Corporate AMT: Mastering Calculations, Carry-Forwards, ATNOLs and Basis Schedules

Identifying Planning Opportunities to Minimize AMT Impact

Recording of a 110-minute CPE webinar with Q&A

Conducted on Wednesday, July 15, 2015

Recorded event now available

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Course Materials

This course will prepare corporate tax professionals to properly calculate and maintain the separate schedules required as part of calculating the corporate alternative minimum tax (AMT).

Description

Among the more complex aspects of corporate tax return preparation are the separate calculations that go into computing the corporate AMT.  The challenge goes well beyond merely calculating current year adjustments based on adjusted current earnings (ACE). Corporations must maintain separate schedules for net income, depreciation, alternate tax net operating loss (ATNOL), carry-forward amounts, and AMT credits against future years’ net income and AMT income (AMTI). 

Further complicating matters is the required redetermination of foreign tax credits under the AMT, with credits calculated against AMTI. AMT calculations also require adjustments to inventory, which also require maintaining separate inventory lists. In short, for businesses subject to the AMT, most tax preference items requiring timing adjustments will require separate schedules to reconcile taxable income with AMTI.

While the AMT is complex, there are planning opportunities to positively effect the timing of AMT. By keeping AMT schedules correct and current, corporate tax professionals can provide useful tools to company managers to lessen the tax impact of the AMT on a company’s bottom line.

Listen as our experienced panel provides a detailed roadmap to the separate calculations, schedules and carry-forwards required by the AMT.

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Outline

  1. Income calculations
  2. Preference items
  3. Fixed assets and depreciation under AMT
  4. E&P adjustments
  5. Alternate net operating loss (ATNOL) schedules
  6. Basis tracking

Benefits

The panel will discuss these and other critical issues:

  • How to calculate AMT income
  • How to prepare and maintain separate fixed asset and depreciation schedules for AMT
  • How to reconcile differences between regular NOL and alternate tax NOL (ATNOLs)
  • How to track AMT credit carry-forwards
  • How to identify planning opportunities to minimize AMT impact

Faculty

Joseph P. Nicola, Jr.
Joseph P. Nicola, Jr.
Tax Partner
Sisterson & Co.

Mr. Nicola has experience in many areas of taxation, including the taxation of and planning for individuals, families,...  |  Read More

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