Chapman Client Alert
Late in the evening of January 1, 2013, Congress passed the American Taxpayer Relief Act of 2012 (ATRA), avoiding the tax portion of the so-called “fiscal cliff.” President Obama signed ATRA into law on January 2, 2013.
The American Taxpayer Relief Act of 2012 makes permanent many provisions of prior tax laws that were set to expire, although some are only extended and others phased out. Significantly, ATRA maintains the income tax rates/brackets for most taxpayers and keeps the $5 million transfer tax exclusion limit. This newsletter provides a brief overview of these provisions and others under the new law.