Tag Archives: fiscal cliff

ILN Today Post


On January 1, 2013, Congress passed the American Taxpayer Relief Act of 2012 (the Act), which prevented income tax increases that would otherwise have come into effect on January 1, 2013 as part of the fiscal cliff.

The Act does increase income tax rates for certain high income individuals as well as extend various tax provisions applicable to individuals and businesses that were otherwise
set to expire at the end of 2012. Below is a summary of certain income tax provisions of the Act as well as other provisions taking effect in 2013. More…

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Tax Alert: Tax increases leave business owners with difficult choices

The American Taxpayer Relief Act of 2012 was signed into law on January 2nd. Although the recent headlines suggest the “fiscal cliff” was averted with this legislation, for most business owners, dealing with significantly higher tax rates is now a reality. With few exceptions, the higher tax rates deemed problematic by congressional Republicans are now in effect for persons with taxable income in excess of $450,000. Of course, this threshold includes income allocated to owners by any business operated as a “pass-through” entity such as an S corporation or LLC. For the owners of these businesses, the $450,000 threshold will quickly be reached assuming the business is profitable. 

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"After ‘Fiscal Cliff’ Debate, the State of the GOP," Steve LaTourette interviewed by NPR

Former Congressman Steve LaTourette of McDonald Hopkins Government Strategies was interviewed by NPR on the Political Junkie program “After ‘Fiscal Cliff’ Debate, the State of the GOP.”

Click here to listen to the program.


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Fiscal Cliff Averted: A Breakdown of the American Taxpayer Relief Act of 2012

On January 2, 2013, President Obama signed into law the American Taxpayer Relief Act of 2012. The new law is a partial resolution to avert the looming fiscal cliff, and it addresses many tax provisions that were set to expire at the end of 2012. The following is a summary of some of the major provisions included in the Act as they pertain to:

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ILN Today Post

News You Can Use: Gifting & Estate Planning at Edge of Fiscal Cliff

From Lommen Abdo’s Corporate Practice


Several pending changes make year-end planning important, especially if your goal is to transfer assets to future generations or non-spouses on a tax-efficient basis. Read the article by Karen Schlotthauer on estate, gift and GST tax opportunities and what planning opportunities you can take advantage of. More…

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