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Navigating the Alternative Minimum Tax for Individual and Corporate Taxpayers

Implement effective planning and tax preparation to understand your taxes and save money.

Too many taxpayers end up paying large sums of money to the Internal Revenue Service (IRS) due to the Alternative Minimum Tax (AMT); this is both a confusing and complicated tax calculation, which may require hours to calculate and cost thousands of dollars. Taxpayers often endeavor to lower their tax burden, only to be surprised by the extra taxes imposed by the AMT. This topic will show how to recognize when the AMT will 'kick in'; knowing this can save hours of time from compiling records for which the IRS will not allow deductions. In addition, there may be some areas where the tax liability can be reduced - putting money back in your pocket. Taxpayers are often surprised how their valuable deductions simply disappear under the AMT, leading to more money being paid to the IRS. It is important to know how the new tax laws (Tax Cuts and Job Act) affect one's taxes, especially as it relates to the AMT. Understanding tax rules goes a long way towards saving time and tax dollars.

Runtime: 101 minutes
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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.

Agenda

Overview of Alternative Minimum Tax

  • Why Is There Alternative Minimum Tax Anyway?
  • What Is the Alternative Minimum Tax (AMT)?
  • Did the New Tax Laws (Tax Cuts and Jobs Act) Eliminate the AMT?

Does It Really Take Hours to Calculate the AMT?

  • Why Shouldn't I Rely on My Tax Software to Calculate the AMT?

Process

  • How Is the AMT Calculated?
  • Can I Do Anything to Reduce This Extra Tax?

AMT for Individuals

  • Preferences
  • Adjustments
  • Exemptions
  • IRS Forms
  • Credit

AMT for Businesses

  • Exemptions
  • More IRS Forms
  • Net Operating Losses (NOL)
  • Credits and Limitations for Prior Years
  • Can I Get a Credit for AMT I Paid in Prior Years?

Understanding It All as a Whole

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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 October 15, 2018.

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

  • Enrolled Agents 2.0
     
  • This program qualifies for 2.0 hours of Continuing Education Credit for enrolled agents under Treasury Department Circular #230 Section 10.6(g).
     

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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More Program Information

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

Brian D. Levine, M.B.A., CPA

Brian D. Levine, M.B.A., CPA

Brian D. Levine, MBA, CPA Jersey Tax & Accounting, LLC

  • Founder of Brian D. Levine, MBA, CPA Jersey Tax & Accounting, LLC
  • Service clients nationally and locally regarding: Accounting, taxes, investment planning, financial and economic analyses, litigation support, expert witness work and management counseling
  • Frequent speaker and has written several publications
  • Member of numerous professional organizations
  • M.B.A. degree, Rutgers Graduate School of Management; B.A. degree, Rutgers College
  • Can be contacted at 732-846-5454 or [email protected]
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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.

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Product ID: 401912
Published 2018
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