If you cannot connect to MS TFS Service...install this patch from MS

Because the “TFS Object Model” library available from Microsoft is only for TFS2010, when our install installs it, it will only allow you to connect to TFS 2010.  However we found that Microsoft had to release a patch for Visual Studio 2010 in or for it to communicate with TFS 2012.  That patch updates the “TFS Object model” so that it can communicate with TFS 2012. 

Here is a link to that VS patch, which will fix the issue.

http://www.microsoft.com/en-us/download/details.aspx?id=29082

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