ArticlesReader.com Menu
Newest Articles
Most Viewed Articles
ArticlesReader.com RSS
Submit Article
Login
Signup
Search the articles

Articles Main Categories
Advice
Animals
Automobiles
Business
Career
Communications
Computer Programming
Computers
Entertainment
Environment
Family
Fashion
Finance
Food
Health & Medical
Home & Garden
Humor
Internet Business
Internet Marketing
Legal
Leisure & Recreation
Marketing
Other
Politics
Reference & Education
Religion
Self Improvement
Sports
Technology & Science
Travel
Writing
Subscribe
Receive alert message from us when new articles submitted to our site for free.

Enter your name

Enter your email

Syndicate

















Related Products
Home::Taxes

Corporations Failing To Claim AMT Exemption Overpay Taxes By $11,000

Author : Richard A. Chapo
Does your incorporated business pay alternative minimum tax [“AMT]? If so, there is a 93% chance you have been overpaying your taxes by an average of $11,000 a year according to the Treasury Inspector General.



The Office of the Treasury Inspector General for Tax Administration was created in 1999 to oversee the IRS. One of the duties of the Treasury Inspector General is to study and report the efficiency of the tax payment system, particularly the accuracy of tax collection efforts. Many of the studies conducted by the office reveal starting results, particularly when it comes to businesses overpaying their taxes.



As part of this oversight, the Treasury Inspector General is reporting that many small business corporations are incorrectly paying AMT. The AMT was enacted in the late 1990s, but proved to be a huge burden on small businesses. The tax was confusing and the paperwork was incredibly complex. An amendment was subsequently added to give small business corporations relief from the AMT. Section 55(e) of the Internal Revenue Code now contains language exempting small business corporations from paying the AMT.



Small business corporations can claim an exemption from the AMT if gross revenues average $5 million or less for the initial three years of business. Thereafter, the business can continue to claim the exemption as long as revenues average $7.5 million or less of each subsequent three year period.



According to the Inspector General, companies that fail to claim an exemption to the AMT are overpaying taxes by an average of $11,638 each year. 93% of small business corporations qualify for the exemption. Since the IRS has no duty to notify taxpayers of overpayments, many small business corporations have no idea they are overpaying taxes and are due refunds.



All taxpayers have the right to file amended tax returns for the past three calendar years. Contact us now to find out if you failed to claim the exemption to the AMT and are due a refund for 2001, 2002 and 2003. If you failed to claim the AMT exemption, you may be due a refund totaling over $33,000.


Article Source: http://www.articledashboard.com





Richard Chapo is with www.businesstaxrecovery.com - recovering overpaid taxes for small businesses. Visit our article page - www.businesstaxrecovery.com/articles - to read more tax articles.





Spam emails More free articles

Related articles


  1. How to Maximize Your Home Business Tax Deductions for 2005
  2. Tax Magic: How To Turn Taxable Income Into Tax-Free Income
  3. Tax Audits: What Signs Make You More Likely to be Audited by the IRS?
  4. Tax Jokes and Quotes
  5. The Implications of Income Tax Charge on Estate Planning
  6. Navigating The Internet Sales Tax Laws
  7. How To Claim CHILD TAX CREDIT The Right Way And Add An Extra $2,000 To Your Refund
  8. The Seven Deadly Tax Sins: Commonly Missed Deductions
  9. Tax Time Tune Up
  10. The Internet Tax Man Cometh
  11. How to Check the Status of Your Tax Refund Online
  12. How To Get An Extension To File Your Business Tax Returns
  13. How to Cut Duty Cost and Increase Profit as an Importer
  14. Tax Records - What You Should Keep And For How Long
  15. Home Based Business Tax Deductions
  16. Keeping Your Own Money – NOT Handing It Over To The Taxman
  17. How to Reduce the Estate Tax Using the A-B Revocable Living Trust
  18. Deadlines Approaching For Filing 1099s For Independent Contractors
  19. Surprising Truths About Tax Preparers
  20. Tax Reform, My Way
  21. Knock-Knock-Knock
  22. How To Set Up A Tax-Saving Bookkeeping System
  23. Seven Key Tax Deductions for the Self Employed
  24. Organizing Your Taxes
  25. How Home-Based Businesses Can Avoid Giving Uncle Sam More than His Share
More related feeds
Corporations Failing To Claim AMT Exemption Overpay Taxes By $11000
Does your incorporated business pay alternative minimum tax [AMT]? If so, there is a 93 percent chance you have been overpaying your taxes by an average of $11000 a year according to the Treasury Inspector General. ...

Corporations Failing To Claim AMT Exemption Overpay Taxes By $11000
Does your corporation pay alternative minimum tax [ "AMT]? If so, there is a 93% chance that they were overpaying your taxes by an average of 1100… Interested? Read the rest of “Corporations Failing To Claim AMT Exemption Overpay Taxes ...

Corporations Failing To Claim AMT Exemption Overpay Taxes By $11000
According to the Inspector General, companies that fail to claim an exemption to the AMT are overpaying taxes by an average of $11638 each year. 93% of small business corporations qualify for the exemption. Since the IRS has no duty to ...

Corporations Failing To Claim AMT Exemption Overpay Taxes By $11000
Read the rest of “Corporations Failing To Claim ...

CORPORATIONS FAILING TO CLAIM AMT EXEMPTION OVERPAY TAXES BY $11000
According to the Inspector General, companies which destroy to explain an grant to the AMT have been overpaying taxes by an normal of$ eleven, 638 any year. 93% of tiny commercial operation corporations validate for the grant. ...

Corporations Failing To Claim AMT Exemption Overpay Taxes By $11000
Does your corporation pay alternative minimum tax [ "AMT]? If so, there is a 93% chance that they were overpaying your taxes by an average of 11000 US dollars per year according to the Treasury Inspector General. ...

Corporations Failing To Claim AMT Exemption Overpay Taxes By $11000
According to the Inspector General, companies that fail to claim an exemption to the AMT are overpaying taxes by an average of $11638 each year. The AMT was enacted in the held up 1990s, but proved to be a huge burden on short ...

Tax Records - What You Should Keep And For How Long
Many taxpayers are confused about how long they should keep tax records. The term "tax records" refers to your tax returns and the documents that support the information in the returns. These documents can include receipts, ...

Corporations Failing To Claim AMT Exemption Overpay Taxes By $11000
According to the Inspector General, companies that change to verify an waiver to the AMT are overpaying taxes by an cipher of $11638 apiece year. 93% of diminutive playing corporations remember for the exemption. ...

Corporations Failing To Claim AMT Exemption Overpay Taxation By $11000
According to a Inspector General, corporations that fail to claim an exemption to the AMT come overpaying revenue enhancement by an typical of $11638 every month. 93% of small business corporations qualify for the exemption. ...

 


 

© 2007 articlesreader.com - All Rights Reserved