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Navigating the Alternative Minimum Tax for Individual and Corporate Taxpayers

Learn how to identify alternative minimum tax issues and properly plan for them.

Taxpayers often organize their affairs to limit their tax liability under the regular income tax system, but forget that they may be subject to additional liability under the alternative minimum tax (AMT). The AMT is a parallel tax system under which tax liability must be calculated and paid if it results in a greater amount owed than under the regular income tax system. Today's AMT affects all entities subject to regular income tax, and for individuals, it affects middle-income taxpayers as well as the wealthy. Taxpayers are frequently surprised and dismayed to learn that valuable deductions disappear in the AMT calculation, leading to a higher tax liability than expected. However, some credits have been specified by Congress as reducing AMT liability, making them of particular interest to AMT taxpayers.

Runtime: 98 minutes
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Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Background of the AMT

  • Policy Purpose
  • Actual Effect - Upper Middle Class Taxpayers

AMT for Individual Taxpayers

  • Computation of AMT Income - Form 6251, Exemption Amounts, Capital Gain
  • Adjustments to Claimed Deductions
  • Credits for Prior Year AMT - Form 8801
  • Incentive Stock Options

AMT for Corporate Taxpayers

  • Exemption for Small Businesses
  • Computation of AMT Income - Form 4626, AT NOL, AT FTC
  • Adjusted Current Earnings Adjustments
  • Credits for Prior Year AMT - Form 8827, 382 Limitation

AMT for Partnerships and Other Passthroughs

AMT and Federal Tax Credits

  • Background on Tax Credits - Form 3800
  • Tax Credits That Do Not Affect AMTI
  • Tax Credits That Reduce AMTI
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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Webinar

This course was last revised on May 23, 2016.

Call 1-866-352-9540 for further credit information.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

Audio & Reference Manual

  • Arizona CLE 1.5
     
  • CA MCLE 1.5
     
  • GA CLE 1.7
     
  • HI CLE 1.5
     
  • IL CLE 1.5
     
  • ME CLE 1.5
     
  • MT CLE 1.75
     
  • NJ CLE 2.0
     
  • NV CLE 1.5
     
  • VT CLE 1.5
     
  • WA CLE 1.75
     
  • WV MCLE 2.0
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

MP3 Download

  • Arizona CLE 1.5
     
  • CA MCLE 1.5
     
  • HI CLE 1.5
     
  • IL CLE 1.5
     
  • ME CLE 1.5
     
  • MT CLE 1.75
     
  • NJ CLE 2.0
     
  • NV CLE 1.5
     
  • VT CLE 1.5
     
  • WA CLE 1.75
     
  • WV MCLE 2.0
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Robert J. Kovacev

Robert J. Kovacev

Steptoe & Johnson LLP

  • Partner in the Washington, D.C. office of Steptoe & Johnson LLP
  • Practice emphasizes complex federal tax matters for corporate and high net worth taxpayers, including international tax, transfer pricing, and federal tax credits, as well as tax controversies before the IRS and in litigation
  • Former senior litigation counsel in the United States Department of Justice, Tax Division, responsible for litigating some of the largest and most complex civil tax cases in the nation
  • Recipient of several awards, including the John Marshall Award, the highest award for trial of litigation given by the Department of Justice
  • Can be contacted at 202-429-6462, [email protected] or on TwitterŽ @RobKovacev
Caitlin R. Tharp

Caitlin R. Tharp

Steptoe & Johnson LLP

  • Associate in the Washington, D.C. office of Steptoe & Johnson LLP
  • Practice emphasizes complex federal tax matters for corporate and pass-through taxpayers, including federal tax credits and international tax, as well as tax controversies before the IRS and in litigation
  • LL.M degree in Taxation, J.D. degree, Georgetown; B.A. degree, Stanford
  • Can be contacted at 202-429-1391 or [email protected]
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Product ID: 396612
Published 2016, 2018
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