Contacts: Shirley Twillman, 202-434-9220, firstname.lastname@example.org; Jay Hyde, 202-434-9266, email@example.com
Washington (Dec.7, 2012) – Are you looking for an understandable guide to tax provisions that are at the center of the debate over the looming fiscal cliff? The American Institute of CPAs has developed a “Fiscal Cliff Series” that provides a brief, objective and non-partisan fact sheet on each of the following tax topics:
- Alternative Minimum Tax
- Individual Income Tax Rates
- Estate Tax
- Long-Term Capital Gains and Qualified Dividends
- Social Security Payroll Tax Reduction
Each fact sheet describes the tax provision in question, explains what will happen if we go off the fiscal cliff, identifies who will be affected by the cliff, discusses whether the provision can be dealt with after January 1, and provides an AICPA comment and additional resources.
The fiscal cliff refers to the predicted reduction in the budget deficit and a corresponding slowdown of the economy if specific laws are allowed to automatically expire or go into effect at the beginning of 2013. The laws include tax increases due to the expiration of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 and the spending reductions (sequestrations) under the Budget Control Act of 2011.
Edward S. Karl, CPA, AICPA’s vice president for taxation, is available for interviews, or to provide background, on fiscal cliff issues and implications.
The AICPA is a longtime advocate for sound tax policy, tax simplification and taxpayer education. In recognition of the importance of helping individuals understand their tax obligation and how it impacts their financial decisions, the Institute’s Total Tax Insights™ calculator is an easy-to-use tool that offers a clearer picture of the types of taxes individuals pay and their estimated amounts.