SKR+Co Alert: Specific American Taxpayer Relief Act Changes Affecting  Individuals & Businesses 

January 11, 2013

Last week's e-blast included an overview of the key changes under The American Taxpayer Relief Act of 2012 (ATRA), signed into law Jan. 2, 2013 to address the “fiscal cliff”. This e-blast contains much more detailed information regarding these changes. 

Despite some legislative relief, many individuals will see higher taxes in 2013

The American Taxpayer Relief Act of 2012 does, as its name implies, provide substantial tax relief to many taxpayers. But while higher-income taxpayers will enjoy some benefits, they’ll also see some tax increases. This article provides a closer look at ATRA’s most important changes for individuals, along with the tax planning implications.

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2013 tax law changes may warrant a review of your estate plan

The ATRA provides substantial estate tax relief compared to the changes that otherwise would have gone into effect in 2013. In addition, it provides increased estate tax law certainty. Nevertheless, ATRA isn’t all positive for estate planning: It increases the estate tax rate compared to the 2012 estate tax law regime. The many changes going into effect in 2013 may warrant an estate plan review. This article details some of the most important changes to consider.

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American Taxpayer Relief Act will save taxes for many businesses

The ATRA extends and enhances many breaks for businesses. In particular, it provides incentives for businesses to invest in assets, research and people. This article provides an overview of ATRA’s most important changes for businesses, along with the implications for 2012 tax returns and tax planning for 2013 and beyond.

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Stay Informed with these Resources

We've added a Tax Law Change Update to our website that provides an overview of changes resulting from the American Tax Relief Act.

We’ve recently made some major updates to our Web Tax Guide: We added aTax Law Change Update(see above), incorporated updates throughout the guide in light of the ATRA changes, and added information about 2013 exemptions, limits, and thresholds released by the IRS.
 

Please let us know if you have any questions about these resources, articles, or how the recent tax law changes might affect you. You can contact us at (719) 630-1186 or through our Secure Email.