01 Apr CARES Act – Alternative Minimum Tax (“AMT”) Credits
The 2017 tax reform bill repealed the corporate AMT. Corporate AMT credits were available to corporate taxpayers as refundable credits over several years, ending in 2021. The CARES Act accelerates a corporate taxpayer’s ability to recover AMT credits.
OUR BOTTOM LINE: This will allow the corporation to claim a refund now by amending the corporation’s tax returns for 2018 and, to the extent previously filed, 2019.