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Message
re: Increasing corporate tax minimum for EARNED income
Posted on 8/7/22 at 4:47 pm to oldskule
Posted on 8/7/22 at 4:47 pm to oldskule
"Goodwill" is an annual report item that is pretty fragrantly utilized to balance the income statements. Until the IRS works that issue , there will not be much in the way of earned income to tax. Raising the corp min tax is smoke
3
Posted on 8/7/22 at 4:52 pm to Trevaylin
You’ve got a lot of experience with calculating book income? You aware of the differences in depreciation tables for taxable income vs amt calculations? You aware of any of the hundreds of other factors that go into financial reporting? Yeah, a firm that does 200k will be able to play with their numbers. Anyone bigger won’t.
This post was edited on 8/7/22 at 4:55 pm
Posted on 8/7/22 at 4:54 pm to Trevaylin
quote:
Goodwill" is an annual report item that is pretty fragrantly utilized to balance the income statements.
You think expensing decreases in goodwill is the secret that will allow all corps to avoid AMT?
who needs lawyers and accountants? Just expense some more goodwill. Posted on 8/7/22 at 5:07 pm to Trevaylin
quote:
"Goodwill" is an annual report item that is pretty fragrantly utilized to balance the income statements.
Ummmm what?
Goodwill is created with a business acquisition and represents the excess consideration over the fair value of assets acquired. If structured as an asset acquisition it is deductible over 15 years but if structured as a stock acquisition it’s not.
How is this flagrantly created? What are you trying to insinuate?
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