IRS Makes Host of Book-Tax Rule Changes; Companies Want More

The IRS and the Treasury Department made a sweeping attempt to address business complaints over proposed rules on the 15% corporate book-income tax—but some practitioners think more still needs to be done.

In two notices this week, the agencies said they planned to revamp their proposed regulations on the corporate alternative minimum tax in a dozen different ways, to reduce complexity and give taxpayers greater flexibility. The revisions help everyone from holders of digital assets to acquisitive companies to companies in industries like utilities, shipping, and insurance.

The moves are “a positive signal” and “demonstrate Treasury’s and the IRS’s willingness ...