Tax Act of 2012

Now that the dust has settled and I have just returned from a week long national conference on the latest tax planning techniques, I thought it would be appropriate to circulate a brief summary of the “fiscal cliff saving” tax law recently signed by the President.
The American Taxpayer Relief Act of 2012 allows tax rates to rise on the nation's highest earners while also extending dozens of tax cuts for individuals and businesses.  It also permanently extended the $5,000,000 (adjusted for inflation) federal estate tax exclusion that applied to deaths in 2011 and 2012. 
Specifically, the bill:

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