American Taxpayer Relief Act of 2012

CCH Tax Briefing: 2012 Year in Review

Uncertainty during 2012 over what tax laws would govern in 2013 and beyond because of the expiring Bush-era tax cuts clearly was the most significant development of the year. Now that Congress and President Obama — through the American Taxpayer Relief Act of 2012 (ATRA) — have provided a degree of certainty over tax rates into at least the immediate future, taxpayers need to adjust their tax plans accordingly. Individuals and businesses should immediately recalibrate strategies in light of ATRA. 2012 was also a significant year for important tax developments from the Treasury Department, the IRS and the courts. These developments demand the attention of individual and business taxpayers not only to caution what is no longer allowed under the tax laws but also to shape what steps can be taken in 2013 and beyond to maximize tax savings. With that forward-looking perspective, this Tax Briefing reviews key federal tax developments that took place during 2012.

CCH Tax Briefing: American Taxpayer Relief Act of 2012
The tax side of the 'Fiscal Cliff' has been averted. Download your PDF. 

Source: CCH, a Wolters Kluwer business

How the majority of folks most likely have felt.

Via someecards

From The New Yorker - Shouts & Murmurs: Eric Hague's clever  guide to fiscal topography, including the fiscal isthmus, fiscal escarpment, and fiscal fjord. http:nyr.kr/U6Sv7Q

Some of my favorites:

Fiscal Cliff: The potentially disastrous economic repercussions of the automatic tax hikes and spending cuts scheduled to take effect in 2013 should Congress fail to agree upon a workable alternative by the end of the year.

Fiscal Picturesque Woodland Hiking Trail: The relaxing climb up to the fiscal cliff that leads through the scenic forest of election-year procrastination before arriving at the summit of Mount Crazy Partisan Brinksmanship.

Fiscal Molehill: Where Congress’ T-Mobile contract is up, but it hasn’t made up its mind yet whether it’s going to renew and take the free handset upgrade, or just switch carriers and get an iPhone like all the other Congresses.

Fiscal Isthmus: A narrow strip of public optimism linking two larger bodies of total congressional meltdown.

Underwater Fiscal Cliff: Where Americans must decide whether the long-term costs of resolving the budget crisis exceed the present free-market value of even bothering to have a damn country anymore.

Fiscal Smaug’s Mountain: Where Congress attempts to close the annual deficit by dispatching the House Budget Committee on a quest to find a fabled trove of gold held by a fierce and powerful dragon. Also, the dragon is a metaphor for China.

Fiscal Volcano: When geo-financial pressure builds beneath the Senate floor, causing the Capitol building to spew molten-hot I.R.S. code updates and administrative materials all over the greater D.C. metro area.

Fiscal Indoor Rock Wall: An artificially manufactured fiscal cliff, otherwise known as a fiscal cliff.

For the full list: http://www.newyorker.com/online/blogs/shouts/2012/12/guide-to-fiscal-topography.html#ixzz2FRnSJvwD

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Tax: Yes, it is entertaining.

TV sitcoms have always been a good way to unwind for me. Funny how shows can take such serious, complex topics and make them, well - funny. Case in point, a few programs that explore the world of tax and give us a laugh.

Parks and Recreation  Episode: Soda Tax (2012) Leslie declares that her first move as city councilwoman is to propose a tax on those giant sugary sodas in hopes of reducing diabetes in Pawnee. With this new tax, all local restaurants can get healthier: from Paunch Burger, to Big and Wide, to The Fat Sack, and even Colonel Plump's Slop Trough (formerly Sue's Salads).  Via NBC.com

And comes away with such memorable quotes as:
Leslie: Well, Paunch Burger just recently came out with a new 128-ounce option. Most people call it a gallon, but they call it the regular. Then, there is a horrifying 512-ounce version that they call child size. How is this a child-sized soda?
Kathryn Pinewood: Well, it's roughly the size of a two-year old child, if the child were liquefied. It's a real bargain at $1.59.

Townsperson 2: If we put a tax on soda, I mean, what's next? Income?
Leslie: Sir, you don't pay your income tax?
Townsperson 2: Whether or not I pay income tax is none of the government's business.
Leslie: Well, no, actually it is.
Townsperson 2: Well, you don't know my name or what I look like, so good luck finding me.  
SOURCE: http://parksandrecreation.wikia.com/wiki/Soda_Tax

SOURCE: TV.com

My Name is Earl - Episode: Didn't Pay Taxes (2006) Earl tries to make up for not paying taxes his whole life. Unfortunately, the Government is not interested in his money, so he has to figure out another way to pay the money back. SOURCE: IMdb.com

Married with Children Episode: Reverend Al (1995)Al and his mens group NO MA'AM decide to form their own church in order to avoid paying beer tax. When Marcy and her women's group FANG expose Al's plan to the public, NO MA'AM surprisingly receives sympathy and donations from thousands of long-suffering married men in America which makes it possible for them to open their church. Al becomes a televangelist and preaches the NO MA'AM way of life.SOURCE: IMdb.com

Seinfeld - Episode: The Truth (1991) Jerry is being audited by the IRS but everything is in hand as George's new girlfriend Patrice is an accountant and former IRS auditor and she has agreed to help him out. Unfortunately, George isn't too happy with the relationship and when she asks him to tell her the truth about how he feels, he obliges. Their break-up leads Patrice to a residential depression clinic and Jerry is desperate to get his tax receipts back.  SOURCE: IMdb.com

The Jack Benny Show - Episode:The Income Tax Show (1964) Jack is visited by two IRS Agents played by Harold Gould as Mr. Hunter, and Bill Quinn as Mr. Will, seeking to help Jack take full advantage of his allowable deductions. They wonder how, on an income of $375,000, his tax deduction for entertainment was less then $20 for the year. Noting a deduction of only $3.90 for a dinner for four, Jack refers the Agents to his dinner companions, Jimmy and Gloria Stewart, to substantiate his expenditure for their meal together. Being the frugal man he is noted for, the entire story is played out as Jimmy and Gloria recount the evening, and how Jack ended up sticking Jimmy with the bill for the dinner so that Jimmy would "have the benefit of the deduction" of over $46 for his own. But if Jimmy paid the bill, what was the $3.90 Jack deducted? That was for having his suit cleaned after Gloria Stewart dumped the salad bowl on his head. SOURCE: IMdb.com