IRS Issues Additional Book-Income Minimum Tax Guidance (2)

The IRS and the Treasury Department issued more guidance Tuesday on the new book-income minimum tax, clarifying a variety of issues on how companies should calculate the tax.

The clarifications in Tuesday’s guidance (Notice 2023-64) cover how the corporate alternative minimum tax (CAMT) applies to consolidated groups and foreign corporations; how depreciable property should be handled; and what kinds of financial statements companies can use as the source of the income subject to the new tax, among other issues.

CAMT will require large companies to pay tax on their financial-statement income at a rate of at least 15% ...