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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Tax Questions to Ask Yourself with the End of 2012 and the Fiscal Cliff Approaching
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
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
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
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 close of another year, income taxes of course come to mind. While it’s clear we have to pay tax on income, there are plenty of provisions in the tax code that require federal taxes to be paid on things you may not...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
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
After much contention,Congress passed the American Taxpayer Relief Act of 2012, and President Obama signed the legislation on January 2, 2013. The Act avoids automatic sunset provisions that were scheduled to take effect...more
The recent “fiscal cliff” tax law, the American Taxpayer Relief Act (ATRA), includes a provision effective Jan. 1, 2013 that greatly expands the ability of plan participants to convert pre-tax plan accounts to after-tax Roth...more
On January 2, 2013, President Obama signed the American Taxpayer Relief Act of 2012 ("ATRA") into law. ATRA, adopted as an alternative to stepping over the "fiscal cliff," preserves most of the Bush-era tax cuts and...more
As a result of the recent “fiscal cliff” legislation, otherwise known as the American Taxpayer Relief Act of 2012 (2012 Tax Act), many individual investors are expecting future tax increases, either in the form of higher...more
With the American Taxpayer Relief Act of 2012 (the “ATRA ”) passed and the fiscal cliff safely averted, the time has come to turn your attention to your estate plan.
What Did the ATRA Accomplish? The fiscal cliff...more
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
On January 4 and 14, we blogged about the American Taxpayer Relief Act of 2012’s (ATRA) increases in the pre-tax contribution that commuters may make towards van pools as well as transit passes....more
Earlier this month we notified you that that under the American Taxpayer Relief Act of 2012—i.e., the “fiscal cliff legislation”—Congress extended the ability of employers to pay or reimburse an employee on a tax-free basis...more
For all the public discussion in 2012 of the need for a significant reformation and restructuring of the Internal Revenue Code, the income tax provisions of the American Taxpayer Relief Act of 2012 (the 2012 Act) are at their...more
On New Year’s Day 2013, to avoid the so-called “fiscal cliff,” Congress passed the American Taxpayer Relief Act of 2012 (“2012 Act”). The 2012 Act raises taxes on some taxpayers while retaining most of the provisions enacted...more
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
On January 2, 2013, President Obama signed into law the American Taxpayer Relief Act of 2012 (the “Act”).
Among its provisions, the Act extends a tax benefit whereby capital gains from the sale or exchange of certain...more
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
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