American Taxpayer Relief Act Of 2012

Author : 112th United States Congress
Publisher :
ISBN 13 : 9781481900584
Total Pages : 86 pages
Book Rating : 4.87/5 ( download)

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Download or read book The American Taxpayer Relief Act Of 2012 written by 112th United States Congress and published by . This book was released on 2013-01-03 with total page 86 pages. Available in PDF, EPUB and Kindle. Book excerpt: The American Taxpayer Relief Act of 2012 (H.R. 8) passed by the United States Congress on January 1, 2013 centers on a partial resolution to the United States fiscal cliff by addressing the expiration of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, as well as the activation of the budget sequestration provisions of the Budget Control Act of 2011.The American Taxpayer Relief Act allows the Bush-era tax rates to sunset after 2012 for individuals with incomes over $400,000 and families with incomes over $450,000; permanently "patches" the alternative minimum tax (AMT); revives many now-expired tax extenders, including the research tax credit and the American Opportunity Tax Credit; and provides for a maximum estate tax of 40 percent with a $5 million exclusion. The Act also delays the mandatory across-the-board spending cuts known as sequestration.

Author : CCH Tax Law Editors
Publisher : CCH Incorporated
ISBN 13 : 9780808035534
Total Pages : 0 pages
Book Rating : 4.33/5 ( download)

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Download or read book 2012 Tax Legislation written by CCH Tax Law Editors and published by CCH Incorporated. This book was released on 2013 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: CCH's American Taxpayer Relief Act of 2012: Law, Explanation and Analysis provides tax professionals with a single integrated reference source covering all aspects of this important legislation. Along with the impacted Internal Revenue Code provisions, CCH editors, together with leading tax practitioners and commentators, have created a complete practical analysis. The American Taxpayer Relief Act allows the Bush-era tax rates to sunset after 2012 for individuals with incomes over $400,000 and families with incomes over $450,000; permanently patches the alternative minimum tax (AMT); revives many now-expired tax extenders, including the research tax credit and the American Opportunity Tax Credit; and provides for a maximum estate tax of 40 percent with a $5 million exclusion. The bill also delays the mandatory across-the-board spending cuts known as sequestration. Highlights of the American Taxpayer Relief Act of 2012 include: -- 39.6% tax rate for incomes above $400,000 ($450,000 for joint filers) -- All other Bush-era tax rates extended -- 20% maximum capital gains tax rate -- Permanent AMT patch -- Five-year extension of American Opportunity Tax Credit -- One-year extension of business tax extenders The law is arranged in Code section sequence. CCH also provides several special tables and lists to facilitate quick and thorough understanding of the law and how it would affect taxpayers. Features include an effective dates table organized by Code section, a listing by Code section of the Act sections affecting it, and a listing by Act section of the Code sections affected. CCH's Law, Explanation and Analysis book is the resource that tax professionals, businesses, government staff and students alike need to get all the details of and help on new tax legislation changes. CCH provides the critical, late-breaking explanation and analysis to help readers make sense of complex legislative change so they can plan, respond and advise with confidence.

Author : Filip Svensson
Publisher : Nova Science Publishers
ISBN 13 : 9781628080278
Total Pages : 0 pages
Book Rating : 4.72/5 ( download)

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Download or read book American Taxpayer Relief Act Of 2012 written by Filip Svensson and published by Nova Science Publishers. This book was released on 2013-07 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: On 31 December 2012, a variety of temporary tax provisions that were part of the "fiscal cliff" expired. Two days later, the American Taxpayer Relief Act of 2012 (ATRA) retroactively extended, and in certain cases modified, many of these provisions. The short period between the expiration of these provisions and the enactment on January 2 of ATRA retroactively meant that from the perspective of all but upper-income taxpayers, income taxes remained unchanged between 2012 and 2013. This book provides an overview of the tax provisions included in the "fiscal cliff deal", including: the permanent extension and modification of the 2001 and 2003 tax cuts ("Bush-era tax cuts"); the temporary extension of certain tax provisions originally included as part of the American Recovery and Reinvestment Act (ARRA); the permanent extension of the alternative minimum tax (AMT) patch; the temporary extension of a variety of other temporary expiring provisions for individuals, businesses, and energy often referred to as "tax extenders"; and the expansion of in-plan conversions of traditional employer-sponsored retirement accounts (like 401(k) plans) to employer-sponsored Roth Accounts.

Author : Mindy R. Levit
Publisher :
ISBN 13 :
Total Pages : 15 pages
Book Rating : 4.30/5 ( download)

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Download or read book The "fiscal Cliff" and the American Taxpayer Relief Act of 2012 written by Mindy R. Levit and published by . This book was released on 2013 with total page 15 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Author : Margot L. Crandall-hollick
Publisher : Createspace Independent Pub
ISBN 13 : 9781482527551
Total Pages : 36 pages
Book Rating : 4.53/5 ( download)

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Download or read book An Overview of the Tax Provisions in the American Taxpayer Relief Act Of 2012 written by Margot L. Crandall-hollick and published by Createspace Independent Pub. This book was released on 2013-02-12 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: On December 31, 2012, a variety of temporary tax provisions which were part of the “fiscal cliff” expired. Two days later, the American Taxpayer Relief Act of 2012 (ATRA; P.L. 112-240) retroactively extended, and in certain cases modified, many of these provisions. The short time period between the expiration of these provisions and the enactment on January 2 of ATRA retroactively meant that from the perspective of all but upper-income taxpayers, income taxes remained unchanged between 2012 and 2013 (i.e., the amount of income tax withheld from their paycheck and the availability of certain tax deductions, credits, and exclusions remained unchanged). This report provides an overview of the tax provisions (Titles I-IV and Title X of P.L. 112-240) included in the “fiscal cliff deal,” including: the permanent extension and modification of the 2001 and 2003 tax cuts, often referred to collectively as the “Bush-era tax cuts”; the temporary extension of certain tax provisions originally included as part of the American Recovery and Reinvestment Act (ARRA; P.L. 111-5), often referred to as the “2009 tax cuts”; the permanent extension of the alternative minimum tax (AMT) patch; the temporary extension of a variety of other temporary expiring provisions for individuals, businesses, and energy often referred to as “tax extenders”; and the expansion of in-plan conversions of traditional employer-sponsored retirement accounts (like 401(k) plans) to employer-sponsored Roth accounts (like Roth 401(k) plans). ATRA did not extend the payroll tax cut. The payroll tax cut—temporarily enacted for 2011 and 2012—reduced Social Security taxes from 6.2% to 4.2% for employees and from 12.4% to 10.4% for the self-employed on the first $110,100 of wages in 2012. In addition, P.L. 112-240 did not change another component of the fiscal cliff, namely new taxes primarily related to Medicare and enacted as part of the Affordable Care Act (ACA; P.L. 111-148, as amended), which went into effect at the beginning of 2013. The Joint Committee on Taxation (JCT) estimates that the tax provisions of ATRA (Titles I-IV and Title X) would reduce revenues by $3.9 trillion over the 10-year budgetary window from 2013 to 2022 in comparison to the official current law baseline. (The official current law baseline was an estimate of future revenue if all temporary tax provisions had expired as originally scheduled.) Of this $3.9 trillion, $1.5 trillion (39%) is a result of permanently extending certain income tax provisions of the 2001 and 2003 tax cuts, $369.1 billion (9%) is a result of permanently extending and modifying estate tax provisions, $134.2 billion (3%) is a result of temporarily extending 2009 tax cut provisions, $1.8 trillion (46%) is a result of permanently extending the AMT patch, and $76.3 billion (2%) is a result of temporarily extending certain temporary expiring provisions and “tax extenders.” In contrast, using a current policy baseline which estimates future revenues if all temporary tax provisions (excluding the payroll tax cut) had been extended, the Administration has stated that these tax provisions would raise revenues by $618 billion. ATRA includes other non-tax provisions, including those related to budget sequestration, emergency unemployment benefits, and Medicare.

Author :
Publisher :
ISBN 13 : 9780781104821
Total Pages : 1915 pages
Book Rating : 4.23/5 ( download)

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Download or read book RIA's Complete Analysis of the American Taxpayer Relief Act of 2012 and Earlier Acts of the 112th Congress written by and published by . This book was released on 2013-01-01 with total page 1915 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Author : Margot L. Crandall-Hollick
Publisher : CreateSpace
ISBN 13 : 9781508699330
Total Pages : 30 pages
Book Rating : 4.3X/5 ( download)

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Download or read book The American Opportunity Tax Credit written by Margot L. Crandall-Hollick and published by CreateSpace. This book was released on 2015-06-26 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: The American Opportunity Tax Credit (AOTC)-enacted on a temporary basis by the American Recovery and Reinvestment Act (ARRA; P.L. 111-5) and extended through the end of 2017 by the American Taxpayer Relief Act of 2012 (P.L. 112-240; ATRA)-is a partially refundable tax credit that provides financial assistance to taxpayers who are attending college, or whose children are attending college. The credit, worth up to $2,500 per student, can be claimed for a student's qualifying expenses incurred during the first four years of post-secondary education. In addition, 40% of the credit (up to $1,000) can be received as a refund by taxpayers with little or no tax liability. The credit phases out for taxpayers with income between $80,000 and $90,000 ($160,000 and $180,000 for married couples filing jointly) and is hence unavailable to taxpayers with income above $90,000 ($180,000 for married couples filing jointly). There are a variety of other eligibility requirements associated with the AOTC, including the type of degree the student is pursuing, the number of courses the student is taking, and the type of expenses which qualify.

Author : United States. Congressional Budget Office
Publisher :
ISBN 13 :
Total Pages : 60 pages
Book Rating : 4.1U/5 ( download)

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Download or read book Effects of the Federal Estate Tax on Farms and Small Businesses written by United States. Congressional Budget Office and published by . This book was released on 2005 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Author : James J. Freeland
Publisher :
ISBN 13 : 9781609303570
Total Pages : 0 pages
Book Rating : 4.71/5 ( download)

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Download or read book Fundamentals of Federal Income Taxation written by James J. Freeland and published by . This book was released on 2013 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Adopted at over 100 schools, this casebook provides detailed information on federal income taxation, with specific assignments to the Internal Revenue Code, selected cases, and administrative rulings from the Internal Revenue Service. The revised and updated 17th edition retains the book's long standing format and much of its prior materials, but it is updated to reflect recent events including all legislative developments, especially the American Taxpayer Relief Act of 2012 (Pub. L. 112-240). The new edition contains coverage of revised tax rates, changes in the cost recovery system (�� 179 and 168(k)), revised regulations on capitalization, extension of expiring tax provisions, restoration of indirect rate increases through the phase out of itemized deductions and personal exemptions, and the new Medicare tax on unearned income (� 1411).

Author :
Publisher :
ISBN 13 :
Total Pages : 56 pages
Book Rating : 4.57/5 ( download)

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Download or read book Tax Withholding and Estimated Tax written by and published by . This book was released on 1993 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: