Alternative Minimum Tax › Payroll Taxes

The Alternative Minimum Tax is an aspect of the United States federal tax code that seeks to capture a minimum level of revenue from all taxpayers and to ensure that some earners are not escaping tax liability through certain tax breaks or deductions. Liability under the AMT is calculated by adding certain deductions back into an individual's adjusted gross income, subtracting the AMT exemption and then, paying a percentage of the remaining figure.

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News & Analysis as of May 21, 2013

New Tax Laws Will Affect Most Americans

by Janet Raasch | Lawyers.com on 2/14/2013

At the beginning of 2013, President Obama signed the American Taxpayer Relief Act of 2012, averting the dreaded “fiscal cliff” and making significant changes to U.S. tax law. While the top 1 percent of taxpayers will...more

Understanding the American Taxpayer Relief Act of 2012

by W. King Copler | Chambliss, Bahner & Stophel, P.C. on 2/14/2013

The American Taxpayer Relief Act of 2012 was signed into law on January 2, 2013. The Act permanently extends many of the Bush-era tax cuts, while increasing tax rates for higher income taxpayers. Below is a brief summary of...more

The Fiscal Cliff Deal - What does it mean for you and your business?

by Butler, Snow, O'Mara, Stevens and Cannada,... on 1/18/2013

In the early morning hours of January 1, 2013, the Senate approved the American Taxpayer Relief Act of 2012 (the “Act”) by a vote of 89-8. Less than 24 hours later, the House of Representatives also approved the Act by a vote...more

Estate Planning After the Fiscal Cliff Deal

by Katten Muchin Rosenman LLP on 1/17/2013

Now that a deal averting the fiscal cliff has finally been reached, many of the tax and planning issues that have been mired in uncertainty for the past two years (and even longer in some cases) may be resolved. Numerous tax...more

2013 Brings Estate, Gift & GST Tax “Permanency” At Last

by Schnader Harrison Segal & Lewis LLP on 1/16/2013

The uncertainty of the last two years was put to rest on January 2, 2013 when President Obama signed into law the “American Taxpayer Relief Act of 2012” (ATRA). The new law saved us from the “Fiscal Cliff” and forestalled...more

How Will the American Taxpayer Relief Act of 2012 Affect You - Details of Legislation passed by Congress to Avoid Fiscal Cliff

by Robert Howell, Westray Veasey | Poyner Spruill LLP on 1/15/2013

On January 2, President Barack Obama signed into law the American Taxpayer Relief Act of 2012, H.R. 8 (ATRA), preserving many of the key tax provisions passed during the George W. Bush presidency, which were scheduled to...more

American Taxpayer Relief Act of 2012: Tax Implications for U.S. Taxpayers Living Abroad

by Henry Bupel, Matthew Kohley, Jenny Longman | Patterson Belknap Webb & Tyler LLP on 1/11/2013

Although the American Taxpayer Relief Act of 2012 (“Fiscal Cliff Legislation”) passed last week does not contain any sweeping changes targeted at U.S. taxpayers living abroad, a number of provisions are relevant to such U.S....more

Washington Insight - Special Edition: Congress Steps Away From Fiscal Cliff

by King & Spalding on 1/11/2013

For months in Washington, and beyond, attention has been focused on the "fiscal cliff" -- the combination of the expiration of the Bush tax cuts and the looming budget cuts referred to as "sequestration." Negotiations led by...more

American Taxpayer Relief Act of 2012 Approved by Congress and Signed by the President

by Dechert LLP on 1/11/2013

Summary - President Obama on January 2, 2013 signed into law the American Taxpayer Relief Act of 2012 (the “Act”). The Act extends certain tax rates, tax credits, and other provisions previously enacted by other tax...more

Fixing the Debt: Update on U.S. Fiscal Cliff Crisis (9th Edition) - January 1, 2013

by Rosemary Becchi, Micah Green, Erin McGrain, Daris Meeks, Emanuel Rossman, Aubrey Atwood Rothrock, III, Joseph Urso | Patton Boggs LLP on 1/8/2013

THE LEGISLATION - Following a day of tumultuous House Republican caucus deliberations, at 11:00 pm, the House passed The American Tax Relief Act of 2012, a cliffhanger deal negotiated by Vice President Biden and Senate...more

The American Taxpayer Relief Act of 2012

by Luis Patiño, Taylor Perodeau, Laura A. Taylor | Venable LLP on 1/8/2013

Introduction - As you no doubt have heard, the U.S. was set to plunge over the “fiscal cliff” on New Year’s Day if Congress failed to act. In the early morning hours of New Year’s Day, a deal was made that averted the...more

New Year's Day Federal Tax Legislation

by Jeffrey Mannisto | Manatt, Phelps & Phillips, LLP on 1/7/2013

On January 1, 2013, the House and Senate approved the American Taxpayer Relief Act of 2012 (H.R. 8, as amended by the Senate) (the "2012 Tax Relief Act"). The 2012 Tax Relief Act, signed into law by President Obama on...more

Fiscal Cliff Tax Changes

by Pepper Hamilton LLP on 1/7/2013

On New Year’s Day 2013, the “American Taxpayer Relief Act of 2012” (the Act) was enacted to avoid the impact of automatic “fiscal cliff” tax increases. The Act, effective January 1, 2013, retains and makes permanent the...more

Saved from the Fiscal Cliff

by Christopher Anderson | Armstrong Teasdale LLP on 1/7/2013

The American Taxpayer Relief Act of 2012 (“ATRA”) was signed into law by President Obama on January 2, 2013. ATRA is a large tax package that renewed tax breaks for individuals and businesses and avoided automatic spending...more

The Permanent (For Now) Fiscal Cliff Compromise of 2012

by Pepper Hamilton LLP on 1/4/2013

In dramatic fashion, Congress adopted its New Year’s tax resolutions just in time to save us from falling off the cliff. The American Taxpayer Relief Act of 2012 (ATRA) passed the Senate in the wee hours of New Year’s...more

The American Taxpayer Relief Act Of 2012: Key Business And Individual Income Tax Provisions

by Isaac Hirsch, Christina M. Iafe, Andrew Segna, Brian Silikovitz | Lowenstein Sandler LLP on 1/4/2013

On January 1, 2013, Congress passed the American Taxpayer Relief Act of 2012 (the “Act”), which halts tax increases scheduled to go into effect for most Americans as part of the so-called fiscal cliff. The Act generally...more

President Obama Signs "Fiscal Cliff" Legislation into Law

by Edward Beckwith, John Lehrer II, Michael Nydegger, Jeffrey Paravano, Edward Ptaszek, Jr., Paul Schmidt, Christopher Swift, William J. Weber | BakerHostetler on 1/4/2013

As you likely have heard, the President signed the American Taxpayer Relief Act (H.R. 8) (the "Act") on January 2, 2013. The Act, popularly known as the "fiscal cliff" legislation, permanently extends the Bush era tax cuts...more

Taxpayer Relief Act Brings Assortment of Changes

by Thomas Bonasera, Frederick Caspar, Staci Norman Criswell, Lee Stautberg | Dinsmore & Shohl LLP on 1/3/2013

Early on January 1, 2013, the Senate, by a vote of 89 to 8, approved H.R. 8, “the American Taxpayer Relief Act” (ATRA or the Bill). The House of Representatives passed the Bill by a vote of 257 to 167. Following are the major...more

Burr Alert: The Other Side Of The "Fiscal Cliff"

by Edward Brown | Burr & Forman on 1/3/2013

Congress began 2013 by passing "The American Taxpayer Relief Act of 2012" (the "Act") reflecting a plan negotiated by Vice President Biden and Senate Minority Leader Mitch McConnell (R-Ky.) to avoid a series of tax hikes...more

Washington Watch: House GOP Leadership and the ‘Fiscal Cliff’

by Teddy Eynon, David Ransom, Erica Stocker | McDermott Will & Emery on 1/3/2013

An analysis of the year-end fiscal negotiations and their consequences. As the United States rapidly approached the “fiscal cliff,” negotiations between President Barack Obama and House Speaker John Boehner (R-OH)...more

Fiscal Cliff Averted? Time Will Tell, But Here Are The Details Of The 2013 Tax Laws

by Deirdre R. Wheatley-Liss | Fein, Such, Kahn & Shepard, P.C. on 1/3/2013

I am not sure how you can have great faith in the thoughtfulness of a process over hundreds of billions of dollar of our (the taxpayers) money, that happened in all of 48 hours, but here is the what is going to the president...more

Key Provisions Of The American Taxpayer Relief Act

by Charles (Chuck) Rubin on 1/3/2013

Below is a summary of many of the key provisions of the Act. Interesting how the Act, when netted with the repeal of the Bush tax cuts, results in a large increases in income taxes – yet Congress still calls the this a...more

Post-Fiscal Cliff: What the New American Taxpayer Relief Act Does and Does Not Do

by Summer Ayers LePree, William Sherman | Holland & Knight LLP on 1/3/2013

At midnight on December 31, 2012, the United States briefly fell off of the much-anticipated and highly publicized "fiscal cliff," with income tax rates rising on most taxpayers and a host of substantial spending cuts...more

Post-Election 2012 Tax Planning Alert: Practical Tax Planning Tips for You, Your Family and Your Business

by Duane Morris LLP on 11/27/2012

This Alert is designed to offer easy to understand and easy to implement year-end tax strategies in times of incredible tax uncertainty. This Alert is also designed to stimulate thought and inspire action during one of the...more

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