Alternative Minimum Tax

The Alternative Minimum Tax is an aspect of the United States federal tax code that seeks to capture a minimum level of revenue from all taxpayers and to ensure that some earners are not escaping tax liability... more +
The Alternative Minimum Tax is an aspect of the United States federal tax code that seeks to capture a minimum level of revenue from all taxpayers and to ensure that some earners are not escaping tax liability through certain tax breaks or deductions.  Liability under the AMT is calculated by adding certain deductions back into an individual's adjusted gross income, subtracting the AMT exemption and then, paying a percentage of the remaining figure. less -
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Estate Planning NOW: Preparing for a New Government

It’s impossible to predict what any future president will do, or what Congress will approve. But in light of comments president-elect Donald J. Trump made on the campaign trail, and given that Grand Old Party members will...more

A Comparison of Trump and House GOP Tax Reform Proposals

With Republicans in control of the U.S. Senate, the U.S. House of Representatives and the White House starting in 2017, the federal government is now better positioned to move forward on comprehensive tax reform, with...more

Potential for Tax Reform in 2017: Insight from Proposals of the President-Elect and Congressional Republicans

In the U.S. general election held on November 8, 2016, Donald J. Trump was elected to become the 45th President of the United States. Republicans also retained their majorities in both the U.S. House of Representatives and...more

What Kind of Tax Changes Can We Expect From Trump's Presidency?

The tears have not yet dried for some, and the celebrating is not yet over for others, but let's turn our attention to taxes. With a Republican Congress and a Republican president, some measure of tax relief is a given. What...more

Measure 97 (Formerly Known as Initiative Petition 28) Will Be Presented to Oregon Voters on November 8, 2016: What You Need to...

C Corporations with Oregon annual revenues greater than $25 million may face a new minimum tax obligation – 2.5 percent of the excess – if Measure 97 passes. If a business falls within this category, there may be ways to...more

Foreign Bank Account Reporting and Employment Tax Enforcement: Ronn Owens interviews Steve Moskowitz [Audio]

Ronn Owens interviewed Steve Moskowitz on June 28 and they discuss IRS priorities, including Foreign Bank Account Reporting and Employment Tax Enforcement. Steve and Ronn further discuss the history of individual tax rates...more

Small Business Investors Can Save Big with New IRS Code Amendments

Recent amendments to the Internal Revenue Code of 1986 (the Code) have significantly expanded the opportunity for tax savings under Section 1202. Section 1202, which was originally added to the Code in 1993, provides relief...more

Three Important Alabama Regulatory Developments

Last month, the ADOR proposed a new rule, Rule 810-3-35-.01, in order to simplify the federal income tax deduction available to corporations doing business in Alabama. The ADOR proposed to repeal the current corporate federal...more

Incorporating a Partnership to Take Advantage of the Qualified Small Business Stock Rules (Update)

This is an update to a 2013 Legal Alert by Bahar Schippel and Bill Kastin titled: Excluding 100% of Gain From the Sale of Qualified Small Business Stock Acquired in 2013. Among the tax breaks included under the...more

Tax Consequences of Compensation Clawback

Executives required to repay compensation as a result of a compensation clawback regulation, provision or policy should be mindful of certain tax consequences to the executive as a result of the repayment. As described below,...more

Tremendous Tax Savings Opportunity for Certain Investors with the PATH Act

Recent statutory amendments enacted as part of the Protecting Americans from Tax Hikes Act of 2015 (the “PATH Act”) should prompt entrepreneurs to reconsider whether a C corporation may be a better choice of entity than a...more

Obama Signs PATH, Making IRA Charitable Rollovers Permanent

The Protecting Americans from Tax Hikes Act of 2015 (PATH) was signed into law by President Obama on December 18, 2015. PATH provides permanent extensions of certain tax benefits for individuals that have long been temporary,...more

India: Recent Developments Regarding Minimum Alternate Tax

Over the past few months, several foreign portfolio investors registered in India have received notices from the Indian tax authorities demanding payment of Minimum Alternate Tax in respect of transactions which took place...more

IRS Issues a Field Service Advice on AMT NOL Ordering Rules

Section 172(b)(1)(A) provides that Net Operating Losses (NOLs) may generally be carried back two years and carried forward 20 years. The alternative minimum tax NOL cannot exceed 90 percent of alternative minimum taxable...more

CRS Report on the Production Tax Credit

On October 2, the Congressional Research Service (CRS) published an overview of the production tax credit (PTC). The report is available below. It contains a helpful summary of the history of the PTC and an insightful...more

Proposals May Signal Direction of Future Tax Reform

After several years of hearings and forums intended to develop broad-based support for comprehensive tax reform, on February 26, 2014, House Ways and Means Committee Chairman David Camp (R-Mich.) released a draft tax reform...more

100 Percent Tax Exemption for Gain on Certain Qualified Small Business Stock Expiring at Year End

In January 2013, Congress enacted legislation that could provide certain investors who acquire qualified small business stock (“QSBS”) before the end of 2013 with a significant tax benefit. In effect, the gains realized from...more

What Is The “Alternative Minimum Tax” In A Nutshell?

It can come as quite a shock at tax time when you find out that you have been hit with the “alternative minimum tax.”...more

Health Care Reform Blog: IRS Proposes Additional Minimum Value Rules

Last Friday the IRS released additional proposed regulations implementing the minimum value requirement for coverage sponsored by employers with 50 or more FTEs. The proposed rules provide that amounts contributed by...more

For Private Equity Investors, Section 1202 May Be Worth Another Look

Included in the American Taxpayer Relief Act of 2012 (ATRA) are provisions that extended some of the more significant benefits of Internal Revenue Code Section 1202, the Code provision that permits eligible noncorporate...more

Understanding the American Taxpayer Relief Act of 2012

The American Taxpayer Relief Act of 2012 was signed into law on January 2, 2013. The Act permanently extends many of the Bush-era tax cuts, while increasing tax rates for higher income taxpayers. Below is a brief summary of...more

Excluding 100% of Gain From the Sale of Qualified Small Business Stock Acquired in 2013

If you own a small business, it may be easier to raise money in 2013. This is because, among the favorable tax breaks included under the American Taxpayer Relief Act (the “2012 Act”), there is a temporary extension of the...more

Congress Approves The American Taxpayer Relief Act Of 2012, Preventing "Fiscal Cliff"

After much contention,Congress passed the American Taxpayer Relief Act of 2012, and President Obama signed the legislation on January 2, 2013. The Act avoids automatic sunset provisions that were scheduled to take effect...more

The Fiscal Cliff Deal - What does it mean for you and your business?

In the early morning hours of January 1, 2013, the Senate approved the American Taxpayer Relief Act of 2012 (the “Act”) by a vote of 89-8. Less than 24 hours later, the House of Representatives also approved the Act by a vote...more

Recent Changes Allow Tax-Free Receipt of up to $10 Million in Gain from the Sale of Small Business Stock

One silver lining to the American Taxpayer Relief Act of 2012 (“ATRA”) is that it extended the 100% exclusion for capital gain on qualified small business stock (“QSBS”) acquired between 2010 and 2011 to include stock...more

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