“Fiscal Cliff” Legislation Includes Huge Number of Tax Provisions —Journal of Accountancy

A Dozen Categories.  Some Categories Alone Encompassing Up to 20 New Taxes.  Here’s the Detail. 

The American Taxpayer Relief Act, passed by Congress on Jan. 1, permanently extends a large number of tax items from the 2001 and 2003 tax acts and extends many expired tax provisions. Here is a comprehensive look at the many changes contained in the bill, as well as other new taxes that took effect Jan. 1. Paul Bonner and Alistair M. Nevius at the Journal of Accountancy report.  A full summary of just the main categories is here: 

• Individual tax rates
• Phase-out of itemized deductions and personal exemptions
• Capital gains and dividends
• Alternative minimum tax
• Estate and gift tax
• Permanent extensions
• Individual credits expired at the end of 2012
• Individual credits expired at the end of 2011
• Business tax extenders
• Energy tax extenders
• Foreign provisions
• New taxes

Under each of these above-named summary subheads is a list of sometimes as many as two dozen new taxes.   

Read the full, comprehensive, detailed account here. 

All Kinds of New Taxes Hit in 2013.  The Journal of Accountancy Provides a Detailed Guide.