Vanessa Monfort, the company’s bookkeeper corporation’s 2009 tax returns

You work for Gibbons, Johnson & Tannun, LLP, as a practicing CPA. ABI, Inc., a medium-sized client that specializes in custom projects, was just added to your client list. ABI, Inc. has more work than they can handle after the tornado swept through your town. 2010 saw an increase in ABI’s gross revenues to $12 million from $150,000 in 2009. Since it would take three years to fully clean up after the disastrous tornado, Alex Lee, the owner of ABI, Inc., anticipates a 30% increase in sales during that time. Alex Lee believes he needs a CPA firm to do their taxes this year, despite the fact that Vanessa Monfort, the company’s bookkeeper, prepared the corporation’s 2009 tax returns using an internet tax tool and believes she can do it again this year.
Alex Lee, the owner of ABI, is horrified to learn that he will be required to pay more taxes than he already does when the topic of alternative minimum tax is brought up in your meeting. The company’s bookkeeper, Vanessa Monfort, believes that the AMT applies to the corporation. Your responsibility is to define the AMT and discuss the potential consequences for him.
It’s time for you to make a choice based on the situation, your role, and the details given by the major participants. <br><br> Close this window and come back to this week’s article once you have finished studying this scenario. You choose to finish the activity for this scenario under the Decide option in your course window. <br><br> You can come back at any moment and go over this scenario once again.
Write Alex Lee a three- to four-page (12-point, double-spaced) memo in which you clearly and concisely explain the following:
• Describe the AMT’s motivation.
· Explain the AMT’s application criteria.
Describe what can be done to lessen the AMT’s effects.


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