Fiscal Cliff › Internal Revenue Service

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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News & Analysis as of May 22, 2013

Have You "Begun Construction"? IRS Issues Guidance for Renewable Energy Tax Credits

by David Cho, Dorothy Black Franzoni, Jonathan Goldman, Amish Shah, Ram Sunkara, William Warren | Sutherland Asbill & Brennan LLP on 4/17/2013

On April 15, 2013, the Internal Revenue Service ( IRS) issued much - anticipated guidance that will help developers of wind, solar, biomass and certain other renewable energy facilities qualify for federal renewable energy...more

American Taxpayer Relief Act of 2012: Expanded Roth Conversions and Other Benefit and Retirement Related Provisions

by King & Spalding on 2/5/2013

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

Tax Talk -- Volume 5, No. 4 -- January 2013

by David de Ruig, Stephen Feldman, David Goett, Thomas Humphreys, Meimay Law, Anna T. Pinedo, Remmelt Reigersman | Morrison & Foerster LLP on 1/28/2013

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

Fiscal Cliff Legislation Expands In-Plan Roth Conversions for Qualified Plans

by Kevin J. Hogan, Anne Meyer | Snell & Wilmer L.L.P. on 1/23/2013

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

Year-End Developments And Compliance Checklists

by Cole Beaubouef, Richard Bernstein, George Danenhauer, Marie DeFalco, David Goret, Peter Greene, Elaine Hughes, Allen Levithan, Matthew Magidson, Robert Minion, Scott H. Moss | Lowenstein Sandler LLP on 1/17/2013

Lowenstein Sandler’s Investment Management Group is pleased to provide you with (i) a summary of recent legislative and regulatory developments that impact the investment management community; and (ii) checklists of year-end...more

New Tax Act Provides Long-Awaited Clarity and Certainty on Estate, Gift and Generation-Skipping Transfer Taxes, and Income Tax...

by Patrick McCabe, Danielle Zaragoza | Morrison & Foerster LLP on 1/15/2013

On January 1, 2013, the Senate and the House of Representatives passed the American Taxpayer Relief Act of 2012 (ATRA), averting the so-called “fiscal cliff.” The legislation, which was signed by President Obama on January 2,...more

Congress Extends Exclusion for Investors in Qualified Small Businesses

by Baker, Donelson, Bearman, Caldwell &... on 1/15/2013

Among the taxpayer-favorable aspects of the American Taxpayer Relief Act of 2012 (Act), the 100 percent exclusion from gross income of gain on the sale of Qualified Small Business Stock (QSBS), provided for in section 1202 of...more

Capital Thinking Update - January 7, 2013

by Amy Davenport, Tanya DeRivi, Eugenia Edwards, Jared Fleisher, Matthew Kulkin, Jessica Monahan, Amy Budner Smith, Scott Thompson, Joseph Urso, Sarah Vilms, Dana Weeks, Pam Welsh | Patton Boggs LLP on 1/11/2013

In This Issue: - General Legislative - Fiscal Cliff - Agriculture & Food - Budget, Appropriations - Cybersecurity - Education - Energy - Environment - Financial Services - Health Care - Financial...more

New Law Expands “In-Plan” Roth 401(k) Conversions

by Nancy Gerrie, Elizabeth Savard, Joseph Urwitz | McDermott Will & Emery on 1/10/2013

The American Taxpayer Relief Act of 2012 (the "fiscal cliff" bill) allows employers to amend 401(k), 403(b) and governmental 457(b) plans to permit participants to convert pre-tax account balances to Roth account balances. ...more

New Tax Act's Impact on Planning for Charitable Donations

by Jill Dodd, Vivian Redsar | Manatt, Phelps & Phillips, LLP on 1/9/2013

New Year's Day brought new tax legislation passed by Congress, called the American Taxpayer Relief Act of 2012 (the "Act"), which President Obama has signed into law. The Act has made some important changes to the tax law...more

Top 10 Indian Tribal Tax Developments in 2012 and Priorities for 2013

by Kathleen M. Nilles, Zehava Zevit | Holland & Knight LLP on 1/9/2013

In This Issue: - Fiscal Cliff Concerns: Impact of Expiring Tax Provisions and Rising Tax Rates - General Welfare Tax Planning in the Wake of IRS Guidance Offering Safe Harbors - New Developments in Income from...more

Fiscal Cliff Legislation Provides New In-Plan Roth Conversion Opportunity

by Josh Bobrin, Brian M. Pinheiro | Ballard Spahr LLP on 1/8/2013

The newly enacted American Taxpayer Relief Act (H.R. 8) includes a significant new opportunity to perform “in-plan” conversions of pretax dollars to Roth (after-tax) dollars of funds held in defined contribution retirement...more

Retirement and Pensions Update - Janurary 2, 2013

by David Leiter, Abby Matousek | Mintz Levin - Employment, Labor & Benefits on 1/3/2013

In This Update: Fiscal Cliff Deal Includes Provisions on Charitable Contributions and Roth Roll Overs; PBGC Testifies in Subcommittee Hearing on Multiemployer Plans; IRS Updates Retirement Plan Rules for Hurricane...more

Gift and Estate Tax Changes in the American Taxpayer Relief Act of 2012

by Scott Adams | Bradley Arant Boult Cummings LLP on 1/3/2013

On January 1, 2013, President Obama signed into law the American Taxpayer Relief Act of 2012 (the “2012 Act”) that was passed by Congress during the past 72 hours, bringing closure to the main tax aspects of the so-called...more

The Fiscal Cliff And A Call For A Simpler Internal Revenue Code

by Jeremy Temkin | Morvillo Abramowitz Grand Iason & Anello P.C.... on 12/19/2012

President Obama and Speaker Boehner’s discussions aimed at avoiding the fiscal cliff will almost certainly result in the government collecting more taxes: either by increasing the rates paid by upper-income Americans, by...more

Capital Thinking Update - December 10, 2012

by Patton Boggs LLP on 12/14/2012

General Legislative On Tuesday, December 11, the House will meet at noon for morning hour and at 2:00 for legislative business. The House will consider a Motion to go to Conference on H.R. 4310 – National Defense...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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