In the dark of night on January 1, Congress finally passed a bill (which the President signed on January 2) that temporarily avoids the worst effects of the “fiscal cliff.” The American Taxpayer Relief Act of 2012 (the “Act”) significantly changes tax rules for individuals and businesses alike. It contains a potpourri of rate changes, extensions of expiring (or expired) provisions, special rules, credits, and other modifications that will affect every taxpayer to a greater or lesser extent. It does not, however, represent even a tiny step towards the significant tax reform that most observers long for. Following is a summary of some of the major provisions of the Act...
Business Tax Provisions
Some other changes that affect business taxation include:
Individual Tax Provisions
Some other changes that affect taxation of individuals include:
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