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IRS Won’t Decide Yet On When Company Falls Out of Book-Tax Scope

Dec. 2, 2022, 11:10 PM

The IRS and the Treasury Department probably aren’t going to decide immediately when a company falls out of the need to pay the new book income tax after it initially is required to do so, an IRS official said Friday.

Under the law, once a company is in scope under the corporate alternative minimum tax—once it has a three-year average of at least $1 billion in income, for instance—it remains subject to the tax unless it has a change in ownership or Treasury decides to exempt it, under standards the department will set.

  • That question of when a company would ...