GMN International | International Accounting Association | 2013 US Tax Law


2013 US Tax Law

Tuesday, January 1, 2012 the U.S. Congress reached an agreement and passed a new tax law (American Taxpayer Relief Act) to avert the "Fiscal Cliff".


With some modifications, imposing higher taxes on the 'wealthiest' Americans, the 2013 tax law permanently extends provisions of the prior tax laws of 2001 and 2003 that expired December 31, 2012. It also permanently takes care of Congress’s perennial job of “patching” the alternative minimum tax (AMT). It temporarily extends many other tax provisions that had lapsed at midnight on Dec. 31 and others that had expired a year earlier.

The Act’s nontax features include one-year extensions of emergency unemployment insurance and agricultural programs and another postponement of automatic cuts in Medicare payments to physicians. The new tax act also delays, until March, a broad range of automatic federal spending cuts known as sequestration that otherwise would have begun this month.


View a summary of the main tax features.

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