Congress after much brinkmanship has finally passed ATRA.  I will assume that the readers of my blog already know the basics of ATRA; thus, I will not bore you with repetition of its major provisions.  Since the focus of this blog is the small, closely held family business,  I will review with you some of the traps for the unwary and  loopholes .  Additionally, I will discuss §1411’s provisions (the Obama Care law provision)  since they are somewhat inter- related due to the fact that they affect high income people.  All § references are to the Internal Revenue Code of 1986 as amended or modified. Due to the complexities of the provisions discussed below and the fact that this is generalized summary of the area, the readers of this blog should consult with their tax advisors before undertaking anything discussed below.

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