Bar Group Urges Rethinking Corporate Book Tax, Simplifying Rules

The Treasury Department and the IRS should streamline and simplify their rules governing the corporate book-income tax, which are so complex that policy makers should reassess the tax altogether, an attorneys’ group said Monday.

The framework for implementing and calculating the corporate alternative minimum tax is “exceedingly complex” and “riven by uncertainties” for taxpayers and the government alike, the New York State Bar Association’s tax section said in a report. It recommended changes in the proposed CAMT regulations that Treasury and the IRS issued in September.

CAMT requires big, profitable companies to pay at least 15% in taxes on ...