October 15, 2012
- Personal returns that received an automatic six-month extension must be filed today and any tax, interest, and penalties due must be paid.
- If the monthly deposit rule applies, employers must deposit the tax for payments in September for social security, Medicare, withheld income tax, and nonpayroll withholding.
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Current Issues
Avoid Gift Treatment for Large Medical Expenses
The annual exclusion for gifts remains at $13,000 for 2012. This limit applies to the total of all gifts, including birthday and holiday gifts, made to the same individual during the year. However, any payment made directly to the medical care provider (e.g., doctor, hospital, etc.) is not subject to the gift tax and, therefore, is not included in the $13,000 limit.
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