New AMT Relief Can Benefit Prior Years

Posted by Jeffrey Feingold on 08.20.11

There's been some debate in prior months as to ability to use 2010 R&D credits to carry back as an offset to AMT in prior years. The IRS has recently provided guidance which shows that 2010 general business credits can indeed be carried back as an offset to prior period AMT as well as ordinary income tax.

Here is the applicable IRS link.