Form 6251
Alternative
Minimum Tax - Individuals
* 706
* 709 *
940 *
941 * 1040
* 1041 *
1065 * 1099
* 1120 *
5500 * 6251
*
Note: This web page will be completed in stages.
* 706
* 709 *
940 *
941 * 1040
* 1041 *
1065 * 1099
* 1120 *
5500 * 6251
*
Description
of Form
* 706
* 709 *
940 *
941 * 1040
* 1041 *
1065 * 1099
* 1120 *
5500 * 6251
*
Due Date
* 706
* 709 *
940 *
941 * 1040
* 1041 *
1065 * 1099
* 1120 *
5500 * 6251
*
Tax
Tips
* 706
* 709 *
940 *
941 * 1040
* 1041 *
1065 * 1099
* 1120 *
5500 * 6251
*
Tax
Articles
* 706
* 709 *
940 *
941 * 1040
* 1041 *
1065 * 1099
* 1120 *
5500 * 6251
*
Filing
Exemptions
* 706
* 709 *
940 *
941 * 1040
* 1041 *
1065 * 1099
* 1120 *
5500 * 6251
*
Filing
Time
For each tax form, the IRS is required to provide an estimate of the
time that is required for the taxpayer to keep records, to read the instructions,
to prepare the form and to prepare it for mailing to the IRS. It appears
that the IRS bases their estimates on minimum amount of time required for
each part of the process and that the taxpayer is a tax professional. Here
are their estimates for the average filing time for each part of the process
of preparing the estate tax return.These estimates are the sum of the separate
estimates for each of the various schedules. Thus, these amounts presume
that the return would involve every supporting schedule that could be required
with the estate tax return.
|
Stages of the Process
|
Time Required
|
|
|
| Recordkeeping |
9 hours, 40 minutes |
| Reading the instructions |
6 hours, 44 minutes |
| Preparing the form |
11 hours, 14 minutes |
| Copying, collating and mailing |
8 hours, 45 minutes |
| Total time |
36 hours, 23 minutes |
Does it seem a little ludicrous that the IRS estimates the time required
to read the instructions is about 2/3 of the estimated recordkeeping time
and about 1/2 of the time required to prepare the form? If an estate had
assets that would require the preparation of every supporting schedule
in the estate tax return, it would take a skilled professional with a good
quality computer system a lot more than the estimate given by the IRS.
* 706
* 709 *
940 *
941 * 1040
* 1041 *
1065 * 1099
* 1120 *
5500 * 6251
*
Related
Forms
* 706
* 709 *
940 *
941 * 1040
* 1041 *
1065 * 1099
* 1120 *
5500 * 6251
*
Required
Records
* 706
* 709 *
940 *
941 * 1040
* 1041 *
1065 * 1099
* 1120 *
5500 * 6251
*
Tax
Rates
* 706
* 709 *
940 *
941 * 1040
* 1041 *
1065 * 1099
* 1120 *
5500 * 6251
*
Tax Data
* 706
* 709 *
940 *
941 * 1040
* 1041 *
1065 * 1099
* 1120 *
5500 * 6251
*
IRC
Sections
* 706
* 709 *
940 *
941 * 1040
* 1041 *
1065 * 1099
* 1120 *
5500 * 6251
*
IRS Publications
* 706
* 709 *
940 *
941 * 1040
* 1041 *
1065 * 1099
* 1120 *
5500 * 6251
*
Tax
Law 97
Taxpayers' Relief Act of 1997
Section IV - Individual Alternative Minimum Tax
Provisions
* 706
* 709 *
940 *
941 * 1040
* 1041 *
1065 * 1099
* 1120 *
5500 * 6251
*
Further details about legal methods of tax avoidance are available in
our subscriber's web site. Changes
in the tax laws and research reports on how to avoid excessive taxes are
provided in our monthly newsletter - Vern Jacobs'
Tax Solutions
NOTICE: This Information is intended only for
educational purposes and may be regarded as controversial by some tax experts.
Readers should consult with a qualified tax professional who is familiar
with their specific financial and tax circumstances before adopting any
ideas that are discussed in this article.
* 706
* 709 *
940 *
941 * 1040
* 1041 *
1065 * 1099
* 1120 *
5500 * 6251
*
About the author:
Vernon Jacobs is a CPA/CLU who
works as a tax author and consultant. He writes Vern
Jacob s' Tax Solutions, is the author of The
Jacobs Report on Asset Protection Strategies, and serves
as the Tax Editor for OFFSHORE, an eJournal.
He has “big six” CPA experience and spent 12 years as a senior financial
executive for an insurance company. He’s been the software columnist for
Personal Financial Planning for five years. His email address is vkj@rpifs.com
and his web site is http://www.rpifs.com/apvkj.htm
He can be reached by phone or fax at (913) 362-9667.
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Copyright, 1998, all rights reserved. Research Press, Inc., Box 8194, Prairie
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Jacobs, Webauthor. Last
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