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American Taxpayer Relief Act of 2012: Tax Implications for U.S. Taxpayers Living Abroad



by Henry P. Bubel
Patterson Belknap Webb & Tyler LLP - New York Office

Matthew Kohley
Patterson Belknap Webb & Tyler LLP - New York Office

Jenny L. Longman
Patterson Belknap Webb & Tyler LLP - New York Office

January 16, 2013

Previously published on January 2013

Although the American Taxpayer Relief Act of 2012 (“Fiscal Cliff Legislation”) passed last week does not contain any sweeping changes targeted at U.S. taxpayers living abroad, a number of provisions are relevant to such U.S. taxpayers - in particular, the sections dealing with income tax rates, itemized deductions (including the deduction permitted for foreign taxes not claimed as a credit against U.S. tax), personal exemptions, limits on itemized deductions, the alternative minimum tax and payroll taxes. Below is a brief summary of some of the more pertinent sections. We note that additional tax legislation is likely forthcoming in 2013, which may have retroactive effect, and that we also expect the Treasury Department to issue final regulations pursuant to the Foreign Account Tax Compliance Act (FATCA) in the coming months.


 

The views expressed in this document are solely the views of the author and not Martindale-Hubbell. This document is intended for informational purposes only and is not legal advice or a substitute for consultation with a licensed legal professional in a particular case or circumstance.
 

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