Federal legislation

With all of the activity on the national landscape, it’s hard to know what is critical, what the real affects of any legislation could be and what is just political posturing. Get a handle on the “real deal” with OSCPA’s federal legislative headlines.

Congress tells IRS AMT patch is coming (again)

Aug 29, 2011

A bipartisan group of House and Senate committee chairs advised the IRS that they will pass a bill this year providing temporary relief from the Alternative Minimum Tax (AMT).

Without congressional action, more than 20 million taxpayers would have to pay the tax when they file their 2010 taxes.

The AMT patch is just one of many expiring tax credits waiting for the lame-duck Congress when it returns next week from the election recess.