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Video instructions and help with filling out and completing corporate amt tax reform 2021
Hi at this point I'm turning to corporate alternative minimum tax the rules from corporate alternative minimum tax shifts suddenly away from what we do that is similar to individual alternative minimum tax because we're going to repeal much of alternative minimum tax for corporations but not for individuals the tax cutting Jobs Act repeals corporate of alternative minimum tax so let's look at the pre 2021 law for years say 2021 the corporate AMT rate is 20 percent of the alternative middle taxable income after we take away a $40,000 exemption that faces out beginning at 150,000 and many corporations hit that exemption phase-out sometimes it's entirely phased out so if you think of it as a 20% alternative minimum flat tax that's kind of conceptually a good approximation of what's going on corporations with average gross receipts of less than 7.5 million for the preceding three tax years that is small corporations were already exempt from alternative middle tax going back to the beginning of the century beginning in 2021 AMT is repealed for all corporations however not just the smallest but what becomes of the pre 2021 AMT credit but let me back up a little bit if you just a brief overview not a detailed overview of how these AMT credits were generated where alternative minimum tax was paid in a previous year by corporation the amount that the tentative minimum tax exceeded the regular tax for the year that is the amount of alternative minimum tax added on to the regular tax bill god only raise the haxe for that particular year but that difference that increase over the regular tax created an alternative minimum tax credit that could be carried forward to future tax years and those credits could bring the regular tax income down to but not below the alternative minimum tax and each successive future year if you did not fully use an AMT credit or if we're two or three years in a row you are generating AMT credits therefore unable to use any of them they kind of piled up and they kept carrying forward they didn't expire now however we're repealing AMT so no new AMT credits will be created however we still have those old AMT credits carry forward in some cases and they could still be used and they are now partially refundable so after 2021 and before 2021 with a for 18 19 20 21 for 4 years 50% of the total AMT accumulated credits are bringing into 2021 say - the credit that you would normally get to use anyway this year because your regular tax liability is say more than well there's not really an alternative minimum tax credit now but the AMT credit that you're using this year 50 percent of that can be claimed and after the four years goes away that 50% increases to a hundred percent after 2021 so I'm putting some of these thoughts in brown because they're.