January 14th, 2012 | 
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Periodically the IRS publishes what it calls its Statistics of Income Bulletin. This document reports data that has been compiled from all of the tax returns filed for the previous year, including data on the Alternative Minimum Tax. This year’s report shows that, for the first time after six straight years of the AMT increasing, [...]
December 11th, 2011 | Print This Post
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Every year at about this time Congress starts thinking about what tax laws will expire on December 31, and what it really needs to be doing about these. Of the 65 various tax provisions that will expire, one of the big ones is the annual “Patch” for the Alternative Minimum Tax. Without the Patch, nearly [...]
November 19th, 2011 | Print This Post
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In connection with year-end tax planning, much has been written about accelerating or deferring deductions. The sometimes-overlooked question of accelerating or deferring income deserves just as much attention, especially for those in the Alternative Minimum Tax. This article will look at what needs to be considered in planning around income recognition, including a summary of [...]
November 12th, 2011 | Print This Post
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Oct2011-Newsletter
October 21st, 2011 | Print This Post
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As it does in the fall of every year, the IRS has calculated the effect that inflation has had on the income tax brackets that are used to compute the individual income tax, and it recently has announced what the tax brackets will be for 2012. These adjustments are required under the tax law, but [...]
September 24th, 2011 | Print This Post
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The IRS recently released its 2011 version of the Form 6251 – Alternative Minimum Tax – Individuals. With year-end only a few months away, this serves as a timely reminder that anyone stuck in the AMT needs to start thinking about the ways they can reduce this burden. The most effective AMT planning strategies must [...]
August 23rd, 2011 | Print This Post
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With few exceptions, when the Alternative Minimum Tax is paid it is money out the door – gone forever. No surprise here since this is the way taxes work. What is a surprise to many folks, however, is that a portion of the AMT paid in one year may instead simply be a prepayment of [...]
July 30th, 2011 | Print This Post
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The Alternative Minimum Tax applies both to corporations as well as to individuals. While many of the AMT rules are the same, there are some significant differences between the two. One of the more significant of these differences is a provision that totally exempts Small Business Corporations from the AMT. This can present real tax [...]
July 11th, 2011 | Print This Post
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Most states impose an income tax at the state level, separate and distinct from the Federal income tax. A number of these states also have their own version of an Alternative Minimum Tax – one that is imposed at the state level, separate and distinct from the Federal Alternative Minimum Tax. While a state AMT [...]
July 4th, 2011 | Print This Post
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More from the Joint Committee on Taxation – just-released report “Description of Revenue Provisions Contained in the President’s Fiscal Year 2012 Budget Proposal.” This massive 647-page report contains a proposal for a permanent Alternative Minimum Tax “patch,” as set forth below. Present Law Present law imposes an alternative minimum tax (“AMT”) on individuals. [...]
