Tax News

CCH (cch.taxgroup.com) reports:

The IRS has updated its Internet-based calculator to help taxpayers determine whether they owe the alternative minimum tax (AMT). The online AMT Assistant, available at www.irs.gov, is an automated version of Worksheet to see if you should fill in Form 6251, Alternative Minimum Tax . The worksheet, contained in the Form 1040 Instruction Booklet, is used to determine how much AMT, if any, a taxpayer owes. The IRS projects that most taxpayers using the online AMT Assistant will find that the AMT does not apply to them, and that after they enter their data, they can get an answer in five to 10 minutes.
The AMT Assistant is aimed at individual taxpayers and can be used by individuals, tax practitioners and community or public service organizations. All entries are anonymous. Taxpayers filing paper returns benefit the most from the AMT Assistant, since electronic filing software generally computes AMT liability automatically. Taxpayers can find the tool by entering "AMT Assistant" in the www.irs.gov search box. To use the AMT Assistant, taxpayers must complete a draft Form 1040 through line 44 and have that information at hand.
IR-2007-18, 2007FED ¶46,288
Other References:
Code Sec. 55
CCH Reference - 2007FED ¶5101.03
CCH Reference - 2007FED ¶5101.10
Code Sec. 6011
CCH Reference - 2007FED ¶35,141.04
Tax Research Consultant
CCH Reference - TRC FILEIND: 30,400