CPE: 4 hours
Advanced prep: None
Who should attend: CPAs, attorneys and other tax professionals with individual income tax clients who need a thorough understanding of AMT causes and solutions.
There can be much confusion especially for taxpayers surrounding who has to pay the alternative minimum tax. Stay current on the rules by exploring the top 10 causes of AMT and dive into planning opportunities for each particular area. You will learn how multiple-year planning strategies can affect the AMT's impact in future years, as well as how capital gains impact AMT. In addition, we'll demystify Form 8801, look at ways to ensure your clients get the most of their minimum tax credit and review AMT issues specific to California.
Upon completion of this course, partipants will be able to determine:
- how the alternative minimum tax calculation is derived and its relationship to the regular tax;
- the principal adjustments that cause individuals to fall subject to AMT;
- techniques for explaining the AMT to clients in simple, concise terms;
- how to calculate the minimum tax credit and apply it in future years; and
- tax planning strategies for minimizing the impact of AMT.
- AMT history
- AMT calculation and exclusion amounts
- Capital gains and AMT
- Kids and AMT
- Married filing separate issues
- Minimum tax credit
- California's AMT and tax planning strategies for Californians
- AMT preferences and adjustments