I posed the following question to my fellow tax professionals on Twitter a few weeks ago:
Tax pros – how are you advising clients on AMT for 2012? Are you assuming the usual patch will be passed?
— Jason Dinesen (@dinesentax) June 5, 2012
Typical of the modern-day Twitter experience, I got exactly ONE response (thanks, Anthony Falcone!).
But I digress.
I am advising clients that an AMT patch will almost certainly be passed for 2012. As is brought up every few years when an AMT patch has expired or is about to expire, tens of millions of people would become subject to AMT if no patch is passed. It seems like a politically safe thing for both parties to agree to.
Anthony Falcone, a CPA in New Jersey and the only one to respond to my Tweet, agrees. His response to my Tweet was, (paraphrasing): he is advising clients — for now — that an AMT patch will be passed.