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Tax Briefing: 2012 Tax Year-In-Review

Monday, January 14, 2013   (0 Comments)
Posted by: Jon Hubbard
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The race against the clock to avoid the "fiscal cliff” capped off a year that may go down as one of the most extraordinary for the degree of tax uncertainty, culminating in legislation that restored significant permanency to the Tax Code. CCH has issued a new Tax Briefing: 2012 Tax Year-In-Review that offers expert analysis and concise explanations of the policies, decisions and tax outcomes over the last year – including The American Taxpayer Relief Act (ATRA), the Supreme Court’s ruling to uphold The Affordable Care Act and newly effective provisions from prior laws, such as the new Medicare taxes.

One key end-of-year development will hit people right away in their paychecks. Because Congress did not extend the payroll tax holiday past 2012, the rate for Old Age, Survivors and Disability Insurance (OASDI) taxes has risen from 4.2 percent to 6.2 percent of wages up to $113,700 for 2013.

"It was a very tough year for tax planning with all the uncertainty over extensions of Bush-era tax cuts, questions over the future impact of the AMT and a host of other tax issues that sparked heated debate on Capitol Hill,” said CCH Principal Federal Tax Analyst, Mark Luscombe, JD, LLM, CPA. "With the start of a new tax season, it’s vital that all taxpayers and preparers understand the depth and breadth of changes that took place in 2012 and early 2013.”

CCH’s Tax Briefing: 2012 Tax Year-In-Review is available by clicking here.

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