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Video instructions and help with filling out and completing corporate amt 2021
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 details individual AMT now you might be asking why is this necessary two reasons one individuals and corporate 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 students you have to know individual before you know corporate so you have to know individual make sure you know individuals okay 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 they have to prepare to tax return one under the regular tax and one under the AMT so there are two tax return just bear in mind the certain C corporations are executed from a n AMT and those are called small C as long as in the previous three years that 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 for the past three years for exempt also new corporations are automatically exempt so when you know you're automatically can sell exempt so in this session what I'm gonna do I'm gonna go over the overall formula for AMT then in the next session that also I'm going to compare it to the person so I'm gonna show it to you side by side how similar to the person of AMT is and that's why it's important to understand the personal then in the next session I will dig little bit further into the adjustments and to the preferences and show you the computation with numbers but here it's an overall picture let's go ahead and start how do we compute AMT what's are they empty might take a regular corporate taxable income before net operating income so basically regular corporate taxable income assuming you don't have NOL but if you have NOL you cannot deduct NOL when you're computing regular taxable income for the purpose of AMT okay so we'll take simply put just assuming there is no NOL regular corporate taxable income just like for personal taxes we'll start with personal regular taxable income here it's regular corporate taxable income and that's why I put corporate in endcaps then you're gonna plus or minus certain adjustments plus or.