E-“Fiscal Cliff” Legislation - American Taxpayer Relief Act of 2012 - HR 8

E-“Fiscal Cliff” Legislation - American Taxpayer Relief Act of 2012 - HR 8
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Price: $24.99
Credits: 3
Prerequisite: None
Level: Overview
Model: MT037
Author: Danny Santucci
Average Rating: Not Rated
Fields of study: Taxes
Format: PDF

“Fiscal Cliff” Legislation-  (American Taxpayer Relief Act of 2012 - HR 8)

On January 2, 2013, President Obama signed the American Taxpayer Relief Act of 2012 (ATRA) into law. Although ATRA raised income taxes for high-income individuals, it avoided tax rate increases for middle income taxpayers. ATRA also made many extensions of or modifications to existing law. In other instances, it reinstated many provisions for 2012 that were about to expire and extended them through 2013 and, in a few cases beyond.

This course is an overview providing reference to selected individual, energy business, retirement, and estate tax provisions enacted or indexed for inflation by ATRA. The resulting major tax changes carry special meaning to the tax practitioner and return preparer. The course is intended to be a resource for tax professionals and staff alike to gain easy access to the most important major changes enacted by ATRA.

As a result of studying the assigned materials, you should be able to meet the objectives listed below.


At the start of the materials, participants should identify the following topics for study:

  • Tax bracket modifications and changes
  • Individual & business tax credits
  • Deduction limitations
  • Education credits
  • Energy credit extensions
  • Reinstated business credits
  • Retirement plan contribution and phaseout limits
  • Estate & gift tax developments

Learning Objectives

After reading the materials, participants will be able to:

  1. Apply changes imposed by the American Taxpayer Relief Act of 2012 (ATRA) relating to individual income taxes by identifying modified tax rates, examining AMT phaseout limits, and explaining the how tax credits and deductions work, including education, adoption, and energy credits.
  2. Analyze key ATRA business provisions, including bonus depreciation, expensing, the work opportunity credit, leasehold and restaurant property improvements, FICA and SECA taxes, and S corporation developments.
  3. Differentiate retirement plans and how they were affected by ATRA, including contribution limits and phaseout limits. Discuss the implications of changes to estate, generation-skipping transfer, and gift taxes and apply them to various affected scenarios.

Additional Contents : Complete, no additional material needed
Advance Preparation : None
Intended Participants :
Any CPA looking to maintain or enhance their professional competence

Course Declaration : Participants must complete the final examination within one year of purchase. A minimum passing grade of 70% or better is required to receive CPE
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