New US laws regarding individual taxes affect employees and employers — may require immediate action

Global Watch ()

New laws impacting the tax obligations of individuals and the withholding and reporting obligations of employers became effective on January 1, 2013. Most recently, the American Taxpayer Relief Act of 2012, the so-called fiscal cliff agreement was signed into law and extends certain 2001 and 2003 tax provisions for individuals with incomes below threshold amounts. Outlined below are high-level summaries of this and other laws that recently came into effect, requiring immediate attention by employers and their globally mobile employees.