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IRS Guides on New CAMT

Monday, Jan 02 2023
Tax
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 Guidance againInterim guidance on the new corporate alternative minimum tax has been issued by the Internal Revenue Service.

CAMT imposes a 15-percent minimum tax on adjusted financial statement income of large corporations after Dec. 31, 2022. Created until the Inflation Reduction Act, the CAM applies to corporations with annual income of more than $1 billion. Notice 2023-07clarifies which corporations the CAMT applies to and how it is calculated.  It also provides method for smaller corporations to determine the tax does not apply to them.

Bob Scott
Bob Scott
Bob Scott has provided information to the tax and accounting community since 1991, first as technology editor of Accounting Today, and from 1997 through 2009 as editor of its sister publication, Accounting Technology. He is known throughout the industry for his depth of knowledge and for his high journalistic standards.  Scott has made frequent appearances as a speaker, moderator and panelist and events serving tax and accounting professionals. He  has a strong background in computer journalism as an editor with two former trade publications, Computer+Software News and MIS Week and spent several years with weekly and daily newspapers in Morris County New Jersey prior to that.  A graduate of Indiana University with a degree in journalism, Bob is a native of Madison, Ind
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