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Congress Averts 'Fiscal Cliff' by Passing American Taxpayer Relief Act of 2012

A Tax Practice Client Alert

By: Bodman's Tax Practice Group

01/11/13

On January 1, 2013, Congress passed the American Taxpayer Relief Act of 2012 (the “Act”) to avert the “fiscal cliff” and prevent many of the tax hikes scheduled for 2013. The Act retains many favorable tax breaks that were to expire, but allows income and transfer tax increases for some high-income individuals.

Bodman’s Tax Practice Group has prepared a Federal Tax Alert that highlights and explains the most generally relevant provisions affecting individual income taxes, business income taxes, and the estate, gift and generation-skipping transfer taxes.

Please follow this link to view our Federal Tax Alert in PDF format.

For more information, please contact a member of Bodman's Tax Practice Group listed below.