{"id":36882,"date":"2024-01-03T08:00:00","date_gmt":"2024-01-03T14:00:00","guid":{"rendered":"https:\/\/taxprocenter.proconnect.intuit.com\/?p=36882"},"modified":"2024-01-09T10:49:38","modified_gmt":"2024-01-09T16:49:38","slug":"irs-clarifies-rules-for-new-corporate-alternative-minimum-tax","status":"publish","type":"post","link":"https:\/\/accountants.intuit.com\/taxprocenter\/tax-law-and-news\/irs-clarifies-rules-for-new-corporate-alternative-minimum-tax\/","title":{"rendered":"IRS clarifies rules for new corporate alt min tax"},"content":{"rendered":"\n<p>The U.S. Department of Treasury and the IRS recently issued\u00a0<a href=\"https:\/\/www.irs.gov\/pub\/irs-drop\/n-24-10.pdf\" target=\"_blank\" rel=\"noreferrer noopener\" target=\"_blank\">Notice 2024-10<\/a>\u00a0to provide additional interim guidance on the new corporate alternative minimum tax (CAMT).<\/p>\n\n\n\n<p>Previously, the IRS issued\u00a0<a href=\"https:\/\/www.irs.gov\/pub\/irs-drop\/n-23-64.pdf\" target=\"_blank\" rel=\"noreferrer noopener\" target=\"_blank\">Notice 2023-64<\/a>, which clarifies and supplements\u00a0<a href=\"https:\/\/www.irs.gov\/pub\/irs-drop\/n-23-07.pdf\" target=\"_blank\" rel=\"noreferrer noopener\" target=\"_blank\">Notice 2023-07<\/a>\u00a0and\u00a0<a href=\"https:\/\/www.irs.gov\/pub\/irs-drop\/n-23-20.pdf\" target=\"_blank\" rel=\"noreferrer noopener\" target=\"_blank\">Notice 2023-20<\/a>\u00a0issued in 2023. The Treasury and the IRS anticipate that forthcoming proposed regulations will be consistent with this interim guidance.<br><br>The <a href=\"https:\/\/taxprocenter.proconnect.intuit.com\/tax-law-and-news\/what-you-need-to-know-about-the-inflation-reduction-act-of-2022\/\">Inflation Reduction Act of 2022<\/a> 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.<\/p>\n\n\n\n<p>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.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The IRS recently provided interim guidance on the new corporate alternative minimum tax (CAMT); find out more about the CAMT and determine how it applies to your clients.<\/p>\n","protected":false},"author":104275893,"featured_media":36885,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rkv_browse_by_id":0,"rkv_cta_id":0,"rkv_optimize_for_pagespeed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"useModifiedDate":false,"customPublishDate":"","_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_wpas_customize_per_network":false},"categories":[509474089],"tags":[7649],"intuit_collection":[],"intuit_series":[],"coauthors":[509474241],"class_list":["post-36882","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tax-law-and-news","tag-irs"],"header_image":"","yoast_head":"<!-- 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