And welcome to the session. This is Professor Forehead. In this session, we're going to look at Corporate Alternative Minimum Tax, or Corporate AMT. Now, it's extremely important that if you did not or you don't understand individual AMT, it's extremely important that you understand individual AMT first. I do have a playlist about individual AMT, explaining in detail individual AMT. Now, you might be asking, "Why is this necessary?" Two reasons. One, individuals and corporations are very similar, so if you understand individual, it's easier to understand corporate. And if you are a college student, you have to know individual before you know corporate. And also, if you are a CPA student, you have to know individual before you know corporate. So, you have to know individual, make sure you know individuals. So, what is the idea behind corporate AMT? It's the same concept as personal AMT. What is the idea? The idea is there are certain taxpayers, either individuals or corporate, they have a lot of tax loopholes. So, the AMT is designed to recapture, to basically make the tax burden a little bit more favored for all individuals. That's what it is. So, just like individual AMT, corporations have to prepare two tax returns, one under the regular tax and one under the AMT. So, there are two tax returns. Just bear in mind that certain C corporations are exempt from AMT, and those are called small C. As long as in the previous three years, their average gross receipts is $7.5 million or less. So, they look at their average gross receipts, as long as it's less than $7.5 million for the past three years, they are exempt. Also, new corporations are automatically exempt. So, when you know you're automatically exempt. In this session, what I'm...
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Corporate amt 2023-2024 Form: What You Should Know
The TAX CUT AND ROLL Act of 2024 — Repeals the AMT and increases the ANTI credit Changes to the Alternative Minimum Tax Aug, 1, 2024 — Increases the AMT credit amount to 15% of the least of the AGI on the employee's tax return or the tax liability on the employee's tax return. No credit is allowed for the following: A. Exemptions From the AMT—Individuals who file a joint federal income tax return and whose AGI is more than 200,000, couples filing separate federal income tax returns with income exceeding 300,000 (or 450,000 for joint filers), certain individuals eligible for the credit, certain veterans and certain individuals with disability, and certain individuals who file for an exclusion on their federal tax return; C. Exemptions from the AMT—Individuals whose AGI is more than 150,000, couples filing separate federal income tax returns with income exceeding 150,000 (or 200,000 for joint filers), certain individuals eligible for the credit, certain veterans and certain individuals with disability, and certain individuals who file for an exclusion on their federal tax return; D. Exemptions from the AMT—Individuals whose AGI is more than 100,000 for married couples filing jointly, and couples filing separate federal income tax returns with income exceeding 75,000 (or 150,000 for married filers), certain individuals eligible for the credit, certain students, certain individuals with disabled incomes, individuals with household incomes under 100% of the poverty level, and certain individuals who file for an exclusion on their federal tax return; E. Exemptions from the AMT—Individuals whose AGI is more than 75,000 for married couples filing jointly, and couples filing separate federal income tax returns with income exceeding 150,000 (or 200,000 for married couples filing jointly), certain individuals or their spouse who file for an exclusion on their federal tax return, certain veterans (including members of the armed forces or national guard on full or part-time military duty), certain individuals with disability, and certain individuals who file for an exclusion on their federal tax return; F.
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