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Item Title: Congress Passes 'Quick Fix' to the AMT
Summary:
Last week, Congress passed some much-needed tax relief involving the alternative minimum tax (AMT). The new tax legislation increases the exemption amounts for tax filers across-the-board and and allows them to use personal tax credits to offset AMT liabilities. It is expected to save more than 20 million people from paying AMT for the 2007 tax year. Here are the details.
Comments:
Our firm provides the information in this e-newsletter for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. Tax articles in this e-newsletter are not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided "as is," with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.