Legislation: AICPA Highlights Needed Corporate Alternative Minimum Tax Guidance (IRC §55)

AICPA Oct. 18 publicly release comments calling for immediate guidance on various provisions regarding the Corporate Alternative Minimum Tax (CAMT), enacted under the Inflation Reduction Act of 2022, as companies will struggle with reporting the impact of the minimum tax in financial filings given the number of significant issues delegated to the Treasury Department. Although the law will not be in effect until 2023, certain companies will need to disclose the anticipated effects in upcoming financial filings, AICPA stated. Companies also need immediate guidance to be able to properly make estimated tax payments beginning in April 2023, AICPA noted. [AICPA ...