The American Taxpayer Relief Act of 2012 — Calculating the tax effects of a crisis averted

Description

Abstract: The American Taxpayer Relief Act of 2012 (ATRA) was signed into law on Jan. 2, 2013, to avoid the negative effects of the “fiscal cliff.” This article discusses some of the act’s key provisions, including those applying to ordinary-income tax rates and long-term capital gains rates; the alternative minimum tax; and gift, estate and generation-skipping transfer taxes. A sidebar examines what ATRA portends for businesses.