Tax Legislation 2012: American Taxpayer Relief Act of 2012: Law, Explanation & Analysis

CCH's American Taxpayer Relief Act of 2012: Law, Explanation and Analysis provides tax professionals with a single integrated reference source covering all aspects of this important legislation. Along with the impacted Internal Revenue Code provisions, CCH editors, together with leading tax practitioners and commentators, have created a complete practical analysis. The American Taxpayer Relief Act allows the Bush-era tax rates to sunset after 2012 for individuals with incomes over $400,000 and families with incomes over $450,000; permanently patches the alternative minimum tax (AMT); revives many now-expired tax extenders, including the research tax credit and the American Opportunity Tax Credit; and provides for a maximum estate tax of 40 percent with a $5 million exclusion. The bill also delays the mandatory across-the-board spending cuts known as sequestration. Highlights of the American Taxpayer Relief Act of 2012 include: -- 39.6% tax rate for incomes above $400,000 ($450,000 for joint filers) -- All other Bush-era tax rates extended -- 20% maximum capital gains tax rate -- Permanent AMT patch -- Five-year extension of American Opportunity Tax Credit -- One-year extension of business tax extenders The law is arranged in Code section sequence. CCH also provides several special tables and lists to facilitate quick and thorough understanding of the law and how it would affect taxpayers. Features include an effective dates table organized by Code section, a listing by Code section of the Act sections affecting it, and a listing by Act section of the Code sections affected. CCH's Law, Explanation and Analysis book is the resource that tax professionals, businesses, government staff and students alike need to get all the details of and help on new tax legislation changes. CCH provides the critical, late-breaking explanation and analysis to help readers make sense of complex legislative change so they can plan, respond and advise with confidence.