The Tax Implications of the American Taxpayer Relief Act (ATRA)

By Rick Cooley, CPA

It wasn’t pretty. It was a tough, brutal battle. We’re not talking about the playoff game between Seattle and Atlanta. We’re talking about the battle on the Beltway – the one dealing with the fiscal cliff — the passing of the American Taxpayer Relief Act (ATRA.)

Now that legislation has been passed and signed to address the tax side of the fiscal cliff, here’s a play-by-play of what you can expect.

The Impact on Upper Income Taxpayers

The main impact of the ATRA is the permanent extension of the so-called Bush tax rates for individuals with income up to $400,000,

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