Tag Archives: AMT

AMT Patched……Permanently

One of the hardest things to do is try to explain Alternative Minimum Tax (“AMT”) to a taxpayer.  This has become more difficult with Congress not setting the exemption amount (commonly referred to as the AMT Patch) until the last minute. Retroactively … Continue reading

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AMT relief in the 2010 Tax Relief Act

The Alternative Minimum Tax is a parallel tax system which does not permit several of the deductions permissible under the regular tax system, such as property tax and state income tax. Taxpayers who may be subject to the AMT must … Continue reading

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AMT Patched for 2010 and 2011

The 2010 Tax Relief Act patches the AMT exemption amounts for 2010 and 2011. Nearly 28 million Americans were expected to be subject to Alternative Minimum Tax this year.  This new law will allow all but 4 million taxpayers to avoid the AMT … Continue reading

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More on the AMT Patch

In a November 9, 2010 letter to IRS Commissioner Douglas Shulman, bipartisan tax policy leaders have committed themselves to legislation that will allow the personal credits against the alternative minimum tax (AMT) and set the AMT exemption amounts for 2010 at … Continue reading

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Alternative Minimum Tax the 2010 Tax Increase?

As we start our year end planning, we continue to be faced with reality that unless Congress acts soon tens of millions of Americans will be hit with the Alternative Minimum Tax (AMT) for 2010.   So, unless Congress acts to fix the … Continue reading

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