The IRS and Treasury have issued new interim guidance designed to help corporations determine whether the new corporate alternative minimum tax (CAMT) applies to them and how to compute the tax.
Notice 2023-64, which clarifies and supplements previous notices issued this year, provides the interim guidance.
The CAMT, a 15% minimum tax on the adjusted financial statement income of large corporations, applies to those with an average annual financial statement income exceeding $1 billion.
The IRS will waive the penalty for estimated income tax related to CAMT for taxable years beginning after Dec. 31, 2022, and before Jan. 1, 2024. Read more.