The American Taxpayer Relief Act of 2012 is a United States federal statue enacted in 2012 to address certain aspects of the so-called Fiscal Cliff, i.e. certain mandatory tax increases and budget cuts set to... more +
The American Taxpayer Relief Act of 2012 is a United States federal statue enacted in 2012 to address certain aspects of the so-called Fiscal Cliff, i.e. certain mandatory tax increases and budget cuts set to take effect at the beginning of 2013. ATRA extends certain tax cuts, modifies the estate tax and tax rates on income. The Act also provides for certain Medicare, unemployment and farm payments.
The Corporate Law Report: First-to-File Patents, Hiring for Cultural Fit, Roth Conversions Post-Fiscal Cliff, and Global Corporate Insights
Congress and the administration can still achieve the first major overhaul of our nation’s tax laws in nearly 30 years; such reform could occur with or without an agreement to enact fundamental entitlement spending...more
In This Issue: - Taxpayer Relief Act of 2012 - Tax Planning for the “New Normal” - HIPAA: Not Just for Health Care - ADA Requirements for Pools - Impact of Dodd-Frank Swap Regulations on Loan Documents -...more
The American Taxpayer Relief Act of 2012 (the “2012 Act”) had a profound impact on the transfer tax system. I will briefly describe that system and then, by way of background, set the stage for these changes by summarizing...more
Effective January 1, 2013, the American Taxpayer Relief Act of 2012 (“ATRA”) was enacted into law, finally settling years of debate over the fate of the Bush era tax cuts. On the same day, the 3.8% Medicare Tax on net...more
The American Taxpayer Relief Act of 2012 (2012 Tax Act) and the Patient Protection and Affordable Care Act (Affordable Care Act) combine to produce significant changes in tax rates for 2013 and future years. The 2012 Tax Act...more
Because the media cycle moves so quickly these days, you may have already forgotten about the frantic last few days of 2012, during which Congress and the White House worked feverishly to save us all from going off the...more
The end of 2012 saw an unprecedented surge of activity for estate planning attorneys and advisors counseling clients to implement estate plans before the 2013 changes in the law, which would have reduced gift and estate tax...more
The American Taxpayer Relief Act of 2012 (the “Act”) was signed into law on January 1, 2013. Among other things, the Act amended the federal estate, gift, and generation skipping transfer tax laws. The amendments of the Act...more
In This Issue: ATRA 2012 – How Does it Affect You?; Planning and Paying for Long-Term Care; and Obama Revenue Raising Proposals. Excerpt from ATRA 2012 – How Does it Affect You?: The American Taxpayer...more
Since the passage of The American Taxpayer Relief Act of 2012 and the submission of the President's federal budget proposal for 2014, it is clear that high net worth and high income taxpayers continue to be under attack....more
In January, the President signed the American Taxpayer Relief Act of 2012, which among other things, permanently raised the federal estate, gift and generation skipping transfer tax exemptions to $5,000,000, indexed for...more
When Congress resolved the fiscal cliff crisis early this year, it brought permanence to estate, gift and generation-skipping transfer tax laws that had been in flux for over a decade. In short, the American Taxpayer Relief...more
The Internal Revenue Service (IRS) has posted additional procedures explaining how employers and employees can obtain refunds of overpaid federal income, Social Security and Medicare (FICA) taxes after the 2012 transportation...more
Long-awaited guidance regarding eligibility for production or investment tax credits largely tracks guidance under the Section 1603 cash grant program....more
Tucked in the provisions of the year-end financial cliff legislation (the "American Taxpayer Relief Act of 2012") was a provision which creates greater flexibility in the conversion of qualified plan dollars to tax-free...more
Just when many of us believed that, after years of changes and uncertainty, the federal estate tax exemption had stabilized at $5.0 million, subject to inflation adjustment (for 2013, it is a $5.25 million exemption), we have...more
On April 10, the Treasury Department released its “General Explanations of the Administration’s Fiscal Year 2014 Revenue Proposals.” Known as the “Green Book,” the document provides an explanation of the Administration’s FY...more
The renewable electricity production tax credit and the energy investment tax credit currently offer taxpayers a tax credit for energy produced from qualified facilities. For the PTC, the tax credit covers a ten-year period....more
On April 15, 2013, the Internal Revenue Service issued anticipated guidance defining the new “beginning construction” milestone for Production Tax Credit and Investment Tax Credit eligible energy facilities....more
When private equity or venture capital fund principals and managing partners look to roll out a new fund, in addition to reconciling general fund formation issues, they should consider the personal-planning opportunities...more
Overview - Trial attorneys are extremely vulnerable to a tax landscape that is becoming hostile territory. The result of the American Taxpayer Relief Act of 2013 (ATRA) is that earned income is taxed at substantially...more
Included in the American Taxpayer Relief Act of 2012 (ATRA) are provisions that extended some of the more significant benefits of Internal Revenue Code Section 1202, the Code provision that permits eligible noncorporate...more
The American Taxpayer Relief Act of 2012 (ATRA) was signed into law on January 2, 2013, ending twelve years of uncertainty concerning the federal estate, gift and generation-skipping tax rates and exemptions....more
On January 2, 2013, President Obama signed into law the American Taxpayer Relief Act of 2012. This Act permanently sets the federal estate and gift tax exemption at $5 million per person ($10 million per couple), adjusted...more
Last week, a group of U.S. Senators submitted a letter requesting swift clarification by the Department of the Treasury (“Treasury”) and the Internal Revenue Service (“IRS”) of language regarding the wind production tax...more
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