IRS Announcement: Interim Guidance on Book Minimum Tax

The Treasury Department issued initial guidance on the corporate alternative minimum tax, or CAMT, clarifying some details about the new tax and how it will be applied just days before it was set to take effect. The guidance (Notice 2023-7) released Tuesday provides information on some of the most pressing issues created by the new minimum tax on large corporations. Treasury said taxpayers can rely on this guidance until the agency issues proposed regulations. The CAMT, effective Jan. 1, imposes a 15% minimum tax on the income that large companies report on their financial statements if they aren’t ...