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Alternative Minimum Tax For Individuals: Irs Audit Technique Guide (Atg)
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About Alternative Minimum Tax For Individuals: Irs Audit
Taxpayers who are not required to pay tax under the regular tax system may still be liable for tax under the Alternative Minimum Tax (Amt) laws. These laws create an equity in the system, requiring higher income individuals with certain deductions to pay tax. Without the Amt laws, these individuals would pay little or no tax while those with lower income levels and no deductions would pay higher tax. The Amt laws began in 1969. Since that time, the laws surrounding the computation of the tax have been modified through various tax revision acts. The 1969 law subjected individuals to an add-on tax at a 10-percent rate in addition to their regular tax. The Tax Revision Act (Tra) of 1976 increased the rate from 10 to 15 percent and decreased the exemption amount.
