Check it out - There's an extension of expiring tax provisions like the deduction of State & Local general sales taxes; The additional standard deduction for real property taxes; Above the line Deduction for Qualified Tuition and related expenses and Above the line deduction for teachers and other school professionals on the 250.00; the 15 yr cost recovery period for certain leasehold improvements, restaurant buildings and improvements, and retail improvements, the 5 year depreciation for farming business machinery and equipment THRU 2010 only. Unfortunately there is no AMT "patch" provided!!!! They are also talking about SE tax on certain service professionals going thru S corporations to avoid such.....
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According to our man on Capitol Hill, e.i. NAEA legislative liasion chief, before the house voted on it before memorial day, the bill was split into two sections, both passing of course.
The second section contains the bit about se tax on S corp profits and already is in trouble.
YEAH!ChEAr$,
Harlan Lunsford, EA n LA -
We are all
wondering what is going on with AMT. Hopefully we all have last year's tax covered as if there is no AMT patch we have to hope our clients do not shoot the messenger next year when they get their returns.Comment
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Amt
was/is addressed in the proposed budget.....so whenever that gets passed!
(The proposal is to use 2009 amounts - and make them permanent with adjustments for inflation.)
(edit - I was sure I used all caps on the title - oh well, you guys get the point.)Comment
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