Alternative Minimum Tax: A Look at the Modified Rules

Description

The 2017 Tax Cuts and Jobs Act did not repeal the individual AMT, it merely modified it for 2018 and beyond. The changes in the Act may have raised the AMT entry point, but it will still impact many upper income taxpayers - some of your best clients! This program will look at both the AMT for 2017 returns you are preparing this year and the 2018 tax returns on your horizon.

This event may be a rebroadcast of a live event, with the instructor available to answer your questions either during or after the event.

Highlights

• How the Alternative Minimum Tax (AMT) works.
  
• Tax rates and brackets.
  
• Exemption amounts and phase-out, including increased exemption and phase-out for 2018.
  
• Deferrals vs. exclusions.
  
• The "Big Three": State and local taxes, personal exemptions and miscellaneous itemized deductions.
  
• Limited use of tax credits.
  
• Reporting on Form 6251.
  
• Credit for prior tax year minimum tax paid.
  
• AMT surprised and planning.
  

Objectives

Gain a working knowledge of the modified AMT rules.

Discuss planning and potential pitfalls.

Designed For

CPAs in public practice and industry seeking an update on the latest tax developments and rules relating to the AMT tax.