Thousands of middle class American workers affected by the inequitable Alternative Minimum Tax will be represented by Northern Californians joining ReformAMT as they go before the Internal Revenue Service and the California Franchise Tax Board during a special meeting on Offers in Compromises (OIC) being held Wednesday, September 19.
The meeting underscores the urgency of the plight of these taxpayers, many of whom have been threatened with property liens, bankruptcy and worse. These taxpayers will appeal to the IRS and the Franchise Tax Board for leniency in handling their OICs. Currently, the IRS is rejecting a large number of OICs from desperate and honest taxpayers.
"We are honest, hardworking, Americans who have been caught in a vicious and ill-conceived tax trap. All we are asking is that the IRS not treat us like criminals," said Jay Cena, member of the ReformAMT executive committee.
The staff of a number of US Congresspersons are expected to attend Wednesday's meeting.
AMT reform is desperately needed because thousands of America's most productive workers were caught in a tax trap when they exercised their Incentive Stock Options (ISOs). The Alternative Minimum Tax (AMT) calculates the tax the moment stock options are bought, not when they are actually sold. This year, workers faced a double whammy when stocks dropped dramatically, especially in the high tech sector. Not only is their stock now worthless but they also owe hundreds of thousands of dollars in taxes on money they NEVER EVEN received. Many of these AMT victims owe more than their total net worth to the IRS.
||Wednesday - September 19, 2001
Radisson Hotel, Sunnyvale, CA,
(off of Lawrence and El Camino)
||Rebecca Metz at email@example.com or (510) 525-4912 or
Edward Tsai at firstname.lastname@example.org or (212) 560-9500, ext. 134
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ReformAMT is a self-funded grassroots organization of persons affected by the AMT tax on employee incentive stock options.
The mission of ReformAMT is to correct an injustice created by the way in which the Alternative Minimum Tax (AMT) is inappropriately and unjustly imposed upon owners of incentive stock options.
ReformAMT urges Congress to correct this flawed tax code, which has resulted in financial devastation for taxpayers.
The group also seeks tax relief from the United States Government for those affected.
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