Blog Archives

American Taxpayer Relief Act 2012

The American Taxpayer Relief Act of 2012 makes permanent many otherwise expiring tax provisions. The following is my summary of what I believe to be relevant provisions: Ordinary income above a certain threshold is taxed at a higher rate. The

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Posted in Adoption, Alternative Minimum Tax (AMT), Cancelled Debt, Capital Gain, Charitable Contribution, Child Tax, Employment Tax, Estate Tax, Excise Tax, Generation Ski[[ing Transfer Tax, Social Security Tax, Tax Credit, Tax Guidance & Preparation, Tax Relief

IRS Tax Treatment of Incentive Stock Options Forms 3921, 6251, 8949

The Perturbing New Treatment of Patents Under the Tax Cut & Jobs Act (TCJA)

Incentive stock options (ISO) are compensation to employees in the form of stock rather than cash. With an ISO, the employer grants to the employee an option to purchase stock in the employer's corporation, or parent or subsidiary corporations, at

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Posted in Alternative Minimum Tax (AMT), Stock Options

Lessons From Mitt Romney’s Tax Return

Business Entity Selection and the Tax Consequences of Converting

Check out Mitt Romney's 2010 tax return and learn how he does it. The most important lesson I learned in perusing his return (besides the significance of sheltering your $$ outside of the USA) is the immediate impact of targeted charitable contributions.

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Posted in Abusive Tax Shelter, Accounting Method, Alternative Minimum Tax (AMT), Asset Classification, Audit Technique Guide, Basis, Business Expense, Business Income, Charitable Contribution, Cost Basis, Mitt Romney Taxes

Municipal Bond Interest Can Be Taxable – Make Sure You Trust Your Broker Is Competent

I am so sick and tired of late night commercials selling snake oil. My latest angst comes from claims of tax free municipal bonds. Not all municipal bonds offer tax free interest so the next time slick Rick the broker

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Posted in Alternative Minimum Tax (AMT), Municipal Bond

Alternative Minimum Tax – AMT and Unexpected Investment Income

It is no secret that the US Congress' growing inability to agree on matters of substance is both disturbing and frustrating. The Alternative Minimum Tax (AMT) problem of not automatically adjusting for inflation is yet another example of the collective

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Posted in Alternative Minimum Tax (AMT)

Net Operating Loss Carry Back

I have been developing quite an expertise in resolving Net Operating Loss carry back matters yet with each new situation there is something new that seems to be discovered. IRC section 6511(d)(2) states, a claim for credit or refund that

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Posted in Alternative Minimum Tax (AMT), Net Operating Loss, NOL

Employee Stock Options and Alternative Minimum Tax (AMT)

Okay this is fun, writing about employee stock options that is. The biggest thing that kicked me in the jimmy as it were was the Alternative Minimum Tax (AMT) obligation associated with Incentive Stock Options that were exercised (converted to

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Posted in Alternative Minimum Tax (AMT), Stock Options

How to Get a ‘Fresh Start’ with the IRS

According to IR-2011-20 published on Feb. 24, 2011, in its latest effort to help struggling taxpayers, the Internal Revenue Service announced a series of new steps to help people get a fresh start with their tax liabilities. The goal is to

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Posted in Alternative Minimum Tax (AMT), Amended Tax Return, Appeals & Audit Resolution, Back Taxes Owed, Business Expense, Colorado Department of Revenue, Disallowed Expenses, Intent To Levy, Intent To Lien, IRS Appeal, IRS Audit, IRS Collections, IRS Enforcement, IRS Examination, IRS Levy, IRS Lien, IRS Mediation, IRS Penalties, IRS Penalty and Interest Abatement, Non-filed Tax Returns, Paying Taxes, Payroll Tax Problems, Rental Real Estate, Self Employ, Small Business, Tax Problems & Requests, Tax Relief

Alternative Minimum Tax(AMT) + Incentive Stock Options(ISO)

For Alternative Minimum Tax (AMT) and Statutory Incentive Stock Options (ISO), the date when your rights in the under lying stock are transferable OR no longer subject to a substantial risk of forfeiture you must include as an adjustment for the

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Posted in Alternative Minimum Tax (AMT)

Alternative Minimum Tax (AMT) IRS From 6251

It is blowing my mind how many people this year have become unwittingly liable for the Alternative Minimum Tax.  Good people who thought they had been withholding enough taxes now find themselves owing big. The people hit the hardest seem

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Posted in Alternative Minimum Tax (AMT)
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