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Demystifying the American Taxpayer Relief Act of 2012

January 3, 2013

Just before midnight on January 1, 2013, the House of Representatives adopted the American
Taxpayer Relief Act of 2012. There were few surprises except, perhaps, the extent to which numerous
deduction and credit provisions remain intact.

-Lisa Whitcomb, director of wealth strategies, Glenmede

Just before midnight on January 1, 2013, the House of Representatives adopted the American
Taxpayer Relief Act of 2012. There were few surprises except, perhaps, the extent to which numerous
deduction and credit provisions remain intact. While the Act is expected to raise approximately $650
billion over the next 10 years, Congress must now contend with a February deadline to address
spending reductions and the debt ceiling.

Other topics:

  • Details of significant provisions
  • Taxpayer-friendly and credits retainment
  • Business tax extender retainment
  • New transfer provisions for IRAs
  • Increased income tax planning complexity

 

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