WASHINGTON--(American Institute of CPAs has tax experts available to provide background and context on the looming fiscal cliff.)--The
The fiscal cliff refers to an expected slowdown of the economy if Congress allows budget cuts and tax increases scheduled under several laws to take effect on Jan.1, 2013.
The laws include tax increases due to the expiration of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, which extended the 2001 and 2003 Bush tax cuts until the end of 2012, and the automatic 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 the tax issues and implications of the fiscal cliff. Other AICPA tax experts are also available to answer your questions.
The AICPA is a longtime advocate for sound tax policy, tax simplification and taxpayer education. With the uncertainty about the economy and taxes, it is particularly important for individuals to 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.
About the AICPA
The American Institute of Certified Public Accountants (AICPA) is the world’s largest member association representing the accounting profession, with nearly 386,000 members in 128 countries and a 125-year heritage of serving the public interest. AICPA members represent many areas of practice, including business and industry, public practice, government, education and consulting.
The AICPA sets ethical standards for the profession and U.S. auditing standards for audits of private companies, nonprofit organizations, federal, state and local governments. It develops and grades the Uniform CPA Examination and offers specialty credentials for CPAs who concentrate on personal financial planning; fraud and forensics; business valuation; and information technology. Through a joint venture with the Chartered Institute of Management Accountants (CIMA), it has established the Chartered Global Management Accountant (CGMA) designation to elevate management accounting globally.
The AICPA maintains offices in New York, Washington, DC, Durham, NC, and Ewing, NJ. Media representatives are invited to visit the AICPA Press Center at aicpa.org/press.