Fiscal Cliff Legislation: American Taxpayer Relief Act of 2012

Course Description:

The American Taxpayer Relief Act of 2012 (ATRA) or HR 8 was signed by President Obama on January 2, 2012. While ATRA raised income taxes for high-income individuals, it also avoided other tax rate increases for middle income taxpayers. Many changes were extensions or modifications of existing law. Numerous provisions scheduled to expire at the end of 2011 have been reinstated for 2012 and often extended through 2013 and beyond.

Learning Objectives:

Upon successful completion of this course, participants will be able to:

·         Explain individual income tax rates and standard deductions.

·         Understand personal exemptions and phaseout - §151.

·         Understand credit for energy new efficient home, energy efficient appliance credit and existing homes energy-efficient improvement credits.

·         Learn about GST Tax, the rates and applicable exemption amount.