Daily Tax Update - January 8, 2014: IRS Issues Draft Instructions for Forms 8960, 1065, 1065-B, and 1120S for Section 1411 Net Investment Income Tax

IRS ISSUES DRAFT INSTRUCTIONS FOR FORMS 8960, 1065, 1065-B, and 1120S FOR SECTION 1411 NET INVESTMENT INCOME TAX:  The IRS has released the 2013 draft instructions for Form 8960, “Net Investment Income Tax—Individuals, Estates, and Trusts,” which will be used to determine the new section 1411 net investment income tax.  The IRS also recently released draft instructions incorporating section 1411 issues for Form 1065, "U.S. Return of Partnership Income,” Form 1065-B, "U.S. Return of Income for Electing Large Partnerships,” and Form 1120S, "U.S. Income Tax Return for an S Corporation.”

The draft instructions can be accessed via: Draft Form 8960 Instructions.pdfDraft Instructions for Form 1065.pdfDraft Instructions for Form 1065-B.pdf, and Draft Instructions for 2013 Form 1120S.pdf

REP. CAMP PLANS ON RUNNING FOR RE-ELECTION:  House Ways and Means Chairman Dave Camp said that he plans on running for re-election, but added that he’s not making an official announcement yet.  Camp said, “Our filing [deadline] isn't until May."  Camp also said that he wants to enact comprehensive tax reform this year.  Camp said, “Obviously tax reform is still on the agenda of the committee and we're going to keep working to try to get a bill that our members can support.”