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Income Tax Tag

We went over the “fiscal cliff”—if only for a few hours—now what?

Technically speaking, we actually went "over the fiscal cliff," as many significant tax increases and spending cuts automatically took effect at the stroke of midnight on December 31, 2012.  Later that day, however, on January 1, 2013, retroactive legislation (going back at least several hours) passed the Senate, and then later the House.  Our new law, the American Taxpayer Relief Act of 2012 (ATRA), permanently extends important tax provisions and temporarily extends others.  Following is a very brief overview of ATRA: Transfer (Estate, Gift & GST) Taxes:  Now for the big surprise—ATRA makes permanent the $5 million exemption amounts for the estate,...

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