|January 15, 2013|
Previously published on January 10, 2013
On Jan. 2, 2013, President Obama signed the “American Taxpayer Relief Act of 2012” (the “Act”) which was passed by the House and Senate the previous day to avoid the so-called “fiscal cliff.” The Act prevents many of the tax hikes that were scheduled to go into effect in 2013 and retains many favorable tax breaks that were scheduled to expire. However, it also increases income taxes for some high-income individuals and slightly increases transfer tax rates. This Alert provides an overview of the key income tax provisions of the Act.