Tax

Have a Tax Question? Ask a Tax Expert

Ask an Expert,
Get an Answer ASAP!

Tax

It appears my software doesn't compute an ATNOL carry

Customer Question
forward in year one of...
It appears my software doesn't compute an ATNOL carry forward in year one of a corporations existence. The developer says it's since AMT applies to no corporation in its first year. The only citation I see is IRC 55 where is say AMT tax in year 1 for a corporation is zero.
Submitted: 2 years ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 30 minutes by:
9/1/2015
Tax Professional: PDtax, Certified Public Accountant (CPA) replied 2 years ago
PDtax
PDtax, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 4,775
Experience: 35 years tax experience, including four years at a Big 4 firm.
Verified

Hi from just answer. I'm PDtax, and will assist.

Ask Your Own Tax Question
Tax Professional: PDtax, Certified Public Accountant (CPA) replied 2 years ago

A corporation is exempt from AMT in its first year, so the developer is correct. The 4626 instructions are clear on the subject.

Please check those instructions, available as a pdf at:

www.irs.gov/pub/irs-pdf/i4626.pdf

Thanks for asking at just answer. Positive feedback is appreciated. I'm PDtax.

Ask Your Own Tax Question
Ask PDtax Your Own Question
PDtax
PDtax
PDtax, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 4,775
4,775 Satisfied Customers
Experience: 35 years tax experience, including four years at a Big 4 firm.

PDtax is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,300 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,338 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

Robin D.

Robin D.

Senior Tax Advisor 4

13,980 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,651 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

R. Klein, EA

R. Klein, EA

Enrolled Agent

1,839 satisfied customers

Over 20 Years experience

< Previous | Next >

Related Tax Questions
When is the last update on the tax software? Can you buy the
when is the last update on the tax software? Can you buy the software when it is fully updated direct from H&R Block?? … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
For PDtax only. I just googled new tax law changes. I am a
ForCustomeronly. I just googled new tax law changes. I am a real estate investor. Landlord for rentals and also flip some houses. One of the changes I read said "Carried Interest The final bill includ… read more
PDtax
PDtax
Certified Public Accountant (CPA)
4,775 satisfied customers
Whats the best tax software to file personal and business
Whats the best tax software to file personal and business taxes. we started our firm last year and we have very few clients we would like to pay per tax file because we have about 30 clients only.What… read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
513 satisfied customers
Do you have a recommendation for tax software that I can
Do you have a recommendation for tax software that I can efile with that actually looks like the forms that I would use to file federal tax, been doing paper and am familiar with that look, tried turb… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,804 satisfied customers
As for IRS notice 2014-17; is this rescinded under the tax
As for IRS notice 2014-17; is this rescinded under the tax bill just signed into law to take effect for 2018 tax year? … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Does trump's tax reform on estate tax exemption effect
Does trump's tax reform on estate tax exemption effect non-residents who used to have a exemption of only 60k? … read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,804 satisfied customers
Is there a form to file with the IRS for tax periods that
Is there a form to file with the IRS for tax periods that have ran past the statute of limitations from the date of assessment … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Use your tax software to complete this project. As your
Use your tax software to complete this project.As your Comprehensive Tax Return Final Project, you'll be preparing the 2016 tax return for Kevin Kent and ***** *****. The Kent's Intake Sheet is below.… read more
PDtax
PDtax
Certified Public Accountant (CPA)
4,775 satisfied customers
Is a software/tech company considered a “service business”
Is a software/tech company considered a “service business” according to the IRS? Asking because that's mentioned in the Senate's new tax bill pass-through language.http://money.cnn.com/2017/12/02/pf/t… read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
The IRS sent me a lock in letter. I claim 10 exemptions
The IRS sent me a lock in letter. I claim 10 exemptions because of mortgage interest and property taxes. They are threatening to reduce my exemptions to zero. That Wil force me into bankruptcy. Is the… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
13,980 satisfied customers
We are a software development in India with our clients in
Hi...we are a software development in India with our clients in the US offshoring their software to us. We dont have a establishment in the US. Recently our client gave us the W-8BEN to fill. Could yo… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,804 satisfied customers
I would like to start a non profit (tax exempt). I am
I would like to start a non profit (tax exempt). I am located in Idaho. The main reason for the non profit will be to help people in need, like the poor and needy with humanitarian services and produc… read more
taxmanrog
taxmanrog
Master\u0027s Degree
776 satisfied customers
How can I resolve an issue re4lated to tax exempt status. I
How can I resolve an issue re4lated to tax exempt status … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
13,980 satisfied customers
Lane I am using tax software for 1099c cancellation of debt
For Lane: Lane I am using tax software for 1099c cancellation of debt and the box that asks for "debt cancelled while insolvent" it has to be equal or less than the cancellation amount? I thought you … read more
Chad Schoch
Chad Schoch
Bacehlors of Business Administration
20 satisfied customers
When a tax exempt charity organization runs a entertainment
when a tax exempt charity organization runs a entertainment event hiring a production company do they need to charge admission sales tax? even if the proceeds(profit if there is goes to the charity or… read more
taxmanrog
taxmanrog
Master\u0027s Degree
776 satisfied customers
PDtax ONLY PART TWO 2. I want to become an independent
CustomerONLYPART TWO 2. I want to become an independent contractor for another company and they require that I have an EIN, so I need a separate one and CAN I get a new one or can I use the EIN I set … read more
PDtax
PDtax
Certified Public Accountant (CPA)
4,775 satisfied customers
Last information requested from PDtax and M.. This is a very
Last information requested from PDtax and M. Taylor. This is a very similar problem I had in 2015. I am overlooking an item. The revenue just keeps increasing and partnership taxpayers (2) have not wi… read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,282 satisfied customers
Is there an exemption for the Philadelphia sales tax? For
Is there an exemption for the Philadelphia sales tax? For example a business enterprise requires a service provider services. Such as pest control service for rental properties? Or, accounting service… read more
abci168
abci168
Principal
27 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x