Tax Law and News IRS clarifies rules for new corporate alt min tax Read the Article Open Share Drawer Share this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)Click to share on LinkedIn (Opens in new window) Written by Intuit Accountants Team Modified Jan 9, 2024 1 min read The U.S. Department of Treasury and the IRS recently issued Notice 2024-10 to provide additional interim guidance on the new corporate alternative minimum tax (CAMT). Previously, the IRS issued Notice 2023-64, which clarifies and supplements Notice 2023-07 and Notice 2023-20 issued in 2023. The Treasury and the IRS anticipate that forthcoming proposed regulations will be consistent with this interim guidance.The Inflation Reduction Act of 2022 created the CAMT, which imposes a 15% minimum tax on the adjusted financial statement income (AFSI) of large corporations for taxable years beginning after Dec. 31, 2022. The CAMT generally applies to large corporations with average annual financial statement income exceeding $1 billion. This most recent guidance provides rules for determining the AFSI of a U.S. shareholder when a controlled foreign corporation (CFC) pays a dividend to the shareholder or another CFC. The guidance also modifies and clarifies the rules in Notice 2023-64 for determining the applicable financial statement of a corporation that is included in a consolidated tax return. Previous Post Annual inflation adjustments for TY 2023 and 2024 Next Post Clean vehicle credits: Inflation Reduction Act Written by Intuit Accountants Team The Intuit® Accountants team provides ProConnect™ Tax, Lacerte® Tax, ProSeries® Tax, and add-on software and services to enable workflow for its customers. Visit us at https://proconnect.intuit.com, or follow us on Twitter @IntuitAccts. More from Intuit Accountants Team Comments are closed. Browse Related Articles Tax Law and News IRS guidance for domestic content bonus credit Tax Law and News Energy projects for low-income communities Tax Law and News Guidance issued on employer deferral of withholding and… Tax Law and News Guidance for solar/wind-powered energy Tax Law and News IRS Issues Additional Guidance on Tax Treatment of Virt… Tax Law and News IRS guidance on commercial clean vehicle credits Tax Law and News IRS aims to close tax loopholes for wealthy Tax Law and News New regs: Corporate Stock Repurchase Excise Tax Tax Law and News Guidance on credit for sequestration of carbon oxide Tax Law and News IRS issues guidance on taxability of dependent care ass…