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CohnReznick Fiscal Cliff Update: Tax Impact on Taxpayers


Congress is currently in gridlock about how to manage the impending fiscal cliff whose tax provisions are set to take effect on January 1, 2013. Accordingly, tax planning for 2012 is complicated by lack of action on the part of the federal government - and absent decisive action during the current lame duck session to pass legislation extending the Bush tax cuts into 2013, taxpayers will be facing significant tax implications.

CohnReznick has prepared an overview of some of the more significant tax law increases. Visit www.cohnreznick.com/fiscal-cliff for information that will assist you in navigating:

  • Individual taxes;
  • Businesses taxes; and
  • Estate and gift taxes.

While the overview includes many of the more pervasive tax increases, there are additional tax changes โ€“ such as those to international taxation โ€“ that may impact your tax position. Accordingly, please  contact your CohnReznick client service professional to plan for the impact that fiscal cliff tax items particular to your tax situation may have on your tax position.

To stay on top of current news related to the looming fiscal cliff and its impact on taxpayers, please visit our site regularly for additional updates.

National tax: Neil Becourtney at 973-364-6671
Estate and Gift tax: Ira Herman at 973-618-6245
International tax: James Wall at 646-254-7460

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