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Congress Promises AMT Patch Soon!

November 13, 2010

Here is a quick update re the AMT patch. As we get them here at GAI (www.gunwel.com) we will pass them along to you. Call us at 212-979-6830 or stop by for a visit with any questions you may have. See you soon! 

Ranking members of the House and Senate tax committees are promising to do whatever is necessary to enact AMT relief for the 2010 tax year. In a letter to Commissioner Shulman, leaders stated that the IRS should prepare to, “take all steps necessary to plan for changes.”

The anticipated legislation would allow the personal credits against the AMT and the exemption amounts for 2010 to be set at $47,450 for individuals and $72,450 for married taxpayers filing jointly. However it must be noted that nothing has been passed yet.”

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