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Congress Passes AMT Relief - R&D Tax Credit Enhancement with the Small Business Jobs Act of 2010 - Congress passed the Small Business Jobs Act of 2010 this week aimed at providing financial relief for small to mid-size businesses. The bill, expected to be signed by the President, allows the R&D credit to reduce Alternative Minimum Tax or AMT
Congress Passes AMT Relief - R&D Tax Credit Enhancement with the Small Business Jobs Act of 2010

 

NewswireToday - /newswire/ - South Walpole, MA, United States, 2010/09/25 - Congress passed the Small Business Jobs Act of 2010 this week aimed at providing financial relief for small to mid-size businesses. The bill, expected to be signed by the President, allows the R&D credit to reduce Alternative Minimum Tax or AMT.

   
 
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Congress Passes AMT Relief - R&D Tax Credit Enhancement with the Small Business Jobs Act of 2010Congress passed the Small Business Jobs Act of 2010 this week aimed at providing financial relief for small to mid-size businesses. The bill, expected to be signed by the President, allows the R&D credit to reduce Alternative Minimum Tax or AMT.

Tax Point Advisors Alert - Congress passed legislation (Small Business Jobs Act of 2010) this week aimed at providing financial relief for small to mid-size businesses. The bill, expected to be signed by the President, allows - for the first time - the R&D credit to reduce Alternative Minimum Tax or AMT.

According to Jeffrey Feingold, Managing Partner of Tax Point Advisors, "The ability to utilize the R&D credit as an offset to AMT will be helpful, though the benefit starts with the 2010 tax year and credits from other, prior, open tax years (2007 - 2009 for most taxpayers) are still subject to AMT. While the AMT change will be helpful, we believe Washington must do more than address the AMT problem for 2010. We provide R&D tax credit studies to clients from CA to TX to MA, and, while happy to see this change, our view is that it is not nearly robust enough. The AMT offset should apply to all years if Washington truly expects to benefit small businesses - many of which will get a somewhat higher R&D credit benefit but which will also be paying higher income taxes as of next year."

Feingold's fellow Managing Partner, Steve Ragow, noted that, despite the limitations to the new AMT provisions, CPA's with clients who did not claim R&D credits in prior years should begin to re-assess their potential credits now, especially since, he added, the new bill allows for up to a five year carryback of the credits.

 
 
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Congress Passes AMT Relief - R&D Tax Credit Enhancement with the Small Business Jobs Act of 2010

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Publisher Contact: Jeffrey Feingold - TaxPointAdvisors.com 
1-800-260-4138 info[.]taxpointadvisors.com
 
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