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OnDemand Course

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.

Learning Objectives

  • You will be able to recognize the purpose of the Alternative Minimum Tax (AMT)?
  • You will be able to recognize the rates used to calculate the Alternative Minimum Tax (AMT)?
  • You will be able to differentiate between AMT exemptions, adjustments and preference items.
  • You will be able to identify the forms to report and the formula on how to calculate Alternative Minimum Tax (AMT).

Runtime: 101 minutes
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Why Lorman?

Over 33 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 33 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 Course

This course was last revised on February 13, 2019.

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

  • CPE/NASBA - QAS Self Study 2.5 including Specialized Knowledge 2.5
     
  • Lorman Education Services is registered with the National Association of State Boards of Accountancy (NASBA) as a QAS Self Study sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its web site: https://www.nasbaregistry.org/cpas/complaints. For more information regarding administrative policies such as complaint and refund, please contact our offices at 866-352-9539. CPE Credit: Maximum Credit Hours: 2.5 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Specialized Knowledge for 2.5 hours. Prerequisite: . Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: QAS Self Study. Please refer to the information in this advertisement for outline, course content and objectives. Upon completion of this course, you will receive a certificate of attendance. Final approval of a course for CPE credit belongs with each state's regulatory board.
     
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Why Lorman?

Over 33 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 33 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.

All of your training, right here at Lorman.

Pay once and get a full year of unlimited training in any format, any time!

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  • State Specific Credit Tracker
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Questions? Call 877-296-2169 to speak with a real person.

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Product ID: 405725
Published 2019
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