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The 2009 AMT Stimulus Patch: Tax Strategies to Minimize the AMT Liability


The Alternative Minimum Tax (AMT) was enacted because of congressional reaction to the 1969 Economic Report of the President, which indicated that 155 high-income taxpayers with adjusted gross incomes above $200,000 did not pay any federal income tax. The AMT is a separate and parallel tax system that effectively requires individual taxpayers to compute their regular income tax liability, then recompute their tax liability under the AMT system and pay whichever is greater. Most income and expense items (e.g., a taxpayer’s wages and charitable contributions) are treated the same way for both regular taxable income and alternative minimum taxable income (AMTI). There are some income and expense items that are treated differently, however.

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Essentials
Publisher's Column
Perspectives

A Long and Winding Road: 25 Years of GASB

Last year marked the 25th anniversary of the Governmental
Accounting Standards Board (GASB). This organization is
an operating unit of the Financial Accounting Foundation (FAF), which also oversees the Financial Accounting Standards Board (FASB). Full Story

Serving the Public Interest

 One of the basic tenets of the CPA profession is to serve the public interest. So as New York State struggles with its fiscal woes—along with at least 35 other states that needed to close budget shortfalls as of press time—who better than CPAs to try to help at the local level to reduce the budgetary burden on the taxpayer? Full Story

Ponzis and Pyramids: What CPAs Need to Know

Bernard L. Madoff. Patrick R. Bennett. John McNamara. Nicholas Cosmo. These names have two things in common: First, they were all residents of New York State, and, second, all were accused of operating Ponzi schemes. CPAs should learn lessons from these scandals and apply them in their own practice. Full Story
The CPA Journal is broadly recognized as an outstanding, technical-refereed publication aimed at practitioners, educators, regulators, and other financial professionals. Our goal is to provide the Journal’s readers with insight and analysis on developments in the areas of accounting, auditing, taxation, finance, management, technology, and professional ethics.

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