What happens if we go over the “fiscal cliff”?

The American Institute of CPAs has released a Fiscal Cliff Series that provides a brief, objective  and non-partisan fact sheet on each of the following tax topics:

• Alternative Minimum Tax
• Individual Income Tax Rates
• Estate Tax
• “Extenders”
• Long-Term Capital Gains and Qualified Dividends
• Social Security Payroll Tax Reduction

Each fact sheet describes the tax provision in question, explains what will happen if we go off the fiscal cliff, identifies who will be affected by the cliff, discusses whether the provision can be dealt with after January 1, and provides an AICPA comment and additional resources.