IRS Issues Technical Corrections for Book-Income Tax Rules (1)

The IRS issued a package of technical corrections on Monday for its proposed rules to implement the new minimum tax on companies’ book income.

The corrections, (REG–112129–23, RIN 1545-BQ84) fix errors in rules the IRS proposed in September on how to apply and calculate the corporate alternative minimum tax, or CAMT

CAMT requires big companies to pay at least 15% in taxes on the income they report on their financial statements. It’s intended to crack down on companies that have been able to pay little or nothing in taxes in the past by taking advantage of tax breaks and tax-planning ...