Recently, the IRS issued interim guidance about the new corporate alternative minimum tax (CAMT), which was created as part of the Inflation Reduction Act. The CAMT imposes a 15% minimum tax on the adjusted financial statement income of large corporations for taxable years starting after Dec. 31, 2022. Typically, the tax applies to corporations with average annual income of over $1 billion. The guidance explains how smaller corporations can determine if the CAMT applies to them. It also discusses how the CAMT is calculated and how to handle certain transactions and adjustments. The public is invited to comment on the interim rules: https://bit.ly/3GTuFuo
Our Blog 