The AMT wait continues...

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By Gail Perry, CPA - We wait. The AMT legislation ball has been bounced back to the Senate. The House-passed bill contains provisions making AMT relief revenue neutral, meaning there are other taxes that will be raised to pay for the loss of revenue the government will face should an AMT patch go into effect for another year. The Senate refuses to pass a tax increase and wants the AMT patch to go forward with no new taxes. President Bush has indicated he will not sign a bill that contains a tax increase, making it look like the Senate bill has more of a chance of becoming legislation. Meanwhile, taxpayers are looking to their accountants for advice. Do we sell stocks before year end? Can we make cuts or take losses in the next week that will offset any potential tax should the AMT patch not pass? What do you think? What are you advising your clients? Wait-and-see can only endure for a few more days, then some action is going to have to be taken.

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