What is the AMT tax I hear about? Do they mean ATM - does the IRS have access to my ATM?

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IRS Rules on written advice have been tightened...

The IRS rules that govern the degree of risk we can legally take when providing you with advice have been tightened.

Originally these rules were designed to deal with traditional tax shelter avoidance schemes and the tax professionals who were advocating their use. The use of these rules now covers any transaction that has a significant purpose of avoiding income taxes.

We wanted to make you aware of these rules so that you understand the IRS’s increased focus on collecting taxes and penalties from those who have, and prepare, aggressive tax returns and use tax avoidance schemes.

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What is the AMT tax I hear about? Do they mean ATM - does the IRS have access to my ATM?

AMT is the Alternative Minimum Tax. This is an alternative computation of tax with the original intent of insuring that all taxpayers pay at least a minimum level of Federal tax. Certain items that are deductible for the regular tax computation may not be deductible for the AMT computation. As regular tax rates have been reduced over the years, the difference between the regular and AMT rates is getting closer. So, if certain deductions are not allowed for the AMT computation, then you will have the privilege of paying this additional tax. Oregon taxpayers and other higher income tax and property tax states are getting hit harder as these two types of taxes are deductible for regular tax but not for AMT.

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Napier & Company, LCC

Certified Public Accountants & Business Consultants

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What is the AMT tax I hear about? Do they mean ATM - does the IRS have access to my ATM?

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