Congress and the administration give themselves an extension.

The American Taxpayer Relief Act which was passed today to prevent us from going over the "fiscal cliff" is apparently just a stop-gap measure.

Tax increases were not as bad as many feared and spending cuts were few and far between. The major effect of the law will be to delay "sequestration" (automatic across the board budget reductions). Congress will probably revisit tax policy and spending cuts when it tackles the expected increase in the nations's debt limit in February.

Call us for our take on how the law will effect you.