The Internal Revenue Service and the Treasury Department released a notice Friday providing additional guidance on the corporate alternative minimum tax for billion-dollar companies.
Last year's Inflation Reduction Act created the CAMT, imposing a 15% minimum tax on the adjusted financial statement income of large corporations for taxable years starting after Dec. 31, 2022. The tax typically applies to big corporations with average annual financial statement income of over $1 billion.
Notice 2024-10 includes rules for determining the annual financial statement income of a U.S. shareholder when a controlled foreign corporation pays a dividend to the shareholder or another controlled foreign corporation.
The IRS headquarters in Washington.
Andrew Harrer/Bloomberg
It also modifies and clarifies the rules in a previous notice, Notice 2023-64, for determining the applicable financial statement of a corporation that is included in a consolidated tax return. Earlier this year, the IRS issued Notice 2023-64, which clarifies and supplements Notice 2023-07 and Notice 2023-20. The Treasury and the IRS expect their upcoming proposed regulations will be in line with this interim guidance.
The Trump administration agreed to procedures for student debt relief so borrowers who have their loans canceled this year don't get hit with a huge tax bill.
The American Institute of CPAs is asking for more flexibility for taxpayers who wish to claim tax deductions for overtime and tip income under the OBBA.
SAP announced new specialized AI Joule Agents (named for its generative AI copilot Joule) that handle travel and expense processes as well as core finance functions.
Wojeski & Co. has reached a $60,000 settlement with New York Attorney General Letitia James after it was hit by two data breaches and ransomware attacks.
