New taxes affect wealthiest citizens
Fears of the fiscal cliff and its impact kept many Americans on the edge of their seat at the beginning of 2013. The American Taxpayer Relief Act of 2012 spared the majority of Americans significant tax increases. Most of the new taxes that did go into effect, however, will apply to wealthier individuals and households in 2013 and future years, representing the first significant tax increase in many years.
The technical information here is necessarily brief. No final conclusion on these topics should be drawn without further review and consultation. Please be advised that, based on current IRS rules and standards, the information contained herein is not intended to be used, nor can it be used, for the avoidance of any tax penalty assessed by the IRS.
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