This is the first in a two-part series examining developments in estate, gift, and generation-skipping transfer tax and trust income tax. Part 1 discusses legislative and gift and estate tax developments.
The president's proposed FY 2014 budget aims to raise approximately $580 billion in revenue through new taxes, limits on deductions, and other tax proposals.
The “fiscal cliff” legislation enacted on Jan. 2—the American Taxpayer Relief Act, P.L. 112-240—contains a large number of tax provisions.
With its scores of new and extended provisions, the American Taxpayer Relief Act offers something for nearly all taxpayers and their preparers to assess and implement as they begin preparing 2012 returns and plan for the future.
Congress preserved most of the George W. Bush-era tax cuts and extended many other lapsed tax provisions.
Congress adjourned its year-end lame-duck session on December 22 after passing legislative fixes for several pending tax issues, including the estate tax, the expiration of the 2001 and 2003 tax cuts, an alternative minimum tax (AMT) patch, and extensions of many expired provisions. However, it failed to repeal the expanded Form 1099 reporting requirements that were enacted as part of this spring’s health care reform legislation.