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.
How the majority of folks most likely have felt.
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| 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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