Many taxpayers are concerned about the AMT (Alternative Minimum Tax) issue as questions regarding it have been coming into our office a great deal lately. In actuality the AMT, will affect about 23 million taxpayers, so here is the latest news…
A one-year patch of the AMT provisions was approved by the Senate on Thursday, December 6 but without including any of the offsetting revenue-generating provisions included in a version of the bill passed last month by the House. So now it’s back to the House. The Internal Revenue Service has already warned that the delays in patching the AMT already threaten to hold up tax refunds for millions of taxpayers. Twelve different forms need to be revised to reflect the changes.
Be sure to speak with your tax advisor and start planning for the AMT changes now
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