Highlights from the American Taxpayer Relief Act of 2012

After briefly plunging over the “fiscal cliff” – the combination of tax increases and spending cuts that automatically came into effect on January 1, 2013 – Congress quickly passed the American Taxpayer Relief Act of 2012 (the “Act”), which has now been signed into law by President Obama. This white paper summarizes those aspects of the Act that Withers believes are the most relevant to wealth owners in the areas of gift and estate taxes, personal income tax, and business tax.