IRS to Withdraw, Revise Parts of Book-Income Tax Regulations (1)

The IRS plans to withdraw and revamp parts of the proposed regulations on the corporate book-income tax regarding domestic corporate transactions, troubled companies, and tax consolidated groups.

In a notice Tuesday (Notice 2025-46), the IRS said the revised rules on the corporate alternative minimum tax would reduce compliance burdens and costs associated with the application of CAMT in those areas.

CAMT—created by Democrats’ 2022 tax-and-climate law—requires big, profitable companies to pay at least 15% in taxes on the income they report on their financial statements. The IRS issued more than 600 pages of proposed rules last year, during ...