georgia state income tax forms 2012 Your tax home is New York City. Georgia state income tax forms 2012 You travel to Quebec, where you have a business appointment on Friday. Georgia state income tax forms 2012 You have another appointment on the following Monday. Georgia state income tax forms 2012 Because your presence was required on both Friday and Monday, they are business days. Georgia state income tax forms 2012 Because the weekend is between business days, Saturday and Sunday are counted as business days. Georgia state income tax forms 2012 This is true even though you use the weekend for sightseeing, visiting friends, or other nonbusiness activity. Georgia state income tax forms 2012 Example 2. Georgia state income tax forms 2012 If, in Example 1, you had no business in Quebec after Friday, but stayed until Monday before starting home, Saturday and Sunday would be nonbusiness days. Georgia state income tax forms 2012 Nonbusiness activity on the way to or from your business destination. Georgia state income tax forms 2012   If you stopped for a vacation or other nonbusiness activity either on the way from the United States to your business destination, or on the way back to the United States from your business destination, you must allocate part of your travel expenses to the nonbusiness activity. Georgia state income tax forms 2012   The part you must allocate is the amount it would have cost you to travel between the point where travel outside the United States begins and your nonbusiness destination and a return to the point where travel outside the United States ends. Georgia state income tax forms 2012   You determine the nonbusiness portion of that expense by multiplying it by a fraction. Georgia state income tax forms 2012 The numerator (top number) of the fraction is the number of nonbusiness days during your travel outside the United States and the denominator (bottom number) is the total number of days you spend outside the United States. Georgia state income tax forms 2012 Example. Georgia state income tax forms 2012 You live in New York. Georgia state income tax forms 2012 On May 4 you flew to Paris to attend a business conference that began on May 5. Georgia state income tax forms 2012 The conference ended at noon on May 14. Georgia state income tax forms 2012 That evening you flew to Dublin where you visited with friends until the afternoon of May 21, when you flew directly home to New York. Georgia state income tax forms 2012 The primary purpose for the trip was to attend the conference. Georgia state income tax forms 2012 If you had not stopped in Dublin, you would have arrived home the evening of May 14. Georgia state income tax forms 2012 You do not meet any of the exceptions that would allow you to consider your travel entirely for business. Georgia state income tax forms 2012 May 4 through May 14 (11 days) are business days and May 15 through May 21 (7 days) are nonbusiness days. Georgia state income tax forms 2012 You can deduct the cost of your meals (subject to the 50% limit), lodging, and other business-related travel expenses while in Paris. Georgia state income tax forms 2012 You cannot deduct your expenses while in Dublin. Georgia state income tax forms 2012 You also cannot deduct 7/18 of what it would have cost you to travel round-trip between New York and Dublin. Georgia state income tax forms 2012 You paid $750 to fly from New York to Paris, $400 to fly from Paris to Dublin, and $700 to fly from Dublin back to New York. Georgia state income tax forms 2012 Round-trip airfare from New York to Dublin would have been $1,250. Georgia state income tax forms 2012 You figure the deductible part of your air travel expenses by subtracting 7/18 of the round-trip fare and other expenses you would have had in traveling directly between New York and Dublin ($1,250 × 7/18 = $486) from your total expenses in traveling from New York to Paris to Dublin and back to New York ($750 + $400 + $700 = $1,850). Georgia state income tax forms 2012 Your deductible air travel expense is $1,364 ($1,850 − $486). Georgia state income tax forms 2012 Nonbusiness activity at, near, or beyond business destination. Georgia state income tax forms 2012   If you had a vacation or other nonbusiness activity at, near, or beyond your business destination, you must allocate part of your travel expenses to the nonbusiness activity. Georgia state income tax forms 2012   The part you must allocate is the amount it would have cost you to travel between the point where travel outside the United States begins and your business destination and a return to the point where travel outside the United States ends. Georgia state income tax forms 2012   You determine the nonbusiness portion of that expense by multiplying it by a fraction. Georgia state income tax forms 2012 The numerator (top number) of the fraction is the number of nonbusiness days during your travel outside the United States and the denominator (bottom number) is the total number of days you spend outside the United States. Georgia state income tax forms 2012   None of your travel expenses for nonbusiness activities at, near, or beyond your business destination are deductible. Georgia state income tax forms 2012 Example. Georgia state income tax forms 2012 Assume that the dates are the same as in the previous example but that instead of going to Dublin for your vacation, you fly to Venice, Italy, for a vacation. Georgia state income tax forms 2012 You cannot deduct any part of the cost of your trip from Paris to Venice and return to Paris. Georgia state income tax forms 2012 In addition, you cannot deduct 7/18 of the airfare and other expenses from New York to Paris and back to New York. Georgia state income tax forms 2012 You can deduct 11/18 of the round-trip plane fare and other travel expenses from New York to Paris, plus your meals (subject to the 50% limit), lodging, and any other business expenses you had in Paris. Georgia state income tax forms 2012 (Assume these expenses total $4,939. Georgia state income tax forms 2012 ) If the round-trip plane fare and other travel-related expenses (such as food during the trip) are $1,750, you can deduct travel costs of $1,069 (11/18 × $1,750), plus the full $4,939 for the expenses you had in Paris. Georgia state income tax forms 2012 Other methods. Georgia state income tax forms 2012   You can use another method of counting business days if you establish that it more clearly reflects the time spent on other than business activities outside the United States. Georgia state income tax forms 2012 Travel Primarily for Personal Reasons If you travel outside the United States primarily for vacation or for investment purposes, the entire cost of the trip is a nondeductible personal expense. Georgia state income tax forms 2012 However, if you spend some time attending brief professional seminars or a continuing education program, you can deduct your registration fees and other expenses you have that are directly related to your business. Georgia state income tax forms 2012 Example. Georgia state income tax forms 2012 The university from which you graduated has a continuing education program for members of its alumni association. Georgia state income tax forms 2012 This program consists of trips to various foreign countries where academic exercises and conferences are set up to acquaint individuals in most occupations with selected facilities in several regions of the world. Georgia state income tax forms 2012 However, none of the conferences are directed toward specific occupations or professions. Georgia state income tax forms 2012 It is up to each participant to seek out specialists and organizational settings appropriate to his or her occupational interests. Georgia state income tax forms 2012 Three-hour sessions are held each day over a 5-day period at each of the selected overseas facilities where participants can meet with individual practitioners. Georgia state income tax forms 2012 These sessions are composed of a variety of activities including workshops, mini-lectures, role playing, skill development, and exercises. Georgia state income tax forms 2012 Professional conference directors schedule and conduct the sessions. Georgia state income tax forms 2012 Participants can choose those sessions they wish to attend. Georgia state income tax forms 2012 You can participate in this program since you are a member of the alumni association. Georgia state income tax forms 2012 You and your family take one of the trips. Georgia state income tax forms 2012 You spend about 2 hours at each of the planned sessions. Georgia state income tax forms 2012 The rest of the time you go touring and sightseeing with your family. Georgia state income tax forms 2012 The trip lasts less than 1 week. Georgia state income tax forms 2012 Your travel expenses for the trip are not deductible since the trip was primarily a vacation. Georgia state income tax forms 2012 However, registration fees and any other incidental expenses you have for the five planned sessions you attended that are directly related and beneficial to your business are deductible business expenses. Georgia state income tax forms 2012 These expenses should be specifically stated in your records to ensure proper allocation of your deductible business expenses. Georgia state income tax forms 2012 Luxury Water Travel If you travel by ocean liner, cruise ship, or other form of luxury water transportation for business purposes, there is a daily limit on the amount you can deduct. Georgia state income tax forms 2012 The limit is twice the highest federal per diem rate allowable at the time of your travel. Georgia state income tax forms 2012 (Generally, the federal per diem is the amount paid to federal government employees for daily living expenses when they travel away from home, but in the United States, for business purposes. Georgia state income tax forms 2012 ) Daily limit on luxury water travel. Georgia state income tax forms 2012   The highest federal per diem rate allowed and the daily limit for luxury water travel in 2013 is shown in the following table. Georgia state income tax forms 2012   2013 Dates Highest Federal Per Diem Daily Limit on Luxury Water Travel   Jan. Georgia state income tax forms 2012 1 – Mar. Georgia state income tax forms 2012 31 $367 $734   Apr. Georgia state income tax forms 2012 1 – June 30 312 624   July 1 – Aug. Georgia state income tax forms 2012 31 310 620   Sept. Georgia state income tax forms 2012 1 – Sept. Georgia state income tax forms 2012 30 366 732   Oct. Georgia state income tax forms 2012 1 – Dec. Georgia state income tax forms 2012 31 374 748 Example. Georgia state income tax forms 2012 Caroline, a travel agent, traveled by ocean liner from New York to London, England, on business in May. Georgia state income tax forms 2012 Her expense for the 6-day cruise was $5,200. Georgia state income tax forms 2012 Caroline's deduction for the cruise cannot exceed $3,744 (6 days × $624 daily limit). Georgia state income tax forms 2012 Meals and entertainment. Georgia state income tax forms 2012   If your expenses for luxury water travel include separately stated amounts for meals or entertainment, those amounts are subject to the 50% limit on meals and entertainment before you apply the daily limit. Georgia state income tax forms 2012 For a discussion of the 50% Limit , see chapter 2. Georgia state income tax forms 2012 Example. Georgia state income tax forms 2012 In the previous example, Caroline's luxury water travel had a total cost of $5,200. Georgia state income tax forms 2012 Of that amount, $3,700 was separately stated as meals and entertainment. Georgia state income tax forms 2012 Caroline, who is self-employed, is not reimbursed for any of her travel expenses. Georgia state income tax forms 2012 Caroline figures her deductible travel expenses as follows. Georgia state income tax forms 2012 Meals and entertainment $3,700   50% limit × . Georgia state income tax forms 2012 50   Allowable meals &     entertainment $1,850   Other travel expenses + 1,800   Allowable cost before the daily limit $3,650 Daily limit for May 2013 $624   Times number of days × 6   Maximum luxury water travel     deduction $3,744 Amount of allowable deduction $3,650 Caroline's deduction for her cruise is limited to $3,650, even though the limit on luxury water travel is slightly higher. Georgia state income tax forms 2012 Not separately stated. Georgia state income tax forms 2012   If your meal or entertainment charges are not separately stated or are not clearly identifiable, you do not have to allocate any portion of the total charge to meals or entertainment. Georgia state income tax forms 2012 Exceptions The daily limit on luxury water travel (discussed earlier) does not apply to expenses you have to attend a convention, seminar, or meeting on board a cruise ship. Georgia state income tax forms 2012 See Cruise Ships under Conventions. Georgia state income tax forms 2012 Conventions You can deduct your travel expenses when you attend a convention if you can show that your attendance benefits your trade or business. Georgia state income tax forms 2012 You cannot deduct the travel expenses for your family. Georgia state income tax forms 2012 If the convention is for investment, political, social, or other purposes unrelated to your trade or business, you cannot deduct the expenses. Georgia state income tax forms 2012 Your appointment or election as a delegate does not, in itself, determine whether you can deduct travel expenses. Georgia state income tax forms 2012 You can deduct your travel expenses only if your attendance is connected to your own trade or business. Georgia state income tax forms 2012 Convention agenda. Georgia state income tax forms 2012   The convention agenda or program generally shows the purpose of the convention. Georgia state income tax forms 2012 You can show your attendance at the convention benefits your trade or business by comparing the agenda with the official duties and responsibilities of your position. Georgia state income tax forms 2012 The agenda does not have to deal specifically with your official duties and responsibilities; it will be enough if the agenda is so related to your position that it shows your attendance was for business purposes. Georgia state income tax forms 2012 Conventions Held Outside the North American Area You cannot deduct expenses for attending a convention, seminar, or similar meeting held outside the North American area unless: The meeting is directly related to your trade or business, and It is reasonable to hold the meeting outside the North American area. Georgia state income tax forms 2012 See Reasonableness test , later. Georgia state income tax forms 2012 If the meeting meets these requirements, you also must satisfy the rules for deducting expenses for business trips in general, discussed earlier under Travel Outside the United States . Georgia state income tax forms 2012 North American area. Georgia state income tax forms 2012   The North American area includes the following locations. Georgia state income tax forms 2012 American Samoa Johnston Island Antigua and Barbuda Kingman Reef Aruba Marshall Islands Bahamas Mexico Baker Island Micronesia Barbados Midway Islands Bermuda Netherlands Antilles Canada Northern Mariana Costa Rica Islands Dominica Palau Dominican Republic Palmyra Atoll Grenada Panama Guam Puerto Rico Guyana Trinidad and Tobago Honduras USA Howland Island U. Georgia state income tax forms 2012 S. Georgia state income tax forms 2012 Virgin Islands Jamaica Wake Island Jarvis Island   The North American area also includes U. Georgia state income tax forms 2012 S. Georgia state income tax forms 2012 islands, cays, and reefs that are possessions of the United States and not part of the fifty states or the District of Columbia. Georgia state income tax forms 2012 Reasonableness test. Georgia state income tax forms 2012   The following factors are taken into account to determine if it was reasonable to hold the meeting outside the North American area. Georgia state income tax forms 2012 The purpose of the meeting and the activities taking place at the meeting. Georgia state income tax forms 2012 The purposes and activities of the sponsoring organizations or groups. Georgia state income tax forms 2012 The homes of the active members of the sponsoring organizations and the places at which other meetings of the sponsoring organizations or groups have been or will be held. Georgia state income tax forms 2012 Other relevant factors you may present. Georgia state income tax forms 2012 Cruise Ships You can deduct up to $2,000 per year of your expenses of attending conventions, seminars, or similar meetings held on cruise ships. Georgia state income tax forms 2012 All ships that sail are considered cruise ships. Georgia state income tax forms 2012 You can deduct these expenses only if all of the following requirements are met. Georgia state income tax forms 2012 The convention, seminar, or meeting is directly related to your trade or business. Georgia state income tax forms 2012 The cruise ship is a vessel registered in the United States. Georgia state income tax forms 2012 All of the cruise ship's ports of call are in the United States or in possessions of the United States. Georgia state income tax forms 2012 You attach to your return a written statement signed by you that includes information about: The total days of the trip (not including the days of transportation to and from the cruise ship port), The number of hours each day that you devoted to scheduled business activities, and A program of the scheduled business activities of the meeting. Georgia state income tax forms 2012 You attach to your return a written statement signed by an officer of the organization or group sponsoring the meeting that includes: A schedule of the business activities of each day of the meeting, and The number of hours you attended the scheduled business activities. Georgia state income tax forms 2012 Prev  Up  Next   Home   More Online Publications
Print - Click this link to Print this page

Procurement Business Opportunities

 

 

***** Notice to Vendors*****

IRS Contractor Investigation Risk Assessment Checklist (RAC)


 

[Posted August 22, 2013]
Solicitation No: D-3-D9-23-MA-I10 – Neopost Postage Meter Supplies

 

[Posted August 16, 2013]
Solicitation No: D3D72GPRJ06 – Physical Security System - Florence, KY

 

[Posted June 28, 2013]
Amendment 0004 - Solicitation No. TIRSE-13-R-00004-A0004, Facility Operation and Maintenance Services for IRS Atlanta Submission Processing Center

 

[Posted June 24, 2013]
Amendment 0003 - Solicitation No. TIRSE-13-R-00004-A0003, Facility Operation and Maintenance Services for IRS Atlanta Submission Processing Center

 

[Posted June 17, 2013]
Amendment 0002 - Solicitation No. TIRSE-13-R-00004-A0002, Facility Operation and Maintenance Services for IRS Atlanta Submission Processing Center

 

[Posted June 6, 2013]
Amendment 0001 - Solicitation No. TIRSE-13-R-00004-A0001, Facility Operation and Maintenance Services for IRS Atlanta Submission Processing Center

 

[Posted May 13, 2013]
Solicitation No. TIRSE-13-R-00004, Facility Operation and Maintenance Services for IRS, Atlanta Submission Processing Center

 

 

 

 


Questions about the Procurement information on this site, please contact the webmaster.
Contact the Office of Procurement for other Procurement related questions.

Page Last Reviewed or Updated: 05-Dec-2013

The Georgia State Income Tax Forms 2012

Georgia state income tax forms 2012 Internal Revenue Bulletin:  2013-7  February 11, 2013  Rev. Georgia state income tax forms 2012 Proc. Georgia state income tax forms 2012 2013-16 Table of Contents SECTION 1. Georgia state income tax forms 2012 PURPOSE SECTION 2. Georgia state income tax forms 2012 BACKGROUND—HAMP AND THE HAMP PRINCIPAL REDUCTION ALTERNATIVE SECTION 3. Georgia state income tax forms 2012 BACKGROUND—APPLICABLE PROVISIONS OF LAW SECTION 4. Georgia state income tax forms 2012 FEDERAL INCOME TAX TREATMENT SECTION 5. Georgia state income tax forms 2012 INFORMATION-REPORTING OBLIGATIONS SECTION 6. Georgia state income tax forms 2012 HAMP-PRA BORROWERS’ REPORTING OF DISCHARGES OF INDEBTEDNESS UNDER HAMP-PRA SECTION 7. Georgia state income tax forms 2012 PENALTY RELIEF FOR 2012 SECTION 8. Georgia state income tax forms 2012 SCOPE AND EFFECTIVE DATE SECTION 9. Georgia state income tax forms 2012 DRAFTING INFORMATION SECTION 1. Georgia state income tax forms 2012 PURPOSE This revenue procedure provides guidance to mortgage loan holders, loan servicers, and borrowers who are participating in the Department of the Treasury’s (Treasury) and Department of Housing and Urban Development’s (HUD) Home Affordable Modification Program® (HAMP®). Georgia state income tax forms 2012 Under HAMP, a borrower may be eligible for principal reduction of the outstanding balance of a qualifying mortgage pursuant to the program’s Principal Reduction AlternativeSM (PRA). Georgia state income tax forms 2012 In appropriate cases, HAMP has been offering the PRA as part of a HAMP loan modification since the last quarter of 2010. Georgia state income tax forms 2012 Current plans call for HAMP to continue accepting new borrowers through the end of 2013. Georgia state income tax forms 2012 The Internal Revenue Service (Service) is providing this guidance to address the tax consequences for borrowers (HAMP-PRA borrowers) who are participating in the PRA and the reporting obligations for participating mortgage loan holders and servicers. Georgia state income tax forms 2012 SECTION 2. Georgia state income tax forms 2012 BACKGROUND—HAMP AND THE HAMP PRINCIPAL REDUCTION ALTERNATIVE . Georgia state income tax forms 2012 01 To help distressed borrowers lower their monthly mortgage payments, Treasury and HUD established HAMP for mortgage loans that are not owned or guaranteed by the Federal National Mortgage Association (Fannie Mae) or the Federal Home Loan Mortgage Corporation (Freddie Mac). Georgia state income tax forms 2012 A description of the program can be found at www. Georgia state income tax forms 2012 makinghomeaffordable. Georgia state income tax forms 2012 gov. Georgia state income tax forms 2012 . Georgia state income tax forms 2012 02 Under HAMP, a participating loan servicer, acting on behalf of the mortgage loan holder, must consider a sequence of modification steps for each eligible borrower’s mortgage loan until the borrower’s monthly payment is reduced to a monthly payment amount determined under the HAMP guidelines. Georgia state income tax forms 2012 These steps include a reduction in the mortgage loan’s interest rate, an extension of the mortgage loan’s term, and a reduction in the mortgage loan’s principal balance. Georgia state income tax forms 2012 . Georgia state income tax forms 2012 03 In some cases, the unpaid principal balance of the modified mortgage loan is divided into (1) an amount that bears stated interest and that is used to calculate the borrower’s new monthly mortgage payment (the “Non-forbearance Portion”), and (2) a forbearance amount, which does not bear stated interest and on which periodic payments of stated principal are not required. Georgia state income tax forms 2012 The stated principal of the forbearance amount is due upon the earliest of the borrower’s transfer of the property, payoff of the balance on the Non-forbearance Portion of the mortgage loan, or maturity of the mortgage loan. Georgia state income tax forms 2012 However, as noted in section 2. Georgia state income tax forms 2012 06 of this revenue procedure, a HAMP-PRA borrower sometimes may not have to pay all or a portion of the forbearance amount. Georgia state income tax forms 2012 (The forbearance amount associated with a HAMP-PRA principal reduction is called the “PRA Forbearance Amount. Georgia state income tax forms 2012 ”) . Georgia state income tax forms 2012 04 If a mortgage loan is being considered for a HAMP modification and the amount owed on the mortgage loan is greater than 115 percent of the value of the property, then the servicer must consider whether principal reduction under PRA should be used as part of the HAMP modification. Georgia state income tax forms 2012 . Georgia state income tax forms 2012 05 The first step toward a HAMP modification is a trial period plan, in which the borrower’s monthly mortgage payment is set at a monthly payment amount determined under the HAMP guidelines. Georgia state income tax forms 2012 The trial period plan effective date is the due date for the first of the reduced payments that are to be made under the trial period plan. Georgia state income tax forms 2012 (It is the first day of either the first or the second month after the servicer transmits the trial period notice to the borrower. Georgia state income tax forms 2012 ) In general, the trial period is three months, and, during this period, the borrower must satisfy certain conditions before the changes to the terms of the mortgage loan become permanent (the “Trial Period Conditions”). Georgia state income tax forms 2012 Specifically, depending on the borrower’s trial period payment history, the borrower’s compliance with HAMP and servicer guidelines, and his or her satisfaction of all other Trial Period Conditions, the borrower will be offered a permanent modification of the terms of the mortgage loan, including monthly mortgage payments that are lower than those under the old mortgage loan. Georgia state income tax forms 2012 Until the effective date of a permanent modification, the terms of the existing mortgage loan continue to apply. Georgia state income tax forms 2012 . Georgia state income tax forms 2012 06 After the mortgage loan is permanently modified under HAMP, if the modified mortgage loan is in good standing on the first, second, or third annual anniversary of the trial period plan effective date (the “Three-year Period”), the servicer must reduce the unpaid principal balance of the mortgage loan on the respective anniversary date by one-third of the initial PRA Forbearance Amount. Georgia state income tax forms 2012 (The servicer allocates the entire reduction to the remaining PRA Forbearance Amount. Georgia state income tax forms 2012 ) In general, if a HAMP-PRA borrower’s mortgage loan is in good standing and if the HAMP-PRA borrower pays in full the Non-forbearance Portion of the mortgage loan prior to the reduction of the entire PRA Forbearance Amount, the servicer must reduce the remaining outstanding principal balance of the mortgage loan by the remaining PRA Forbearance Amount. Georgia state income tax forms 2012 . Georgia state income tax forms 2012 07 In connection with every HAMP loan modification, the HAMP program administrator (acting on behalf of the federal government) provides incentives to the borrower, the servicer, and the investor (that is, the holder of the mortgage loan). Georgia state income tax forms 2012 If a HAMP loan modification includes a PRA principal reduction, the HAMP program administrator makes additional incentive payments to the investor. Georgia state income tax forms 2012 These additional incentives are called “PRA Investor Incentive Payments” and are generally spread over three years. Georgia state income tax forms 2012 The size of the PRA Investor Incentive Payments depends on the amount of principal reduced, the loan-to-value ratio at the time of the HAMP modification, and the loan’s payment history before the modification. Georgia state income tax forms 2012 The PRA Investor Incentive Payments range from 18 to 63 percent of the principal amounts reduced. Georgia state income tax forms 2012 For purposes of this revenue procedure, the excess of the initial PRA Forbearance Amount of a mortgage loan over the aggregate PRA Investor Incentive Payments scheduled to be paid with respect to that loan is called the “PRA Adjusted Forbearance Amount. Georgia state income tax forms 2012 ” . Georgia state income tax forms 2012 08 A PRA Investor Incentive Payment is earned by the investor on each date on which the servicer reduces the unpaid principal balance of the mortgage loan by a portion of the PRA Forbearance Amount (generally, on the first three annual anniversaries of the trial period plan effective date). Georgia state income tax forms 2012 . Georgia state income tax forms 2012 09 If a HAMP-PRA borrower’s early payment in full of the Non-forbearance Portion of the mortgage loan accelerates the reduction of the remaining PRA Forbearance Amount (described above in section 2. Georgia state income tax forms 2012 06 of this revenue procedure), the remaining PRA Investor Incentive Payments from the HAMP program administrator are also accelerated. Georgia state income tax forms 2012 . Georgia state income tax forms 2012 10 If, prior to completion of the Three-year Period, a mortgage loan ceases to be in good standing because of the HAMP-PRA borrower’s payment history, then the remaining PRA Forbearance Amount is not further reduced and is due when the HAMP-PRA borrower transfers the property, the HAMP-PRA borrower refinances, or otherwise pays off the Non-forbearance Portion of the mortgage loan, or the mortgage loan matures. Georgia state income tax forms 2012 SECTION 3. Georgia state income tax forms 2012 BACKGROUND—APPLICABLE PROVISIONS OF LAW . Georgia state income tax forms 2012 01 Under § 61 of the Internal Revenue Code, except as otherwise provided in subtitle A, gross income means all income from whatever source derived, including income from discharge of indebtedness. Georgia state income tax forms 2012 See § 61(a)(12). Georgia state income tax forms 2012 . Georgia state income tax forms 2012 02 Under § 1. Georgia state income tax forms 2012 1001-3 of the Income Tax Regulations, if a debt instrument undergoes a significant modification, then the modification results in an exchange of the original debt instrument for the modified debt instrument. Georgia state income tax forms 2012 In general, an agreement to change a term of a debt instrument is a modification at the time the borrower and holder enter into the agreement, even if the change in term is not immediately effective. Georgia state income tax forms 2012 However, if the change is conditioned on reasonable closing conditions, a modification occurs on the closing date of the agreement. Georgia state income tax forms 2012 See § 1. Georgia state income tax forms 2012 1001-3(c)(6). Georgia state income tax forms 2012 . Georgia state income tax forms 2012 03 Under § 108(e)(10), in the case of a debt-for-debt exchange (including a deemed exchange under § 1. Georgia state income tax forms 2012 1001-3), the borrower is treated as having satisfied the original debt instrument with an amount of money equal to the issue price of the new debt instrument. Georgia state income tax forms 2012 If the amount of debt satisfied in this manner exceeds that issue price, the borrower realizes discharge of indebtedness income on the exchange. Georgia state income tax forms 2012 See also § 1. Georgia state income tax forms 2012 61-12(c). Georgia state income tax forms 2012 . Georgia state income tax forms 2012 04 The issue price of a non-publicly traded debt instrument issued for non-publicly traded property generally reflects the amount of principal that the borrower is required to pay to the holder of the instrument. Georgia state income tax forms 2012 If a borrower has the ability to avoid paying certain amounts (including principal) without violating the terms of the instrument, the payment schedule for the instrument is generally determined based on an assumption that the borrower will avoid any requirement to make those payments. Georgia state income tax forms 2012 See, e. Georgia state income tax forms 2012 g. Georgia state income tax forms 2012 , §§ 1. Georgia state income tax forms 2012 1272-1(c)(5) and 1. Georgia state income tax forms 2012 1274-2(d). Georgia state income tax forms 2012 . Georgia state income tax forms 2012 05 Under § 108(a), gross income does not include any amount that but for § 108(a) would be includible in gross income by reason of the discharge (in whole or in part) of a taxpayer’s indebtedness if (1) the indebtedness discharged is qualified principal residence indebtedness that is discharged before January 1, 2014, or (2) the discharge occurs when the taxpayer is insolvent. Georgia state income tax forms 2012 Section 108(a)(1)(E) and 108(a)(1)(B). Georgia state income tax forms 2012 (Although § 108 contains other exclusions as well, this revenue procedure focuses on these two exclusions because they are the most likely to apply to the greatest number of HAMP-PRA borrowers. Georgia state income tax forms 2012 ) . Georgia state income tax forms 2012 06 Under §§ 108(h) and 163(h)(3)(B), qualified principal residence indebtedness is any indebtedness that is incurred by a borrower to buy, build, or substantially improve the borrower’s principal residence and is secured by that residence. Georgia state income tax forms 2012 . Georgia state income tax forms 2012 07 Qualified principal residence indebtedness also includes a loan secured by the borrower’s principal residence that refinances qualified principal residence indebtedness, but only to the extent of the amount of the refinanced indebtedness. Georgia state income tax forms 2012 See §§ 108(h) and 163(h)(3)(B)(i). Georgia state income tax forms 2012 . Georgia state income tax forms 2012 08 The maximum amount of discharged indebtedness that a borrower may exclude from gross income under the qualified principal residence indebtedness exclusion is $2,000,000 ($1,000,000 for a married individual filing a separate return). Georgia state income tax forms 2012 Under § 108(h)(4), if only part of the discharged indebtedness is qualified principal residence indebtedness, then the exclusion applies only to the amount of the discharged indebtedness that exceeds the amount of the loan (determined immediately before the discharge) that is not qualified principal residence indebtedness. Georgia state income tax forms 2012 . Georgia state income tax forms 2012 09 Under § 108(a)(3), the insolvency exclusion applies to the lesser of the amount of the debt discharged or the amount by which the taxpayer is insolvent immediately before the discharge. Georgia state income tax forms 2012 . Georgia state income tax forms 2012 10 Section 108(d)(3) provides that, for purposes of the insolvency exclusion, a taxpayer is insolvent to the extent that the taxpayer’s total liabilities exceed the fair market value of all of the taxpayer’s assets immediately before the discharge of indebtedness. Georgia state income tax forms 2012 Under § 108(a)(2)(C), the qualified principal residence indebtedness exclusion takes precedence over the insolvency exclusion when both exclusions apply to discharged indebtedness, unless the taxpayer elects to apply the insolvency exclusion. Georgia state income tax forms 2012 . Georgia state income tax forms 2012 11 If an amount is excluded from gross income as a discharge of qualified principal residence indebtedness, the taxpayer must reduce the basis of the taxpayer’s principal residence. Georgia state income tax forms 2012 See § 108(h)(1). Georgia state income tax forms 2012 If a discharged amount is excluded from gross income because the taxpayer was insolvent when the discharge occurred, the taxpayer must reduce certain tax attributes (possibly including basis). Georgia state income tax forms 2012 See § 108(b). Georgia state income tax forms 2012 For further discussion of income from the discharge of indebtedness, the qualified principal residence indebtedness exclusion, the insolvency exclusion, and other exclusions from gross income that may apply, see Publication 4681, Canceled Debts, Foreclosures, Repossessions, and Abandonments (for Individuals). Georgia state income tax forms 2012 . Georgia state income tax forms 2012 12 Taxpayers who exclude any discharged amounts from gross income report both the exclusion and the resulting reduction in basis or other tax attributes on Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment). Georgia state income tax forms 2012 See Form 982 instructions and Publication 4681. Georgia state income tax forms 2012 This form is to be filed with the tax return for the taxable year in which the amount is discharged but is excluded from gross income. Georgia state income tax forms 2012 . Georgia state income tax forms 2012 13 Governmental payments made to or on behalf of individuals or other persons are included within the broad definition of gross income under § 61 unless an exception applies. Georgia state income tax forms 2012 See Notice 2003-18, 2003-1 C. Georgia state income tax forms 2012 B. Georgia state income tax forms 2012 699, and Rev. Georgia state income tax forms 2012 Rul. Georgia state income tax forms 2012 79-356, 1979-2 C. Georgia state income tax forms 2012 B. Georgia state income tax forms 2012 28. Georgia state income tax forms 2012 However, if disbursements are made by a governmental unit to individuals in the interest of the general welfare (that is, are generally based on individual or family need) and the disbursements do not represent compensation for services, then the amounts disbursed are excluded from the income of the recipient (general welfare exclusion). Georgia state income tax forms 2012 See Rev. Georgia state income tax forms 2012 Rul. Georgia state income tax forms 2012 2005-46, 2005-2 C. Georgia state income tax forms 2012 B. Georgia state income tax forms 2012 120, and Rev. Georgia state income tax forms 2012 Rul. Georgia state income tax forms 2012 75-246, 1975-1 C. Georgia state income tax forms 2012 B. Georgia state income tax forms 2012 24. Georgia state income tax forms 2012 . Georgia state income tax forms 2012 14 Under § 451 and § 1. Georgia state income tax forms 2012 451-1(a), a taxpayer that uses the cash receipts and disbursements method of accounting includes income in gross income when the taxpayer actually or constructively receives the income. Georgia state income tax forms 2012 . Georgia state income tax forms 2012 15 Section 6041 requires every person engaged in a trade or business (including the United States and its agencies) to (1) file an information return (Form 1099-MISC, Miscellaneous Income, is used for this purpose) for each calendar year in which the person makes, in the course of its trade or business, payments to another person of fixed or determinable income aggregating $600 or more, and (2) furnish a copy of the information return to that other person. Georgia state income tax forms 2012 See § 6041(a) and (d) and § 1. Georgia state income tax forms 2012 6041-1(a)(1) and (b). Georgia state income tax forms 2012 . Georgia state income tax forms 2012 16 Section 6050P requires applicable entities (including the United States and its agencies, financial entities, and any organization a significant trade or business of which is the lending of money) to (1) file an information return (Form 1099-C, Cancellation of Debt, is used for this purpose) for each calendar year in which it discharges indebtedness of another person of $600 or more, and (2) furnish a copy of the information return to that other person. Georgia state income tax forms 2012 See § 6050P(a)-(c) and §§ 1. Georgia state income tax forms 2012 6050P-1(a) and 1. Georgia state income tax forms 2012 6050P-2(a) and (d). Georgia state income tax forms 2012 . Georgia state income tax forms 2012 17 Section 6721 imposes penalties with respect to information returns required to be filed with the Service. Georgia state income tax forms 2012 These penalties apply in the case of a failure to timely file an information return, a failure to include all required information on the return, or the inclusion of incorrect information on the return. Georgia state income tax forms 2012 Section 6724(d)(1) includes Forms 1099-MISC and 1099-C in the term “information return. Georgia state income tax forms 2012 ” . Georgia state income tax forms 2012 18 Section 6722 imposes penalties with respect to payee statements required to be furnished to payees. Georgia state income tax forms 2012 These penalties apply in the case of a failure to timely furnish a payee statement, a failure to include all required information on the statement, or the inclusion of incorrect information on the payee statement. Georgia state income tax forms 2012 Section 6724(d)(2) includes in the term “payee statement” copies of Forms 1099-MISC and 1099-C that are required to be furnished to taxpayers. Georgia state income tax forms 2012 SECTION 4. Georgia state income tax forms 2012 FEDERAL INCOME TAX TREATMENT . Georgia state income tax forms 2012 01 Because a HAMP modification with a PRA principal reduction is a significant modification, it results in a deemed debt-for-debt exchange in which the HAMP-PRA borrower satisfies the old mortgage loan by issuing a new one. Georgia state income tax forms 2012 See § 1. Georgia state income tax forms 2012 1001-3. Georgia state income tax forms 2012 At the time of the modification, therefore, under § 108 and this revenue procedure, the HAMP-PRA borrower realizes discharge of indebtedness income equal to any excess of the adjusted issue price of the old mortgage loan (which was satisfied in the deemed exchange) over the issue price of the new (post-modification) mortgage loan. Georgia state income tax forms 2012 See also § 61(a)(12) and § 1. Georgia state income tax forms 2012 61-12(c). Georgia state income tax forms 2012 . Georgia state income tax forms 2012 02 A HAMP-PRA borrower has the ability to avoid payment of the PRA Adjusted Forbearance Amount. Georgia state income tax forms 2012 Because the HAMP-PRA borrower has this ability, that amount should not be taken into account in determining the issue price of the new mortgage loan. Georgia state income tax forms 2012 Because the issue price of the new mortgage loan does not include the PRA Adjusted Forbearance Amount, the PRA Adjusted Forbearance Amount contributes to the excess of the adjusted issue price of the old mortgage loan (which was satisfied in the deemed exchange) over the issue price of the new mortgage loan. Georgia state income tax forms 2012 . Georgia state income tax forms 2012 03 On the other hand, the investor has not given up its right to receive the remainder of the PRA Forbearance Amount, because the HAMP program administrator is expected to make those payments on the HAMP-PRA borrower’s behalf by making the PRA Investor Incentive Payments. Georgia state income tax forms 2012 Because the remainder of the PRA Forbearance Amount is payable in this manner, that remainder is included in the issue price of the new mortgage loan. Georgia state income tax forms 2012 . Georgia state income tax forms 2012 04 The Trial Period Conditions are reasonable closing conditions that must be satisfied before the changes to the terms of the mortgage loan become permanent. Georgia state income tax forms 2012 Therefore, for purposes of § 1. Georgia state income tax forms 2012 1001-3, the date of the modification is the date of the permanent modification. Georgia state income tax forms 2012 . Georgia state income tax forms 2012 05 Unless an exclusion applies, the HAMP-PRA borrower includes in gross income the discharge of indebtedness income described in section 4. Georgia state income tax forms 2012 01 of this revenue procedure for the taxable year in which the permanent modification occurs. Georgia state income tax forms 2012 Under certain conditions, however, section 6 of this revenue procedure permits a borrower to report the discharge of indebtedness under HAMP-PRA over the Three-year Period. Georgia state income tax forms 2012 The qualified principal residence indebtedness exclusion under § 108(a)(1)(E) and the insolvency exclusion under § 108(a)(1)(B) are two exclusions that may apply to the discharge. Georgia state income tax forms 2012 . Georgia state income tax forms 2012 06 The PRA Investor Incentive Payment is treated as a payment on the mortgage loan by the HAMP program administrator on behalf of the HAMP-PRA borrower. Georgia state income tax forms 2012 . Georgia state income tax forms 2012 07 To the extent that the HAMP-PRA borrower uses the property as the HAMP-PRA borrower’s principal residence or the property is occupied by the HAMP-PRA borrower’s legal dependent, parent, or grandparent without rent being charged or collected, the HAMP-PRA borrower excludes from his or her gross income under the general welfare exclusion the PRA Investor Incentive Payments that the HAMP program administrator makes to the investor in the mortgage loan. Georgia state income tax forms 2012 This is consistent with Rev. Georgia state income tax forms 2012 Rul. Georgia state income tax forms 2012 2009-19, 2009-28 I. Georgia state income tax forms 2012 R. Georgia state income tax forms 2012 B. Georgia state income tax forms 2012 111, which addressed the treatment of Pay-for-Performance Success Payments. Georgia state income tax forms 2012 . Georgia state income tax forms 2012 08 To the extent that the HAMP-PRA borrower uses the property as a rental property or holds the property vacant and available for rent, the HAMP-PRA borrower includes PRA Investor Incentive Payments in gross income. Georgia state income tax forms 2012 If the HAMP-PRA borrower uses the cash receipts and disbursements method of accounting, then the HAMP-PRA borrower includes a PRA Investor Incentive Payment in gross income in the taxable year in which it is applied as a payment on the HAMP-PRA borrower’s mortgage loan. Georgia state income tax forms 2012 . Georgia state income tax forms 2012 09 As described in section 2. Georgia state income tax forms 2012 09 of this revenue procedure, if a HAMP-PRA borrower pays in full the Non-forbearance Portion of the mortgage loan while the loan is in good standing and prior to completion of the Three-year Period, that payment accelerates both the reduction in the remaining PRA Forbearance Amount and the PRA Investor Incentive Payments from the HAMP program administrator. Georgia state income tax forms 2012 To the extent that the HAMP-PRA borrower is described in section 4. Georgia state income tax forms 2012 07 of this revenue procedure, the HAMP-PRA borrower excludes from his or her gross income under the general welfare exclusion the accelerated PRA Investor Incentive Payments. Georgia state income tax forms 2012 To the extent that the HAMP-PRA borrower is described in section 4. Georgia state income tax forms 2012 08 of this revenue procedure, the HAMP-PRA borrower includes in income in the year of the acceleration the remaining amount of the PRA Investor Incentive Payment. Georgia state income tax forms 2012 SECTION 5. Georgia state income tax forms 2012 INFORMATION-REPORTING OBLIGATIONS . Georgia state income tax forms 2012 01 Under § 6050P, the investor is required to file a Form 1099-C with respect to a borrower who realizes discharge of indebtedness of $600 or more. Georgia state income tax forms 2012 A copy of this form is required to be furnished to the borrower. Georgia state income tax forms 2012 . Georgia state income tax forms 2012 02 As stated in sections 4. Georgia state income tax forms 2012 01 and 4. Georgia state income tax forms 2012 04 of this revenue procedure, the HAMP-PRA discharge of indebtedness is realized at the time of the permanent modification of the mortgage loan. Georgia state income tax forms 2012 . Georgia state income tax forms 2012 03 An investor is an applicable entity that is required under § 1. Georgia state income tax forms 2012 6050P-1 and this revenue procedure to issue a Form 1099-C for discharge of indebtedness. Georgia state income tax forms 2012 Under § 1. Georgia state income tax forms 2012 6050P-1(b)(2)(F), the permanent modification of a mortgage loan is an identifiable event. Georgia state income tax forms 2012 Identifiable events determine when Forms 1099-C have to be issued. Georgia state income tax forms 2012 Thus, the Form 1099-C is issued for the calendar year in which the permanent mortgage loan modification occurs. Georgia state income tax forms 2012 This rule under § 1. Georgia state income tax forms 2012 6050P-1(b)(2)(F) applies even if, under section 6 of this revenue procedure, the HAMP-PRA borrower chooses to treat the HAMP-PRA discharge as being realized at the times when the unpaid principal balance of the new mortgage loan is reduced. Georgia state income tax forms 2012 . Georgia state income tax forms 2012 04 The investor (or the loan servicer acting on behalf of the investor) reports the full amount of the discharge on the Form 1099-C regardless of whether some or all of the amount is excludible from income under the qualified principal residence indebtedness exclusion, the insolvency exclusion, or any other exclusion that may apply. Georgia state income tax forms 2012 That discharged amount will generally be the PRA Adjusted Forbearance Amount (which does not include the amounts expected to be satisfied by PRA Investor Incentive Payments). Georgia state income tax forms 2012 . Georgia state income tax forms 2012 05 To the extent that PRA Investor Incentive Payments are made on behalf of a HAMP-PRA borrower who is described in section 4. Georgia state income tax forms 2012 07 of this revenue procedure, the PRA Investor Incentive Payments are excluded from the gross income of the HAMP-PRA borrower, and thus they are not fixed or determinable income to the HAMP-PRA borrower. Georgia state income tax forms 2012 Under § 6041, these payments are not subject to information reporting. Georgia state income tax forms 2012 See Notice 2011-14, 2011-11 I. Georgia state income tax forms 2012 R. Georgia state income tax forms 2012 B. Georgia state income tax forms 2012 544, 546. Georgia state income tax forms 2012 . Georgia state income tax forms 2012 06 To the extent that PRA Investor Incentive Payments are made on behalf of a HAMP-PRA borrower who is described in section 4. Georgia state income tax forms 2012 08 of this revenue procedure, the PRA Investor Incentive Payments are includible in gross income as fixed or determinable income in the taxable year required by the HAMP-PRA borrower’s method of accounting. Georgia state income tax forms 2012 The payment is subject to the information reporting requirements of § 6041, as described in section 3. Georgia state income tax forms 2012 15 of this revenue procedure. Georgia state income tax forms 2012 Accordingly, the HAMP program administrator is required to issue a Form 1099-MISC reporting the PRA Investor Incentive Payment. Georgia state income tax forms 2012 SECTION 6. Georgia state income tax forms 2012 HAMP-PRA BORROWERS’ REPORTING OF DISCHARGES OF INDEBTEDNESS UNDER HAMP-PRA . Georgia state income tax forms 2012 01 In general. Georgia state income tax forms 2012 The HAMP-PRA program began in the last quarter of 2010, and since that time there has been uncertainty about whether the amount of the discharge of indebtedness should be reported in the year of the permanent modification or over the Three-year Period (when the unpaid principal balance on the new mortgage loan is reduced). Georgia state income tax forms 2012 As a result, some HAMP-PRA borrowers have been reporting the discharge of indebtedness under HAMP-PRA over the Three-year Period. Georgia state income tax forms 2012 Given the temporary nature of the program and the issuance of this guidance after participation in the program has begun, in the interests of equitable and sound tax administration, HAMP-PRA borrowers may report discharges of indebtedness under HAMP-PRA under the rules in this section 6. Georgia state income tax forms 2012 A HAMP-PRA borrower may choose to report discharges of indebtedness under HAMP-PRA pursuant to the rules in this section 6 only if the borrower applies the same borrower option under section 6. Georgia state income tax forms 2012 02 of this revenue procedure consistently to the taxable year of the permanent modification and to all subsequent taxable years. Georgia state income tax forms 2012 Thus, a HAMP-PRA borrower may not choose a borrower option under section 6. Georgia state income tax forms 2012 02 of this revenue procedure if a statute of limitations has expired for any of the taxable years that are necessary for consistent application of that option. Georgia state income tax forms 2012 . Georgia state income tax forms 2012 02 HAMP-PRA borrower options. Georgia state income tax forms 2012 A HAMP-PRA borrower may treat the HAMP-PRA discharge as being realized in either of the following ways— (1) One hundred percent of the PRA Adjusted Forbearance Amount at the time of the permanent modification; or (2) One third of the PRA Adjusted Forbearance Amount on each of the first three annual anniversaries of the trial period plan effective date (described in section 2. Georgia state income tax forms 2012 06 of this revenue procedure), when, as required by the terms of the new mortgage loan, the servicer reduces the unpaid principal balance of the new mortgage loan. Georgia state income tax forms 2012 If some or all of the reduction in the unpaid principal balance is accelerated (as described in section 2. Georgia state income tax forms 2012 06 of this revenue procedure) because the HAMP-PRA borrower prepays the Non-forbearance Portion of the mortgage loan, then the HAMP-PRA discharge represented by the amount of the reduction that was accelerated is treated as being realized at the time of the accelerated reduction. Georgia state income tax forms 2012 . Georgia state income tax forms 2012 03 HAMP-PRA borrowers who choose to realize the HAMP-PRA discharge at the time of the permanent modification. Georgia state income tax forms 2012 (1) If a HAMP-PRA borrower chooses to treat the HAMP-PRA discharge as being realized at the time of the permanent modification, then for the taxable year in which the permanent modification occurs, the HAMP-PRA borrower reports on Form 982 the amount, if any, of the discharge that is excluded from gross income and includes in gross income any remaining discharge. Georgia state income tax forms 2012 (2) If a HAMP-PRA borrower’s mortgage loan was permanently modified under HAMP in 2010 or 2011, and if the borrower was reporting the discharge of indebtedness using the method described in section 6. Georgia state income tax forms 2012 02(2) of this revenue procedure, then the borrower may change to reporting the discharge of indebtedness using the method described in section 6. Georgia state income tax forms 2012 02(1) of this revenue procedure by filing a 2012 Form 982 with the borrower’s timely filed (with extensions) 2012 income tax return. Georgia state income tax forms 2012 This section 6. Georgia state income tax forms 2012 03(2) applies only if the change to reporting the discharge using the method described in section 6. Georgia state income tax forms 2012 02(1) of this revenue procedure does not change the borrower’s federal income tax liability (including any change in federal income tax liability due to a change in basis or tax attributes (under § 108(h)(1) or § 108(b))) for any taxable year prior to the borrower’s 2012 taxable year. Georgia state income tax forms 2012 To make this change, the borrower must— (i) Compute the amount of discharge of indebtedness that would be included in income under § 61(a)(12) or excluded from gross income under § 108, basing the computation of the discharge on the facts as of the year of the permanent modification; and (ii) Report on a 2012 Form 982 the reduction in basis or tax attributes (under § 108(h)(1) or § 108(b)) due to the permanent modification that the borrower would have reported on the Form 982 for the taxable year of the permanent modification, minus any reductions due to the permanent modification that the borrower actually reported on Forms 982 for taxable years prior to 2012. Georgia state income tax forms 2012 (3) Example. Georgia state income tax forms 2012 The following example illustrates the application of section 6. Georgia state income tax forms 2012 03(2) of this revenue procedure. Georgia state income tax forms 2012 In 2010, B’s basis in B’s principal residence was $330,000. Georgia state income tax forms 2012 In 2010, B’s mortgage loan on the principal residence is permanently modified under HAMP-PRA. Georgia state income tax forms 2012 B realized $30,000 of cancellation of indebtedness from the permanent modification, all of which qualifies for the exclusion from income for qualified principal residence indebtedness under § 108(a)(1)(E). Georgia state income tax forms 2012 The trial period plan effective date also fell in 2010. Georgia state income tax forms 2012 B’s federal income tax return for 2010 was consistent with B’s reporting this discharge of indebtedness using the method described in section 6. Georgia state income tax forms 2012 02(2) of this revenue procedure. Georgia state income tax forms 2012 That is, B’s 2010 return did not include income from discharge of indebtedness under HAMP-PRA, nor did the return contain a Form 982 reporting exclusion of any such discharge of indebtedness. Georgia state income tax forms 2012 The next year, B reported on line 10(b) of the 2011 Form 982 that B filed with B’s 2011 federal income tax return a $10,000 reduction in basis in the principal residence. Georgia state income tax forms 2012 For 2012, B chooses to change to reporting the discharge of indebtedness using the method described in section 6. Georgia state income tax forms 2012 02(1) of this revenue procedure. Georgia state income tax forms 2012 Thus, B files a 2012 Form 982 with B’s timely filed (including extensions) 2012 federal income tax return, and on line 10(b) of that form, B reports a $20,000 basis reduction in the principal residence ($30,000 basis reduction that B would have excluded from income in 2010 using the method described in section 6. Georgia state income tax forms 2012 02(1) of this revenue procedure, minus the $10,000 basis reduction that B reported on B’s 2011 Form 982). Georgia state income tax forms 2012 (4) If a HAMP-PRA borrower reports the entire HAMP-PRA discharge using the method described in section 6. Georgia state income tax forms 2012 02(1) of this revenue procedure, and if that HAMP-PRA borrower’s mortgage loan ceases to be in good standing during the Three-year Period as described in section 2. Georgia state income tax forms 2012 10 of this revenue procedure, then some or all of the anticipated reductions in the PRA Adjusted Forbearance Amount will not take place. Georgia state income tax forms 2012 Because the amount of these anticipated reductions was not included in determining the issue price of the new mortgage loan that, pursuant to § 1. Georgia state income tax forms 2012 1001-3, the HAMP-PRA borrower is deemed to issue in satisfaction of the old mortgage loan, the issue price of the new mortgage loan was understated. Georgia state income tax forms 2012 Under these circumstances, the discharge of indebtedness income determined as of the date of the permanent modification will have been overstated. Georgia state income tax forms 2012 (5) The Service will not challenge a HAMP-PRA borrower who is described in section 6. Georgia state income tax forms 2012 03(4) of this revenue procedure and who takes the following corrective measures: (i) If a HAMP-PRA borrower included any of the discharge of indebtedness in gross income, the HAMP-PRA borrower may file an amended return that does not include the amount of the discharge of indebtedness that was previously reported as gross income but that, because of the HAMP-PRA borrower’s failure to keep the new mortgage loan in good standing, was not ultimately discharged. Georgia state income tax forms 2012 The amended return should be for the taxable year in which the income was included (that is, the year of the permanent modification), provided the applicable statute of limitations remains open for that taxable year. Georgia state income tax forms 2012 (ii) If the HAMP-PRA borrower did not include any of the discharge of indebtedness in gross income (that is, if the HAMP-PRA borrower excluded all of it), the HAMP-PRA borrower may file a new Form 982 that the Service will treat as superseding the earlier Form 982. Georgia state income tax forms 2012 The new Form 982 will reflect the revised reduction in basis or in tax attributes (under § 108(h)(1) or § 108(b)). Georgia state income tax forms 2012 The new Form 982 should be the Form 982 for the year of the permanent modification and should be filed with the return for the taxable year in which the HAMP-PRA borrower’s mortgage loan ceased to be in good standing. Georgia state income tax forms 2012 . Georgia state income tax forms 2012 04 HAMP-PRA borrowers who choose to treat the HAMP-PRA discharge as being realized on the dates on which the unpaid principal balance of the mortgage loan is reduced. Georgia state income tax forms 2012 (1) If a HAMP-PRA borrower chooses to realize the HAMP-PRA discharge at the times that the unpaid principal balance on the new mortgage loan is reduced, instead of at the time of the permanent modification, then the HAMP-PRA borrower’s federal income tax returns for the taxable year that contains the permanent modification and for the subsequent taxable years must not treat any of the discharge as being realized at the time of the permanent modification and must treat the entire HAMP-PRA discharge as being realized in the amounts—and at the times—of the reductions in the unpaid principal balance. Georgia state income tax forms 2012 Except as described in the last sentence of this paragraph, therefore, the income tax return for the year of the permanent modification must include no gross income from—nor report on Form 982 an exclusion of—any amount of the HAMP-PRA discharge. Georgia state income tax forms 2012 Instead, the HAMP-PRA discharge is included in gross income (or is reported on Form 982 as excluded from gross income) in the subsequent years in which the unpaid principal balance is reduced. Georgia state income tax forms 2012 If the first such reduction occurs in the year of the permanent modification, however, then the amount of any such reduction is reflected as an inclusion or exclusion on the federal income tax return for that year. Georgia state income tax forms 2012 (2) A HAMP-PRA borrower who has been using the method described in section 6. Georgia state income tax forms 2012 02(1) of this revenue procedure may change to the method described in section 6. Georgia state income tax forms 2012 02(2) but must comply with the consistency and open-year requirements described in section 6. Georgia state income tax forms 2012 01 of this revenue procedure. Georgia state income tax forms 2012 SECTION 7. Georgia state income tax forms 2012 PENALTY RELIEF FOR 2012 . Georgia state income tax forms 2012 01 The Service will not assert penalties under § 6721 or § 6722 against an investor for failing to timely file and furnish a 2012 Form 1099-C as required by section 5. Georgia state income tax forms 2012 03 through 5. Georgia state income tax forms 2012 04 and section 8. Georgia state income tax forms 2012 02 of this revenue procedure with respect to discharge of indebtedness resulting from HAMP-PRA permanent modifications that take place during calendar year 2012 if the following requirements are satisfied: (1) Not later than February 28, 2013, a statement is sent to the HAMP-PRA borrower containing the following: (a) The HAMP-PRA borrower’s name, address, and taxpayer identification number; and (b) The date and amount of the discharge of indebtedness (as described in sections 4. Georgia state income tax forms 2012 01 through 4. Georgia state income tax forms 2012 04 of this revenue procedure) that is required to be reported for 2012. Georgia state income tax forms 2012 (2) Not later than March 28, 2013, a statement is sent to the Service. Georgia state income tax forms 2012 It must be in the form of a single statement that separately lists for each HAMP-PRA borrower the information specified in section 7. Georgia state income tax forms 2012 01(1) of this revenue procedure. Georgia state income tax forms 2012 The statement should be sent to the Service at the following address: Internal Revenue Service Center Stop 6728AUSC Austin, TX 73301 . Georgia state income tax forms 2012 02 The Service will not assert penalties under § 6721 or § 6722 with respect to any Forms 1099-MISC for 2012 that sections 5. Georgia state income tax forms 2012 06 and 8. Georgia state income tax forms 2012 02 of this revenue procedure require to be filed with the Service and furnished to taxpayers. Georgia state income tax forms 2012 . Georgia state income tax forms 2012 03 Section 8. Georgia state income tax forms 2012 03 and 8. Georgia state income tax forms 2012 04 of this revenue procedure, below, describes penalty relief regarding Forms 1099-C and 1099-MISC for 2010 and 2011. Georgia state income tax forms 2012 SECTION 8. Georgia state income tax forms 2012 SCOPE AND EFFECTIVE DATE . Georgia state income tax forms 2012 01 This revenue procedure applies to all borrowers, investors, and servicers who participate, or have participated, in the HAMP-PRA, regardless of when the permanent modification occurs. Georgia state income tax forms 2012 . Georgia state income tax forms 2012 02 Section 5 of this revenue procedure is effective for Forms 1099-C and 1099-MISC due or filed after January 24, 2013. Georgia state income tax forms 2012 . Georgia state income tax forms 2012 03 Because of the effective date in section 8. Georgia state income tax forms 2012 02 of this revenue procedure, an investor is not subject to penalties under § 6721 or § 6722 on the grounds that the investor failed to timely file and furnish a 2010 or 2011 Form 1099-C as described in section 5. Georgia state income tax forms 2012 03 through 5. Georgia state income tax forms 2012 04 of this revenue procedure (or on the grounds that the investor filed or furnished a 2010 or 2011 Form 1099-C that is inconsistent with section 5. Georgia state income tax forms 2012 03 through 5. Georgia state income tax forms 2012 04 of this revenue procedure), provided that the investor demonstrates a good faith attempt to comply with the requirements of § 6050P and that the failure was not due to willful neglect. Georgia state income tax forms 2012 . Georgia state income tax forms 2012 04 Because of the effective date in section 8. Georgia state income tax forms 2012 02 of this revenue procedure, the Service will not assert penalties under § 6721 or § 6722 on the grounds of a failure to timely file and furnish a 2010 or 2011 Form 1099-MISC, as described in section 5. Georgia state income tax forms 2012 06 of this revenue procedure. Georgia state income tax forms 2012 SECTION 9. Georgia state income tax forms 2012 DRAFTING INFORMATION The principal authors of this revenue procedure are Ronald J. Georgia state income tax forms 2012 Goldstein of the Office of Chief Counsel (Procedure and Administration); Shareen S. Georgia state income tax forms 2012 Pflanz and Sheldon A. Georgia state income tax forms 2012 Iskow of the Office of Chief Counsel (Income Tax and Accounting); and Andrea M. Georgia state income tax forms 2012 Hoffenson of the Office of Chief Counsel (Financial Institutions and Products). Georgia state income tax forms 2012 For further information regarding this revenue procedure, contact Procedure and Administration branch 1 at (202) 622-4910, Income Tax and Accounting branch 4 at (202) 622-4920, or Financial Institutions and Products branch 1 at (202) 622-3920 (not toll-free calls). Georgia state income tax forms 2012 Prev  Up  Next   Home   More Internal Revenue Bulletins