Important Tax Changes Taking Effect in 2013

Important Tax Changes Taking Effect in 2013

Effective January 1, 2013, The American Taxpayer Relief Act of 2012 (ATRA) is a significant piece of legislation that will dramatically impact higher income individuals, trusts and estates by increasing tax rates. Though ATRA is technically a relief act because it extended the Bush-era tax reductions, which were to expire at the end of 2012, the increased tax rates coupled with a new 3.8% tax on “net investment income” (NII) enacted as part of the Health Care and Education Reconciliation Act of 2010, will result in a substantial increase in tax rates. Members of the Tax Practice have prepared a comprehensive analysis of the consequences of these significant pieces of legislation on individuals, industries and a range of businesses. To learn more about how ATRA and the tax on NII will impact you and/or your business, please click on the document below. View Document(s): Important Tax Changes Taking Effect in 2013

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