The Joint Committee on Taxation has issued a report on the individual alternative minimum tax in advance of a Senate Finance Committee hearing scheduled for Wed., June 27. The JCT report listed several selected reform options, which include: indexing or increasing the exemption amounts; allowing the deduction for personal exemptions and standard deductions to be used when computing the AMT; permitting state and local taxes against the AMT; reducing the minimum tax rates; eliminating the phase-out of the minimum tax exemption; allowing nonrefundable personal credits to offset the minimum tax after 2006; and repealing the AMT. The report is available at: http://www.house.gov/jct/x-38-07.pdf.
-
The first class of the AICPA and NASBA's pilot Experience, Learn & Earn program are completing their inaugural semester.
6m ago -
A phish, a mill and a stroll overseas are just three of the 12 major scams the Internal Revenue Service for this year's rogues gallery.
24m ago -
The process of becoming a remote partner isn't much different from the traditional path — but it may take a little extra effort.
6h ago -
The Internal Revenue Service is extending tax relief on required minimum distributions from inherited retirement accounts not made in 2024 after providing similar relief in recent years.
April 16 -
Internal Revenue Service commissioner Danny Werfel testified at a hearing of the Senate Finance Committee to discuss this past tax season and the proposed budget for carrying out the agency's future plans.
April 16 -
A set of frequently asked questions from the IRS says the benefit can be excluded from income.
April 16