Fiscal Cliff is a non-technical economic term used popularly to describe a series of tax increases and mandatory budget cuts set to occur at the beginning of 2013. The term "cliff" refers to the... more +
Fiscal Cliff is a non-technical economic term used popularly to describe a series of tax increases and mandatory budget cuts set to occur at the beginning of 2013. The term "cliff" refers to the idea that such increases and cuts would be catastrophic to the fragile economy and consequently, force the economy off of a metaphorical cliff.
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The Corporate Law Report: First-to-File Patents, Hiring for Cultural Fit, Roth Conversions Post-Fiscal Cliff, and Global Corporate Insights
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Tax Questions to Ask Yourself with the End of 2012 and the Fiscal Cliff Approaching
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 American Taxpayer Relief Act of 2012 (the “Act”) was signed into law on Jan. 2, 2013, avoiding dramatic changes to tax exemptions and tax rates on transfers subject to federal estate, gift, and generation-skipping...more
Health care issues dominated much of President Obama’s first term. Even after Congress passed the Patient Protection and Affordable Care Act (“PPACA” or “health reform law”) (Pub. L. 111-148, 111-152), the Supreme Court...more
Congress’s eleventh-hour deal to avert the “fiscal cliff” produced the American Taxpayer Relief Act of 2012 (ATRA). The act focuses on income taxes, but it also provides much-needed certainty for people engaged in estate...more
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
In This Issue:
"Insuring Your Dealership: Do I Really Need Garage Liability and Garagekeeper's Insurance?" and "The American Taxpayer Relief Act"...more
As discussed in a previous article, due to higher estate tax exemption, certain trusts previously established for purposes of avoiding estate taxes under the estate plan of a predeceased spouse may no longer be necessary in...more
Congress adopted the American Taxpayer Relief Act (the Act), effective January 1, 2013. The Act made permanent tax rates and exemptions for estate, gift, and generation-skipping transfer (GST) taxes. Prior laws incorporated...more
With the introduction of the American Taxpayer Relief Act of 2012 (Act), the world of estate planning has been injected with a dose of certainty after more than 10 years of uncertainty as to federal estate, gift and...more
For the first time in more than a decade, clients and advisors can plan their estates with a significant degree of certainty. The new tax law passed by Congress on January 1, 2013 and signed into law by President Obama...more
A great deal of attention been focused on the generous tax incentives for the renewable energy industry that were added to the "fiscal cliff " legislation during the closing hours of negotiations. Those provisions have a net...more
On January 2 , 2013, President Obama signed the American Taxpayer Relief Act of 2012 (H.R. 8) (the “Relief Act”) into law. While the principal intention of the Relief Act was to avert the key elements of the “fiscal cliff” by...more
In This Issue:
- Major Tax Provisions Relating to Charitable Organizations
- Other Law Changes Affecting Charitable Contributions
- Excerpt from Major Tax Provisions Relating to Charitable Organizations:
After the fiscal cliff deal failed to include a framework for comprehensive tax reform, many in Washington predicted that the momentum for tax reform would wither away. Although Congress has many important issues on its...more
American Taxpayer Relief Act extends the existing, limited in-plan Roth conversion option to all amounts under plans that allow elective deferrals, including those amounts not yet eligible for distribution.
In This Issue:
- I-GAMING IN THE UNITED STATES VERSION 2013: BACK TO THE STATES?
Optimism had inched higher that the United States would shift its i-gaming policy from a prohibitory approach to allowing some form of...more
As 2012 drew to a close, your estate planning attorney's attention was diverted from the ball drop in Times Square to whether Congress would drop the ball with respect to the fiscal cliff. Congress, however, passed the...more
In This Issue:
Fiscal Cliff Diving a.k.a. American Taxpayer Relief Act; CoCo Developments; Tax Effect of Money Market Fund Proposals; IRS Issues Final Regulations on Publicly Traded Property; Assessment of Income from...more
Table of Contents:
Remember to file your gift tax return and other follow-up related to 2012 gifts; Review estate plans in light of $5 million exemption becoming permanent; Annual exclusion amount for gifts increased for...more
Originally published in the AICPA Tax Insider on January 17, 2013.
After months of senseless haggling, the Senate early in the morning of Jan. 1, 2013, by a vote of 89–8, and the House of Representatives late in the...more
For the first time in 12 years, the estate, gift and generation-skipping transfer tax law does not have a built-in expiration date in the United States. Congress has exempted all estates below approximately $5 million ($10...more
Watch our latest Corporate Law Report for:
- a speed round of need-to-know employment law advisories covering workplace secret recordings, the EEOC's strategic enforcement plan, the NLRB in Obama's second term, and more;
Conservation easements are an effective tool for tax and estate planning and there are significant tax benefits to implementing them in 2013....more
The American Taxpayer Relief Act (“ATRA”) of 2013 increased the monthly transit benefit exclusion from $125 to $240 per employee, retroactive to Jan. 1, 2012....more
On January 2, 2013, President Obama signed into law the American Taxpayer Relief Act of 2012 (the “Act”), more commonly known as the fiscal cliff legislation. Among other things, the Act amended the tax code to remove some of...more
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