Archive for August, 2011

AMT Patch Needed for 2012

August 24, 2011

A new report from the Congressional Research Service highlights the need for legislative action on the alternative minimum tax (“AMT”). Without a change in the law, some 34 million taxpayers will incur this tax in 2012. (more…)

Erroneous Disallowance of Homebuyer Credit

August 17, 2011

A report in Tax Notes indicates numerous taxpayers who claimed the original version of the first-time homebuyer credit have received (or will receive) erroneous letters telling them they don’t qualify for the credit. The IRS is aware of the problem and working on a correction.