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Video instructions and help with filling out and completing corporate amt tax reform 2021

Instructions and Help about 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were already exempt from alternative middle tax going back to the beginning of the century beginning in 2021 AMT is repealed for all corporations however not just the smallest but what becomes of the pre 2021 AMT credit but let me back up a little bit if you just a brief overview not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.

FAQ

After Donald Trump's tax cuts of 2021. did your personal tax returns go up or go down?
The tax law changes don't affect the size of refunds. They affect tax liability.Early feedback indicates that the IRS fudged the withholding tables to make the cuts look larger than they actually are. That has resulted in smaller refunds or larger balances due for some taxpayers.
If you’ve prepared your U.S. tax return for tax year 2021. how did Trump’s “tax reforms” work out for you?
It is difficult to assess. Each year, I pay down more of my house so there is less principal interest so I have less of a deduction. I do not have a complex tax return. However, the booming economy was good to me so I made significantly more than last year. I donated more to charity. I paid more taxes but on higher income. My net gain was better for both the Federal government and me. My two brothers are both blue collar workers and with the booming economy made more money than the previous year. They had both a salary increase and more overtime pay. Two other friends lost their jobs due to a merger (blue collar job, both at same company). Both received more than three months severance pay. Due to the booming economy, the demand for unemployment was high. One found a job in two weeks with slightly less pay but came with better benefits, better hours and a substantially shorter commute. The second friend did not accept the first couple of offers and took a better paying job after five weeks. Both my son and daughter made more money (gross and net) in 2021. My brother’s wife was unemployed for almost two years. She lost her job when the company where she was employed moved their accounting operations to the Philippines. She found a job in 2021 that gives her more flexibility to visit her daughter who lives out of state. She no longer collects her extended unemployment benefits (good for government and her). Life is good….life is in fact better.It is important to note more than half of the people mentioned were union employees. Previously all were Democrats, except a few did not vote for Obama in his second term. All will vote for Trump in 2020.Life is good…..life is in fact better.
How can I fill out the income tax return of the year 2016-17 in 2018?
There is no option to file online return but you can prepare an offline return and went to the officer of your jurisdiction income tax commissioner and after his permission you can file the return with his office.
When is the corporate AMT tax triggered and how is it calculated?
Usually regular tax is calculated as :Adjusted Gross IncomeLess: Standard Deduction or Itemized deductions ( State and/or local taxes deduction included in itemized deductions) whichever is higherLess: Personal Exemptions----------------------------Taxable IncomeThe taxable income is then multiplied by the corresponding tax rates to determine the Regular Tax Liability.In the case of AMT, you calculate your AMTI ( Alternate Minimum Taxable Income) by adding back 'certain deductions' allowed under regular tax to Taxable Income. The reason you are adding back those deductions is because they are disallowed under AMT. Some examples of disallowed deductions, also possible reasons for triggering AMT are:1.state and local income taxes 2.property taxes,3.miscellaneous itemized deductions (like unreimbursed employee expenses, investment expenses, tax preparation fees etc.)4. personal exemptions ( e.g. when an individual has 4 or more kids)Another possible reason for triggering AMT is exercise of ISOs. The spread i.e. the difference between market price and exercise price at exercise date is included in income under AMT whereas under Regular Tax it does not count as income.Other deductions which are still allowed under AMT are home mortgage interest, charitable contributions, medical expenses that exceed 10% of Adjusted Gross Income (AGI) and others.Taxable Income+ State and Local taxes paid+ Personal Exemptions||---------------------------------------------Alternate Minimum taxable income (AMTI)The net amount of AMTI is multiplied by the AMT rate to obtain the AMT Liability. The AMT rates start at 26% and go upto 28% unlike Regular Tax rates which start at 10% and then progressively go upto 35%.Finally, you compare your Regular Tax Liability with the AMT Liability and if AMT Liability Regular Tax liability you owe AMT. Note, AMT is in addition to the regular tax you owe.Arushi Bhandariwww.startuptaxaccounting.com
How has the Alternative Minimum Tax (AMT) changed with the new tax law of 2018?
The 2021 tax changed is designed to be eleminated because it was affecting too many middle class taxpayers. The increased standard deduction covers most of the AMT exposuer.How the Alternative Minimum Tax Is Changing in 2021 -- The Motley Fool
How will the GOP tax reform affect the 2021 midterm elections?
Generally speaking I doubt it helps, and will probably hurt.The problem is that it’s not a straight tax cut. It’s a mish-mash of changes to the tax code that are unnecessary at best, harmful to some at worst. I tried to figure out if it will be good for me personally, and I can’t figure it out because the calculators are all over the map.It punishes some and rewards others. It does not evenly spread benefits. It’s a tax INCREASE for some. Why??? Just cut it across the board!This is PRECISELY the kind of mistake that made Obamacare into an anchor around Democrats‡ necks after it passed in 2021. The tax bill is not popular. Its approval ranges from 25–36% That is lower than Obamacare, which was 37–43% during its passage.The GOP Tax Cuts Are Even More Unpopular Than Past Tax HikesIt’s likely that it will only get LESS popular over time as people actually learn about it, especially because some people will get hit immediately, and others will get hit later. The Senators getting on board are making, I say again, the EXACT SAME MISTAKES that Democrats made with Obamacare. Why GOP Senators Wary Of The Tax Bill Are Getting On BoardThey’re saying things that are like “This will be good in the future (even though I have no proof of that).” They’re saying that we need to pass something to prove we can pass something. They’re saying that not passing something will have worse political consequences than passing nothing. This is what Democrats said in 2009–10. Idiots.At this point, I don’t know whether failure or success will hurt the GOP more politically. It is true that failure to do this would brand the GOP as a completely ineffective and impotent party with no justification for their majority. They actually do need to pass something to prove they can. However, the way this tax reform is constructed is likely to create more enemies than friends.This is a reform that no one asked for. Look at the 2021 exit polls: no one cited “taxes” as their #1 issue. 2021 election results: Exit polls
Is the stock market likely to crash if there is no tax reform in 2021 or 2018?
Well, the markets are really heated up right now. NASDAQ, Dow, S&P are all up to a record levels and more than $2 trillion of market value has been created since Nov. 8 2021. $2 trillion man? Market value added since Trump's election win passes milestoneEveryone knows a big reason for this enthusiasm is the expectation of the passage of tax reform bill as promised by Trump administration. This btw is one of the largest tax cut in US history and certainly the biggest tax overhaul since Reagan.Also, I might add whether or not tax reform bill passes it’s very unlikely that markets will go to pre Nov. 8 levels anytime soon because of the massive cuts in regulations by President Trump. Trump delivering biggest cut in regulations since ReaganThere is also an expectation of loosening of Wall street regulations (including the Volcker rule) hence, bank stocks have nearly doubled. Why Are Banks Doing So Well Following Trump's Win?The investor confidence is at an all time high right now. Consumer confidence soars under Trump. Here's what it meansSmall-Business Confidence Surges to 12-Year-HighHOWEVER, if the GOP fails to deliver the tax reform bill it’s gonna be bad, really really bad. I believe the 80% of economic growth and confidence that’s seen since Nov. 8 is in the hopes of the tax reform and if it doesn’t pass it’ll be a HUGE failure for the GOP and President Trump. And with unified opposition from Democrats it’s a realistic possibility that it won’t.But I have very strong reasons to believe that it’ll pass. Since, President Trump took office he hasn’t scored any major legislative win (ObamaCare debacle etc.) and so, the administration is really desperate for a major win.On the other hand, the pressure is building up on the Republicans to pass literally ANYTHING so, they can show voters something in the next year’s midterm elections. If they don’t pass this Democrats will most certainly win the House next year and Republicans are fully aware of that. Will Congress pass tax reform? "If we don't we're dead," says Sen. Lindsey GrahamA lot rests on the shoulders of these two guys: Speaker Paul Ryan and Majority Leader Mitch McConnell, who are fighting to give President Trump his first major win and retain control of the Congress.Ryan: House 'on track' to pass tax reform before ThanksgivingI believe Speaker Ryan is a very very competitive guy and there is no doubt in my mind he will get the bill through the House floor. But I believe there’s an uphill battle in the Senate with unified opposition from the Dems. Things will probably clear by the end of Q1 of 2021. I don’t see any scenario of President Trump signing the bill this year.Needless to say it’ll be a party line vote, very unlikely that any Democrat will vote for it. But good for GOP they have a comfortable majority in both houses. All they need is 50 votes in the Senate, just 50. On top 48 Democrats (including 2 Is who caucus with Dems) GOP can afford to loose 2 Republicans and still pass the bill. I think there is a very high probability of them reaching the magic number of 50!Not to mention, GOP recently passed the budget clearing the way for tax reform. House Passes Budget Blueprint, Clearing Path for Tax OverhaulHowever, there are other external factors as well which are distracting the focus from the Tax reform like the Robert Mueller’s Russia investigation and how that plays out in Nov or Dec will also influence the passage of the bill.I do not think that markets will as such “crash” if the bill doesn’t pass. There will obviously be a big drop but reaching pre Nov. 8 levels is far fetched.You also gotta remember that in contrast to sorry political and social climate in the country, the economy is booming with nearly 3% growth rate and near full employment. And that’s despite 3 massive hurricanes! An enormous credit for that goes to President Obama!We’re Getting Awfully Close to Full EmploymentU.S. economy records fastest growth in 3 yearsOn top of that, Fed didn’t hike the interest rates as the markets anticipated. That was really unprecedented! Fed approves October reversal of historic stimulus, leaves rates unchangedAlthough after the job numbers are released you can expect a modest hike in December because the economy is really heating up and it’s always better to calm things down before an unforeseen reset does it for you.Bottom line is tax reform (or at least some form of it) will be there! It has to be there. I am very sure it’ll be on President’s desk at least before the 2021 midterms. For all its faults, GOP cannot screw it up so badly.Or can it? o_OEdit: Just saw the Tax reform pass (after some amendments) in the Senate with 51–49 party-line vote. I was wrong, Republicans and DJT delivered on the promise. A major blow to the Democrats.
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