Comments on: Fixing the AMT: A Plea to Congress

By: McCain Backs Off Repeal of AMT

McCain Backs Off Repeal of AMT — Sat, 14 Jun 2008 19:20:35 +0000

[...] McCain is certainly not alone in this conundrum. When faced with the opportunity to repeal the tax in 2007, Congress did not, instead putting a last minute “band aid package” [...]

By: Tax Filings Delayed This Year

Tax Filings Delayed This Year — Sat, 29 Dec 2007 16:56:15 +0000

[...] was widely believed that the delays related to Congress’ painfully slow actions to fix the AMT could be in excess of a month and a half – into March. However, acting IRS Commish Linda Stiff said [...]

By: Plop, Plop, Fizz, Fizz - Lame AMT Relief It Is

Plop, Plop, Fizz, Fizz - Lame AMT Relief It Is — Thu, 20 Dec 2007 13:14:13 +0000

[...] finally made up its mind about the AMT – on the last day of business for [...]

By: Mike Sylvester, CPA

Mike Sylvester, CPA — Thu, 13 Dec 2007 22:54:19 +0000

My wife and I operate a public accounting firm in Fort Wayne, Indiana. Before becoming a CPA I spent almost 20 years in nuclear power plants, steel mills, and manufacturing plants as a maintenance person or as a manager.

I saw some strange regulations and rules in the nuclear power industry; however, the US tax code can beat them all.

The AMT is a complete disaster and we should vote against just about every politician in the next election regardless of political party.

Mike Sylvester, CPA

By: Miranda

Miranda — Thu, 13 Dec 2007 17:48:34 +0000

As someone who has the taxes filed by Feb. 1, I am annoyed at what will doubtless by more bungling from Congress.

By: Robert D Flach

Robert D Flach — Thu, 13 Dec 2007 16:00:41 +0000

Kelly–

You were too polite in addressing the arseholes in DC. They need a good chastisement for their irresponsibility and laziness!

TWTP

By: Jim Newhard, CPA

Jim Newhard, CPA — Thu, 13 Dec 2007 11:50:01 +0000

Despite yesterday’s Taxgirl blog, there doesn’t to be anything that’s “too political” in D.C. – it, the AMT, is the poster child for complication, frustration, indiscriminant penalization, and a disregard for the best interest of Americans.

First, the list of “preferences” (adjustments and add-backs that restate regular taxable income into AMT taxable income) keeps growing to the point where it is increasing difficult to quantify the effects without detailed and accurate tax numbers (difficult to plan). Second, it hits many unsuspecting folks – particularly if they live in a high tax city and, even worse, a high tax locality (Philly, NY, Boston, LA, etc.) — they are penalized for federal tax purposes because they are hit with high state & local tax.

The kicker is that it is projected that the IRS will not be able to begin receiving and processing tax returns before February 23, 2008 (at earliest), and by that time last year, over 50 million returns were filed. This delay is costing taxpayers big time — truly the Grinchiest of politics!