News & Analysis as of

Income Taxes Fiscal Cliff Gift-Tax Exemption

Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect... more +
Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect income taxes based on a progressive scheme, while others may utilize a proportional or regressive framework. less -

Estate, Gift, and GST Taxes in 2013: American Taxpayer Relief Act of 2012 and Other News (Oregon)

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

Alert: Estate Planning - January 2013

by Pullman & Comley, LLC on

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

2013 Estate Planning Update

by McCarter & English, LLP on

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

What the “Fiscal Cliff” Resolution Means for Personal Estate Planning

by Dechert LLP on

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

Estate Planning & Federal Tax Update - Winter 2013

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

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

by Butler Snow LLP on

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

American Taxpayer Relief Act of 2012

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

Estate Planning After the Fiscal Cliff Deal

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

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

Recent tax law changes of 2013

On January 2, 2013, President Obama signed the American Taxpayer Relief Act of 2012 into law. Summarized below are highlights of those and other changes to Federal tax laws affecting income, payroll, gift and estate, and...more

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

by Poyner Spruill LLP on

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

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

by Morrison & Foerster LLP on

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

McNees Insights - Asset Planning and Federal Taxation - Winter 2013

2012 Tax Act - The American Taxpayer Relief Act of 2012 (the “Act”) was signed into law on January 1, 2013 to avert the tax law changes that were one part of the “fiscal cliff” facing our country’s economy (the other...more

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

by Dechert LLP on

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

Significant Estate Planning Developments in 2013

by Foley & Lardner LLP on

The American Taxpayer Relief Act of 2012 (Act) was enacted on January 2, 2013....more

Wealth Management Update Newsletter - January 2013

by Proskauer Rose LLP on

We Didn't (Quite) Fall off the Cliff, But We Still Have To Clean up the Mess! When the clock struck midnight on December 31, 2012, estate planning practitioners said "good night" to an unprecedented period of working...more

Congress Avoids the Fiscal ‘Cliff’—Now What?

by McDermott Will & Emery on

The new federal tax bill establishes permanent income, estate, gift and generation-skipping transfer tax provisions that present additional planning opportunities for 2013 and beyond. ...more

The American Taxpayer Relief Act of 2012 Stabilizes Federal Estate, Gift and Generation-skipping Transfer Tax Law

by Dickinson Wright on

The American Taxpayer Relief Act of 2012 (the "2012 Act") — actually passed by Congress on January 1, 2013 — brings welcome stability to federal estate, gift and generation-skipping transfer tax law which has been in...more

Legal Alert: The Cliff-Hanger (Chapter One) is Over: Highlights of the American Taxpayer Relief Act of 2012

On January 2, 2013, President Obama signed into law the American Taxpayer Relief Act of 2012 (the Act), effective as of January 1, 2013. In general, the Act made permanent for most taxpayers the tax rate cuts first enacted...more

Important New Provisions in the American Taxpayer Relief Act

by Morgan Lewis on

From tax rates and tax extenders to the revival of the Pease limitation, the act includes a host of provisions affecting tax-exempt organizations....more

New Year's Day Federal Tax Legislation

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 avoided — what it means for you

While most of us were celebrating the new year, members of the U.S. House and Senate were trying to prevent a fall over the dreaded "fiscal cliff," the combination of automatic tax increases and automatic reductions in...more

Highlights of the American Taxpayer Relief Act of 2012

by Ropes & Gray LLP on

President Obama has signed the American Taxpayer Relief Act of 2012 (the “Act”). The Act partially averts the so-called “fiscal cliff,” making permanent many Bush-era tax rate provisions while increasing taxes on...more

The Permanent (For Now) Fiscal Cliff Compromise of 2012

by Pepper Hamilton LLP on

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

President Obama Signs "Fiscal Cliff" Legislation into Law

by BakerHostetler on

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

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